HOT & RELEVANT TOPICS
How Multifamily Can Help End Human Trafficking
Human and labor trafficking have long been an issue in the United States and the rest of the world, and there’s been an increase in this criminal activity recently. Through a better understanding of the issue and proper training in identifying trafficking, the multifamily industry can be an effective partner in reducing these incidents of exploitation. As an issue that affects 21 million people worldwide regardless of socioeconomic status, ethnicity, culture and religion, all avenues to end trafficking are critical to addressing the issue.
Show Don’t Tell — Using Data to Drive NOI
Real-time data is the key to making sound decisions and driving net operating income, and it’s most effective when showing your teams what needs to be done next instead of just telling them what to do. Data visualization offers insight and clarity that might otherwise be overlooked. The implementation of data in this manner allows companies to make choices that drive efficiency and effectiveness.
Top Five Resident Experience Trends to Know for 2023
With the final quarter of 2022 almost here, it’s time for owner/operators to look at what trends they may need to appeal to residents in 2023. While many people choose to rent instead of own based on financial considerations, flexibility and a maintenance-free living experience also rank high in importance. To meet the needs of renters next year and in the future, operators will need to focus on convenience, sustainability, health and wellness, wider tech adoption and exhibit flexibility in leasing, common areas and living spaces.
IN THE NEWS
Service With a Smile
Loyalty has always been essential to owner/operators but many apartment managers are making the leap to supplier partners, particularly those with extensive careers in multifamily. The desire for new challenges, a better work-life balance and higher salaries are the primary factors for the career changes. With the insight provided by apartment professionals, suppliers are eager to add people with residential experience to their rosters.
Multifamily Owners Forecast More Rent Growth Despite Headwinds
Real estate investment trusts are optimistic about the future despite inflation and other challenges the multifamily industry faces. While a slowdown is expected, rent growth is predicted to continue along with persistent demand. Investors believe that a solid jobs outlook will help residents adjust to higher rents. The industry is also benefitting from a home-buying environment that is still financially unfriendly to many.
Driving Retention in a Hypercompetitive Rental Market
Leasing apartments isn’t only about attracting prospects, as efforts to keep your current residents are equally important. Retaining residents is easier for onsite associates and it helps reduce turn costs for the company. By expanding or refreshing spaces for remote or hybrid workers, creating innovative pet policies and establishing a mobile maintenance system, communities can show existing residents they are valued..