THOUGHT LEADERSHIP
More Roommates, Fewer Spots: Today’s Parking Challenges
by Todd Katler
With more renters forgoing the quest for homeownership due to high prices and interest rates, multifamily owners and operators are faced with an increase in units with roommates. More people translates to more vehicles and could increase parking challenges as the number of available spaces decreases in communities. An automated parking management system takes the burden off onsite teams and puts the power of parking in the hands of residents.
Read the article in The Multifamily Journal
Building Recruitment and Retention Through Culture
by Morgan Dzak
Connected teams are the foundation of any organization and that can only be achieved when managers cultivate a strong and collaborative workplace culture. That culture is designed by a company’s mission, values, attitude and atmosphere, which the employees should experience from the moment they walk in through the door.
Creating the Optimal Onboarding Experience
by Nicole Zdeb
The first day on the job can be a bit nerve-wracking for anyone. A new associate may know the job, but they still need to learn the nuances of that particular company and how it functions on a day-to-day basis. Optimal onboarding with effective training and a clear understanding of operations can boost chances for success.
MULTIFAMILY TECHNOLOGY
Weighing Economic Challenges with Proactive Collection Strategies
by Terri Nicholson
Economic challenges for residents can often result in payment and revenue challenges for owners and operators. The risks can be diminished — for multifamily companies and residents — by taking proactive measures that improve on-time payments. Digital platforms can help develop effective strategies and a holistic approach to collecting rent, taking away a portion of renters’ financial risks.
Read the article in The Multifamily Journal
Digital Leasing Requires a Precise Human Touch
by Kendall Pretzer
The days of traditional leasing have given way to the more efficient and informative aspects of digital leasing but that doesn’t mean that the presence of humans is needed less. In fact, truly successful digital leasing requires that the technology has a symbiotic relationship with leasing teams to turn prospects into residents.
Read the article in Rental Housing Journal
Can Big Data Protect Against Loss?
by Doug Pike
The halcyon days of double-digit rent growth have, for the time being, come to a close, forcing owners and operators to explore ways to cut costs and maximize revenue. Leveraging big data has allowed them to re-evaluate their approach to capturing revenue for the entire leasing lifecycle in the face of economic uncertainty.
Read the article in Operations Insights
INDUSTRY NEWS
Post-Pandemic Migration’s Mixed Impact on Multifamily Demand
by Barbra Murray
A wave of migration across the U.S. was born as a result of the pandemic, and the economic fallout from COVID has created a subsequent wave – but its impact has been a mixed bag for multifamily in some large metros. Skyrocketing interest rates put homeownership out of reach for many and a surge of companies are backpedaling on promises of continued remote work, requiring employees to return to their jobs and residency nearby. In cities like New York and Los Angeles, both of which have seen their populations decrease by around 200,000 in the last two years, vacancy rates are the lowest they’ve been in years.
Fewer Renters Trading Out for Single-Family Homes
by Richard Berger
The single-family and the build-to-rent markets are falling out of favor with many renters, who are opting to remain in the more affordable multifamily market. The unfavorable conditions for these sectors are exacerbated as single-family and BTR developers struggle to find financing for projects as the multifamily supply increases.
Read the article in GlobeSt
2024 Market Predictions: A Year of Transition and Stabilization
by Jason Campbell
Three weeks from the new year, multifamily owners and developers can expect a year of transition and stabilization after a period of volatility. The contraction of rent growth is projected to cease, and some markets should see growth move back into the single digits, which typically signifies a more balanced market.
Read the article in Multifamily Insiders