HOT & RELEVANT TOPICS
Four Steps to a Successful EV Charging Installation
About 27% of renters are interested in communities with available electric vehicle (EV) charging stations and would pay for the amenity, according to a recent survey by the National Multifamily Housing Council and Grace Hill. In addition to growing demand and the opportunity for a new revenue stream, a variety of rebates and tax incentives are available for owner/operators ready to install chargers for their residents.
Read Patrick Lorimer’s article in The Multifamily Journal
What Rental Property Managers Can Learn From E-Commerce
Owner/operators seeking to offer their prospects and residents an exceptional experience can look toward methods used by e-commerce giants for guidance. By being customer-obsessed rather than competitor-focused – one of the guiding principles of Amazon – communities can turn their focus toward providing frictionless leasing for future renters.
Read Rachel Richardson’s article in Rental Housing Journal
How Technology Will Impact Multifamily in 2023
The purpose of increased technology in multifamily is to personalize the experience and attract and retain renters who prefer higher-quality amenities and features. Smart home access, 24/7 package access and EV charging are items many residents are either willing to pay for or will refuse to rent without their availability. Owner/operators will need to focus on Home of Things (HoT) technologies that provide comfort and convenience to remain competitive in 2023.
Read Jefferey Steele’s article in Forbes
IN THE NEWS
Chain Reaction
Supply chain issues continue to provide challenges for many U.S. industries. Multifamily is particularly vulnerable to these issues, needing materials for not just new construction but to also maintain established communities. The industry’s biggest obstacle is continuous shifts in supplies, sometimes from one month to another, which makes it difficult to effectively meet demand. Technology, communication and creative solutions are helping to ease the stress.
Read Kevin Juhasz’s article in UNITS
Rent Control Largely Failed This Year But Expect It to Re-Emerge in 2023
It seems that no amount of economic evidence will dissuade public officials and citizens from pursuing the failed policy of rent control. These measures achieved little success in 2022, but that’s not going to stop states and municipalities from repeated attempts to enact them in 2023. The next year will see more legislatures, city councils and ballots trying again to implement misguided monetary solutions to a supply-and-demand problem.
Read Paul Bergeron’s article in GlobeSt
NAA Insights: What to Expect For Multifamily in 2023
The multifamily industry saw a decrease in construction starts in the second half of 2022, thanks in part to tightened financing and slowing rent growth. Despite those factors and a looming recession, 2023 will have record completions, especially in suburban areas and the Sunbelt region. Paula Munger, assistant vice president of Research & Industry Analysis at the National Apartment Association, visited The Lease-Up podcast to discuss this, as well as demand, rent control and labor shortages in the industry.