HOT & RELEVANT TOPICS
Defining What ‘Pet-Friendly’ Means
Despite 76% of multifamily properties defining themselves as pet-friendly, about 72% of renters report difficulties in finding homes that will take their pets and 14% say they’ve had to surrender their pets because of their housing situation. There’s a difference between pet-friendly and pet-inclusive, and it goes beyond a dog park and a dog-washing station.
Read Judy Bellack’s article in The Multifamily Journal
Rebranding 2023
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.
Listen to the discussion at Apartments on the Go
Centralization of Multifamily Leasing: Preferences and Playbooks
Turnover rates in multifamily currently sit at close to 50% and substantial work is needed to bring those units back to occupancy, especially when conversion rates are 5%-9%. Centralization can help with this challenge but organizing this requires the development of a leasing playbook, which is a set of strategies and processes used to ensure that associates take the right action with the right customer at the right time.
Read Cory Smith’s article in Multifamily Insiders
IN THE NEWS
The Changing Rules of Operating Efficiency
After years of lagging behind other industries, multifamily now finds itself approaching technology saturation, and property teams now find themselves inundated with tech designed to help. This has spurred operators with the need to focus on tech optimization. Centralization and the efficient use of technology allow onsite leasing teams to focus on residents and customer service, and it’s the key to fighting burnout among employees.
Read Doug Pike’s article in NAA Industry Insider
MHN Executive Council: 2023 Multifamily Trends & Tech
Smart tech, proptech, EV charging and cybersecurity are the top technology trends multifamily owner/operators should focus on in 2023, according to members of the MHN Executive Council. Other items that residents are seeking are tech that will help them thrive physically, mentally and emotionally, as well as items for pets.
Read Jessica Fuir’s article in Multi-Housing News
Top Metros for Making Money at Multifamily
The top 20 metros in multifamily make 67% more per unit than those near the bottom, and it’s not always the areas believed to be the best. The average annual revenue for occupied units was $1.568, while the top 20 pulled in $1,918 per unit. The Denver-Aurora, CO, area posted the highest margins, and the Buffalo-Niagra Falls, NY, region had the highest operating leverage.