HOT & RELEVANT TOPICS
Consistency, Timing Key to Limiting Impact of Evictions
Inconsistent practices, lack of direction and uneven application of policies can lead to suboptimal performance that hampers operational success and tarnishes the resident experience in multifamily communities. These problems have a significant impact with regard to the eviction process. When community managers strictly adhere to policies and timelines, the effect is a reinforcement of the importance of timely rent payments.
Multifamily to Focus More on Customer Service
After a recent poll showed that more than 80% of multifamily residents plan to find a new place to live, it has become apparent the industry is not doing enough in the area of retention. With turnover costs ranging from $3,000 to $5,000 per unit, customer service must become a major focus for owner/operators. Since many residents decide on renewal within 48 hours of moving into their new home, communities need to start retention efforts immediately.
Pets & Assistance Animals in Multifamily
With more than 63% of households owning a pet, inclusivity is an important issue in the multifamily industry. There are a variety of ways that owner/operators can welcome pets into their communities and enjoy the increased revenue that comes with them. Pet screening is a way to make sure that pets are a safe and positive addition to their properties.
IN THE NEWS
Multifamily Demand Normalizing, but Rents Will Still Climb
Numerous states across the nation are implementing or considering some type of rent control measures, and those decisions cWhile demand for multifamily housing still outpaces supply, research from the National Association of Realtors shows the trend could soon be normalizing. Interest rates will be a factor, however, as increases could push people 25 to 54 years old out of the housing market and more toward multifamily properties. Rents will continue to move up, but it’s likely the average growth will drop from the current rate of more than 11.2% down to a range of 8-10%.
The Power of Preventative Maintenance
The Great Resignation has left a noticeable impact on the employment landscape, and 2021 set records for the number of Ignoring HVAC filter maintenance can turn a task that costs a few bucks and a few minutes into a major problem that costs hours and thousands of dollars to fix. It’s incumbent upon community managers to have filter procedures in place and explain the importance of them from the moment they give apartment tours to residents. The issue can also be helped simply by the use of a Sharpie pen.
Why Co-living Should Be Part of Your Rental Property Portfolio
Difficulty entering the housing market, student debt and other factors have made co-living an increasingly attractive option for younger renters. Instead of seeking out their own apartment home, a greater number are looking to short-term leases on fully furnished spaces that meet their current needs. With the market for co-living expected to grow to more than $550 million annually over the next decade, owner/operators will want to make more of these units available..