HOT & RELEVANT TOPICS
Rethinking Breed Restrictions
For too many pet-owning renters, their chance to live at their preferred apartment community is over before it begins. That’s because their dog is on the property’s list of banned breeds. And while it would be shortsighted to advocate for “no rules” and allow every pet or animal in without any upfront protocols, the responsible ease or elimination of breed restrictions can help communities capture more renters and increase opportunities for ancillary revenue. Multifamily owners and operators can begin to rethink their pet policies by understanding and moving past the many misconceptions that surround certain breeds.
The Urban Apartment Market Will Bounce Back
Apartment communities in downtown and intown areas have no doubt taken a hit during the COVID pandemic. But these markets are bound to bounce back once widespread vaccinations have taken place. That’s the view of Paul Fried, head of equity capital markets at Greystone Capital Advisors, who recently shared his thoughts with GlobeSt.com. According to Fried, after the pandemic is under control, companies in urban centers will be eager to reopen their offices, work-from-home will be relatively limited and renters who work in downtowns will be eager to live near their jobs.
The Habits of Highly Effective Onsite Leasing Associates
High-performing leasing associates are the backbone of successful apartment communities. Top-notch marketing campaigns and best-in-class amenities will be for naught if your onsite associates can’t build rapport with prospects, provide outstanding customer service and close the deal. But just what are the habits of strong leasing associates? Karen Gladney outlines nine of them.
IN THE NEWS
Rent Payments Top the List of Operators’ Worries
The effect of the pandemic was clear in the results of the 2020 edition of J Turner Research’s annual Multifamily Industry Leader’s Survey. According to the report, the most challenging issues facing apartment operators are timely rent payments (named by 52% of the respondents), followed by the difficulties in raising rent (40%) and hiring/talent management (30%). The survey, which is based on responses from 1,651 participants (30% of whom are executives, 70% onsite personnel), delves into a wide range of topics, including portfolio rent trends, the prevalence of concessions and the percentage of leases arising from different tour types.
Amazon Commits $2B to Preserving, Developing Affordable Housing
Seeking to increase the amount of affordable housing in the markets in which it has a significant number of employees, Amazon has launched its $2 billion Housing Equity Fund. The fund aims to preserve existing housing and create new developments that serve renter households earning between 30% and 80% of the area median income. The fund’s first two investments were to organizations in Washington state: $381.9 million in loans and grants to the Washington Housing Conservancy and $185.5 million in loans and grants to the King County Housing Authority.
Design Trends That Will Flourish in 2021
The year 2020 and the pandemic upended our definition of home. Now, they are where we live, work and – in the case of many students – attend school. Multifamily Executive has asked industry design experts to weigh in on the design trends that will be prevalent in the year ahead, and their feedback in part reflects the ongoing effects of the public health crisis that is forcing so many renters to spend virtually all of their time at home. Among the design trends identified by these experts: extensive outdoor amenities, touchless technologies, more extensive package storage areas, onsite dining options and amenities that promote clean homes, such as water and air purification systems.