HOT & RELEVANT TOPICS
A New Competitive Advantage: Nontraditional Data
Data points are key to an organization seeking an edge on the competition and many are turning to nontraditional data to gain that advantage. Granular data that can be examined down to the city block is providing investors with better insight into the market growth of an area. This data can be used to examine the potential for growth and investment opportunities, as well as assist with operational decisions.
Maximizing Your CRM
Customer relationship management systems (CRMs) are a vital component of a portfolio’s leasing strategy and prospect service goals. While CRMs function well in collecting data, they fall short when converting leads into leases. Automation tools integrated with an existing CRM can help make sure multifamily operators are hitting all the touchpoints needed to turn prospects into paying residents.
What’s Ahead for Real Estate Technology in 2022
As we enter 2022, the technology boom will continue as proptech providers begin to utilize the record venture capital funding they received last year. ESG tech will become increasingly important as companies look to reap the benefits from building and operating greener buildings. Construction tech can help contractors address the labor shortage that has hit the industry hard at a time when housing is still a large need. Smart technology is going to move from being a “nice-have” to a “must-have” for the multifamily industry.
IN THE NEWS
Potential Health Hazards of Not Picking up Pet Waste
Pet waste goes far beyond a nuisance for residents. It is also an important health and environmental issue. There can be more than 20 million fecal coliform bacteria in a single gram of dog waste. If that finds its way into untreated water sources and then to humans, it can cause serious intestinal and kidney problems. With nearly 40% of pet owners saying they don’t take pet waste seriously, it falls on community teams to address this safety issue.
Apartment Demand Smashes Previous Record High by 66%
The multifamily industry experienced record demand for homes in 2021, beating 2020 demand by more than 66%. Occupancy now sits at 97.5%, which is the highest level since the 1990s when the industry began tracking rates. The areas with the highest demand are the Sun Belt and Mountain/Desert regions with Dallas leading the pack as the metropolitan area with the highest demand in the nation. The report also showed that 148 of the top 150 metropolitan areas in the United States have occupancy above 96%.
Pandemic Rent Growth Highlights Migration Patterns
Multifamily rent growth continued to strengthen in 2021, and the data has also shown the effect the pandemic has had on migration in the country. The South and Southwest regions experienced the largest rent growth with metropolitan areas seeing asking rents jump above 30% in some markets. New York, San Francisco and San Jose were three cities that saw rents shrink even as demand continues to rise. Much of this has to do with the inability or unwillingness of residents to afford the high rents during the pandemic.