HOT & RELEVANT TOPICS
How Operators Can Better Manage a Fast Paced Environment
The nation’s “need for speed” can make it difficult for owner/operators to effectively manage in this increasingly fast-paced environment. It’s not just the customer who wants things faster, it’s the onsite associates also. A solid plan combined with information and training that is just-in-time, personalized and quick will help companies and communities efficiently operate in a culture that wants things now.
CoStar Sees Multifamily Demand Cooling Over the Next Six Months
After an extended period of growth, the multifamily industry is experiencing a “perfect recipe” that may create a drop in demand and a rise in vacancy rates over the next six months, according to a report from apartment analyst firm CoStar. The vacancy rate was up 10 basis points to 5%. Record-high rates that have tempered consumer demand and the expected delivery of 450,000 new units in 2022 are predicted to contribute to the cooldown.
6 Trigger Words and Questions Every Operator Should Listen For
To make sure that owner/operators are attracting and leasing to the best possible residents, they may want to view their prospects as business partners instead of customers. They should also be on the lookout for trigger words and questions that might signal a high risk. Anyone showing up with a packed moving van, inquiring about deposits or concerned with a background check can be a sign of someone who’s a future problem resident.
IN THE NEWS
The Great Resignation Challenge
Multifamily is facing many of the same challenges as other industries in hiring and retaining employees, and there are steps that owner/operators can take to mitigate the issue and remain appealing to top talent. Companies that cling to traditional methods of operations will find themselves unable to compete with those willing to adapt to the changing work landscape. Remote work is becoming more feasible with the use of technology, and owner/operators will need to embrace flexibility and recognize employees’ needs to hold on to their best associates.
People Appreciate a Personal Touch in Corporate Communications
Social is social, and customers want to interact with people, not brands. Rather than default to canned messages, companies will find their online interactions more successful and gain greater response when they approach their corporate communications by talking to recipients like their people and not customers. Personalization and an understanding of the audience will garner appreciation and boost the brand.
More Multifamily Developers Delay Projects That Are No Longer Economically Feasible
While a significant contributor to delays in multifamily projects is permitting issues, there has also been a significant increase in developers choosing to delay projects themselves because they are no longer economically viable. The percentage who opted to delay increased to 38% in Q2 from 18% in Q1, according to the most recent survey from the National Multifamily Housing Council. More than 80% of respondents said their materials deals had been repriced higher over the last three months.