HOT & RELEVANT TOPICS
Got Renter’s Insurance?
Renter’s insurance is a requirement to lease at the majority of multifamily communities, but residents don’t always comply. Residents have canceled insurance after offering proof to lease or let their coverage lapse believing they’ll be fine without it. A 2016 study by the Insurance Information Institute showed that 59% of residents were leasing with no coverage. With leasing agents already stretched thin, multifamily communities can turn to technology to make sure residents obtain renter’s insurance and keep it.
Tough Times Ahead: Analyze More than Just an Applicant’s Income
Tougher economic times have changed the way communities need to examine their prospective residents’ leasing worthiness. Having a job with enough income is no longer enough to guard against the possibility of delinquency further down the road. Leasing teams need to look at the work history of prospects and consider the industry they work in to ensure stability exists to meet their rental obligations.
Outdoor Amenities Important in a Post-Pandemic World
After months of spending so much time indoors, multifamily residents long to spend more of their time outside their homes, making outdoor amenities more important than they have been in the past. Remote work has provided residents the opportunity to enjoy the pleasant weather while doing their jobs, necessitating outdoor WiFi. They also crave outdoor activities, grilling areas and pools, which get triple the usage of their indoor counterparts. All of this interest puts a greater emphasis on the need to keep outdoor amenities clean and safe.
IN THE NEWS
10 Things to Know About the Future of Apartment Demand
The last several years have seen an explosion in the need for housing, but 2022 could be the year that ushers in a softening of the demand through 2035. Secondary markets, such as Austin, Boise, Las Vegas and Phoenix, are regions predicted to remain the strongest for demand. Slowing population growth, expected increases in home ownership and affordability are a few of the challenges the multifamily industry faces in the coming years.
Most Developers Facing Construction Delays
Around 97% of multifamily developers are experiencing construction delays with 83% of those stating that permitting was the primary cause of their hold-up, according to a report from the National Multifamily Housing Council. Labor availability and rising material costs are also significant contributors to the delays they’re dealing with, as are increases in regulatory requirements and the spike in NIMBYism. All of these issues are making it difficult to address the nation’s burgeoning housing shortage.
How Apartment Communities Are Merging Technology and Pets
The increase in pet owners in communities has generated the need for a proactive approach toward addressing issues that can arise when pets are part of the mix. From identifying unattended pet waste with DNA to microchipping pets to ensure the lost ones are returned home, technology can help create a pleasant environment for furry residents and humans alike. Developing a tech-focused community also helps onsite teams focus on building relationships instead of chasing problems.