THOUGHT LEADERSHIP
Towing Trouble: Parking Solutions Cut Incidents By Over 30%
by Todd Katler
Towing has always been a contentious issue in multifamily. Automated parking solutions can significantly reduce towing incidents in rental communities by over 30%. Implementing these systems not only alleviates resident frustration and management challenges but also enhances the overall resident experience and net operating income. Clear parking management and resident awareness lead to fewer conflicts and increased satisfaction, making it a cost-effective strategy for owner/operators.
Read the article in The Multifamily Journal
3 Considerations When Exploring Alternative Insurance
by James Stuart
Risk is ever-present for multifamily, and the increase in natural disaster intensity means finding alternative insurance options for owners. Identifying and addressing coverage gaps, ensuring the financial stability of insurance providers to handle significant claims and choosing an experienced broker knowledgeable about the unique risks associated with properties are a must.
Read the article in Multi-Housing News
Building Code Changes Are Increasing Rapidly, As Are Costs
by Holly Dutton
Building codes are evolving rapidly to enhance safety, performance and sustainability, but these changes come with significant cost increases for property owners and developers. A survey by the National Multifamily Housing Council shows that compliance with new codes, especially those related to mechanical, electrical and energy efficiency, poses substantial challenges.
Read the article in Propmodo
MULTIFAMILY TECHNOLOGY
Community-Wide WiFi: One Piece of the Connectivity Roadmap
by Ed Wolff
Community-wide WiFi is a crucial amenity, but it’s only one part of a broader digital foundation necessary for modern multifamily properties. A robust digital infrastructure supports seamless connectivity and is essential for both residents and property operations, facilitating smart home technologies, enhancing the resident experience and supporting managerial tasks. Adopting such a foundation helps multifamily properties meet current and future connectivity demands.
Read the article in The Multifamily Journal
Marketing Channels Making Digital Waves
by Kevin Juhasz
Multifamily marketing teams can optimize their efforts amid budget constraints and increased competition in 2024 by leveraging traditional platforms like property websites and internet listing services (ILS), as well as emerging tools such as social media, AI and geofencing. Using these channels efficiently helps capture qualified leads and engage potential renters effectively.
Read the article in NAA Industry Insider
What Resident Data Should You Collect? (And Why?)
by Jessica Fiur
The gathering of specific types of resident data goes far in enhancing property management and the resident experience. Information on resident behaviors and demographics can improve personalization and engagement. This data helps owner/operators tailor amenities and services to meet the needs of residents.
Read the article in Rental Housing Journal
INDUSTRY NEWS
What Multifamily Should Know About Cicadas
by Jordana Rothberg
The 2024 emergence of cicada broods XIX and XIII is impacting multifamily communities. Cicadas do not present a physical threat to residents and are simply loud and bothersome. Property managers can mitigate the nuisance by covering young trees, consulting pest management professionals and keeping grounds clean. Educating residents on cicadas’ lifecycle and behaviors helps maintain a pleasant living environment.
Read the article in Multi-Housing News
Damon Joshua Joins Rent. as President
by Darcey Leach
Damon Joshua has joined Rent. as its new president, bringing over 25 years of sales leadership experience. His goal is to drive Rent.’s strategic vision and growth in the multifamily industry, focusing on innovation and improving renter experiences. His expertise is expected to enhance Rent.’s solutions and expand its network of rental brands.
Read the article in The Multifamily Journal
Rent Declines Are Definitely Decelerating
by Erik Sherman
The rate of rent decreases in multifamily has slowed significantly. While median asking rents have dipped slightly, the overall trend shows stabilization. This deceleration can influence inflation rates and impact the Fed’s decision on interest rates. The median asking rent in the 50 largest metro areas remains below its August 2022 peak, signaling a potential shift in dynamics.
Read the article in GlobeSt