Apartment Leasing

Industry Trends Report | Week of June 20


New Study Shows a Dog’s Behavior Isn’t Predicted by Breed

While people might believe they can assess the personality of a dog based solely on breed, a recent study in the journal Science found that breed has little to do with how a dog behaves. Darwin’s Ark, the genome project that examined the issue, found that breed only has about a 9% effect on a dog’s behavior. The study showed that certain traits are inherent, such as retrieving and howling, but a canine’s disposition is shaped primarily by environmental factors and owner interaction. With breed restrictions something of a polarizing topic in the apartment industry, the study can add leverage for operators considering eliminating them in favor of evaluating pets on an individual basis.

Read John Bradford’s story in The Multifamily Journal

Solving the Multifamily Labor Shortage with Technology

As labor shortages and retention challenges persist, the multifamily industry is becoming more enamored with the automation it previously shied away from over fears of employee backlash. The next generation of leasing technology is enabling onsite teams to achieve more with less. Since the majority of prospects sign with the first property that contacts them, automation makes it possible to gain their interest even when an associate isn’t immediately available. Companies that implemented automation technology have seen conversion rates as high as 30% — an 11% increase over those without automation.

Read Morgan Dzak’s article in Rental Housing Journal

An Ongoing Challenge for Management Teams: Recruiting & Retaining Maintenance Staff

The bulk of the attention and solutions are commonly directed toward leasing teams, but the hiring and retention of maintenance associates continues to be just as big — if not bigger — a challenge for many communities. Maintenance personnel are usually very attuned to their properties, and the loss of just one person can throw off service to residents. Recruitment for a replacement can take months and many owner/operators are finding themselves forced to hire people with very little experience, making retention all the more critical.

Read Ed Finkel’s story in UNITS


Hurricane Season Kicks Off

The first day of June marked the start of the 2022 hurricane season, and the National Oceanic and Atmospheric Administration forecasts 13 to 21 named storms will hit the United States before the season ends in November. Two or three of the hurricanes are expected to be major storms that could affect the coastal areas, as well as some inland regions. Multifamily communities should examine the strength of their properties, hurricane preparedness and insurance coverage, as well as educate residents on the same items.

Read Daria Dudzinski’s article in Multifamily Executive

Leasing Office Designs That Improve Results

Automation is helping to ease the burdens of onsite teams, but the majority of renters still favor human contact when making a decision. A leasing office with a comfortable design and open space that blends into its surroundings goes a long way to make residents feel more welcome. The warmth created by a well-designed office encourages prospects to sign and makes it more likely that current residents will renew their lease.

Read Denile Doyle’s article in Multi-Housing News

Are Bots Better at Delivering Bad News?

The multifamily industry may have a better way to present the unwelcome news of rent increases — use bots instead of humans. Consumers respond better to higher pricing when the offer is presented by artificial intelligence instead of a live person, according to a study by the Journal of Marketing. However, if consumers are offered a deal they think is good, then it’s received better when delivered by people instead of a bot. When delivering unpleasant news, communities need to watch how close the AI’s appearance is to people. The study found that the closer the appearance was to a human being, the more likely consumers would feel it was presented by an actual human.

Read Paul Bergeron’s article in NAA Industry Insider

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