HOT & RELEVANT TOPICS
The Role of Automation in Centralized Leasing
After the pandemic required many communities to rely on a predominantly digital environment, shifting customer preferences coupled with hiring and retention challenges have moved owner/operators to step up centralization efforts. While the multifamily industry had previously been regarded as technology averse, many realize the addition of proptech allows onsite associates to focus more on creating meaningful relationships with residents and prospects.
Is Your Community Charged and Ready for Electric Vehicles?
In the last two decades, and especially in the past five years, there has been a significant shift in the interest in environmental issues, including recycling, energy use and electric vehicles (EV). With annual sales of EVs more than tripling since 2017 and on track to reach almost 900,000 in 2022, charging stations in multifamily are moving from an amenity to a necessity. If communities hope to remain competitive, getting ready for EVs has to begin now.
5 Tips for Preventing Property Staff Burnout in Multifamily
Addressing occupational burnout is one way for owner/operators to tackle ongoing hiring and retention issues, and there are several ways to boost morale and avoid the loss of critical onsite associates. Making use of proptech, prioritizing mental and physical well-being and respecting the work-life balance of associates can help alleviate burnout risk. Management companies should also make an effort to encourage offsite social events for employees, as well as step-up recognition efforts.
IN THE NEWS
The Housing Market Squeeze Pushes Renters Into Bidding War
Real estate agents, open houses and bidding wars — items typically found in the realm of home buying — are a growing part of the multifamily industry with the availability of rental properties continuing to shrink. Prospective renters are seeing potential opportunities vanish as fellow prospects offer hundreds of dollars higher than the asking monthly rental price. Supply chain delays in multifamily construction and the inability of many to purchase a home are making matters worse as a higher percentage of people are pushed into the rental market.
ESG Settles Into Multifamily
A report from Accenture showed that 53% of consumers will cease doing business with companies based on actions or inactions regarding social issues. Ignoring the preferences of consumers could have a negative effect on competitiveness and net operating incomes. As a result of these attitudes, the multifamily industry is continuing to implement an increasing amount of environmental, governance and social considerations into projects.
Court Upholds Law Requiring Landlords Pay Rent to Evicted Tenants
A federal appeals court has upheld a California law that requires owner/operators to pay one month of rent to any residents who are evicted from their communities. The 2020 law, which also capped annual rent increases at 10%, only applies to residents who are evicted because the owner is moving back into the property, condo conversions and property demolition. It was put in place to help evicted residents defray the costs of relocation. Opponents of the law say it forces owners to bear the cost of what should be a public burden.