THOUGHT LEADERSHIP
“Junk” Fees vs. Premium Amenities
by Kevin Juhasz
It’s important to make residents understand the difference between fees that are fair and those that feel like just extra charges. Although people are willing to pay more for conveniences, multifamily needs to be clear about what residents are truly paying for. There are ways that communities can better explain how legitimate fees provide meaningful benefits and aren’t the pesky “junk” fees that often sneak in without clear explanation or value.
Read the article in The Multifamily Journal
Grace Hill CEO Kendall Pretzer on Innovation and Challenges
by Christine Serlin
Grace Hill CEO Kendall Pretzer discusses the importance of integrating technologies like AI and data analytics to streamline operations and improve resident experiences, while acknowledging the challenges of integration. She also highlights the need for comprehensive training and a holistic approach to management.
Zark’s Cory Smith Discusses Amenities on Weekend Update
by Eric Sharpe and Justin Dilley
Cory Smith, vice president at Zark, joins the hosts of Multifamily Weekend Update for a lively talk on amenities, parking, the founding of Zark and his own personal multifamily journey. This episode is a must-listen for owners and operators who want to stay ahead of the curve on what’s really happening in multifamily amenities.
MULTIFAMILY TECHNOLOGY
Driving Resident Interaction with Genuine Stories
by Stephanie Anderson
Sharing resident stories and community events on social media helps multifamily teams build a lively online presence that connects residents. Using interactive content like polls and live Q&A sessions gets people involved. Plus, having dedicated sections on blogs or community websites for resident contributions highlights various voices and creates a lasting collection of shared experiences. This genuine approach not only strengthens relationships among current residents but also draws in potential newcomers by showcasing the community’s genuine culture.
Smart Growth: Charging Through EV Risk
by Jordana Rothberg
Multifamily owners face an increasing need to install EV charging infrastructure as adoption rises. Experts recommend avoiding ad-hoc installations, which create inefficiencies. Instead, a dedicated electrical system for future growth and smart load management is best. Additionally, metered charging is essential to prevent overconsumption and promote fair usage.
9 Multifamily Website Hacks That Actually Convert
by Sarah Lukemire
Enhancing multifamily property websites is accomplished by the use of dynamic pricing tools for real-time rates and building trust with potential renters. Creating targeted landing pages for groups like pet owners or students attracts qualified traffic. A community blog positions the property as a local resource, drawing organic traffic and boosting trust.
INDUSTRY NEWS
Behind The ‘Battle’ To Complete 24 Water Street
by Ciara Long
The transformation of 25 Water Street in Manhattan’s Financial District is a game-changer in real estate, marking the largest ever office-to-residential conversion. In 2022, developers GFP Real Estate, Metro Loft Management and Rockwood Capital snapped up the former 22-story JPMorgan Chase office building for a hefty $251 million. They launched a bold project to turn it into 1,320 luxury apartments. Now known as SoMA (South Manhattan), the building has been expanded to 32 stories and boasts modern amenities such as pickleball courts and two swimming pools.
New Apartments Sitting Longer as Supply Grows
by Kristen Smithberg
A recent report by Redfin shows that less than half of the newly constructed apartments completed in Q3 2024 were leased within three months—the lowest absorption rate on record. The situation stems from a significant increase in available units, with 142,900 new apartments finished during that time, which was a record high. With so many options, prospects are taking their time, resulting in longer lease-up periods for new properties.
Property Manager Jobs Continue to Increase
by Michael Rudy
The residential property management sector saw an increase of 1,800 jobs in January, bringing the total to 552,300—a 3.2% rise compared to the same time last year. However, it’s worth mentioning that employment for lessors of residential buildings took a hit, dropping by 1,300 positions in January. Overall, these numbers demonstrate the sector’s ability to grow and adapt, even as other parts of the economy face difficulties.