THOUGHT LEADERSHIP
Rent Reporting Continues to Build Momentum
by Manjit Sohal
Currently, less than 10% of renters see their rent-payment history reported on their credit, and the movement to see that change is growing. In late 2021, Freddie Mac began providing closing cost credits to multifamily developers who reported this information. Colorado started a pilot program that runs from 2021-2024 to see how well it works, and Washington, D.C. allows reporting for residents of public housing. Reporting helps renters become credit visible and raised credit scores an average of 32 points among those who already had a history.
Read the full article in The Multifamily Journal
Clear the the Air With Smoke-Free Apartments
by James Campbell
Even with declines in usage, communities still need to deal with the thirdhand smoke issue — harmful chemicals that permeate the floors and walls of units, many of which are present in e-cigarettes and vapes. Since these can be difficult to address, the focus should be on going completely smoke-free.
The Rent Growth Narrative is Out and NOI is In
by Karin Conklin
As the economic picture continues to change and uncertainty remains, multifamily needs to move away from rent growth and toward net operating income. This change is especially important for companies that were giving too much attention to revenue increases and too little to growing expenses.
MULTIFAMILY TECHNOLOGY
Modern Consumer Expectations Are Reshaping Rent Payments
by Leslie Hyman
The rise of on-demand, subscription and buy-now-pay-later economies has changed the way consumers approach their purchases, and the multifamily industry can no longer avoid offering payment flexibility for its residents. Consumers crave customization and tech will make it possible for the industry to modernize rent payments.
Read the article in The Multifamily Journal
The Three Cs of App Tech to Drive Resident Retention
by Demetrios Barnes
A substantial amount of the tech in multifamily focuses on leasing and prospects, which has resulted in a situation where post-move-in app tech is more convoluted. With proper execution, this tech can enhance the resident experience and boost retention efforts.
Read the article in The Multifamily Journal
How CEOs Are Using ChatGPT, and What the Biggest Risks Are
by Jessica Fiur
ChatGPT has its benefits, offering a way to address mundane or repetitive tasks more efficiently. However, AI isn’t without its drawbacks, lacking the ability to present the same information in fresh ways and still generating racist or phobic responses to some queries.
Read the article in Fortune
INDUSTRY NEWS
Multifamily Housing Construction Hot as Single-Family Sputters
by John Triplett
Permitting for multifamily developments continues to far outpace those for single-family units, a situation that is putting homebuying even more out of reach for the small percentage that still can. Even though a construction boost is anticipated in the short term, the long-term picture is less rosy as coastal cities are failing to build housing that matches the pace of growth. Conversely, many cities in the Sun Belt have been able to provide housing to match the region’s growth.
Read the article in Rental Housing Journal
3 Million Households Making Over $150,000 Are Still Renters
by Will Parker
The number of people who earn more than $150,000 per year and choose to rent rose to 3 million from 2016 to 2021, an increase of more than 87% nationwide. Many prospective homebuyers are either pushed out of the market or feel that this is the wrong time to buy.
Read the article in The Wall Street Journal
Rent Increases in Student Housing Due to Broader Market
by Christine Serlin
Purpose-built student housing is becoming less affordable, and it’s being driven by the lack of availability and rent growth in the overall market. The National Multifamily Housing Council says the issue can only be addressed when states and cities begin to address the housing crisis.
Read the article in Multifamily Executive