HOT & RELEVANT TOPICS
Utilizing Tech Without Sacrificing Personal Connections
In current times, a resident can go through the entire leasing process without ever interacting with an associate. That includes moving in and out. But while a select few might like that interaction-free scenario, the majority of renters still crave something of a personal touch. Technology will undoubtedly be a part of the modern renter journey, but that doesn’t mean the entire process has to be impersonal. Tech that complements the digital journey and personal connection, rather than aiming to replace it, best strikes the balance according to Jean Heier, regional manager for Security Properties Residential.
Multifamily Leaders Reflect on COVID-19 Response
One year after the pandemic threw everything into a whirlwind, industry leaders reflected on how the multifamily sector reacted and adjusted. Sue Ansel, CEO of Gables Residential, expressed her admiration for the resiliency of the industry and believes many of the modified processes will shape the way the industry addresses things moving forward. Some of those involve communication practices—and not only with prospective residents. “I learned something important about leadership,” said Todd Farrell, president of LMC. “We couldn’t communicate enough with our associates. They wanted it desperately. Words matter and touch points matter more than I ever thought before.”
Are Some Package Solutions Causing More Problems?
The rise in ecommerce has been well documented, and by now, the majority of apartment communities have had to adjust their package management strategies. But some of those modified solutions haven’t eased the burden. Whether it’s the addition of package rooms, dedicating one employee to the rising influx of packages or requiring deliveries to be made to residents’ doors, continued challenges have often arisen. It is becoming increasingly apparent that offsite package management often resolves many of these pain points. As such, many apartment operators are adopting third-party services that notify residents and can schedule direct delivery.
IN THE NEWS
A Decade of Multifamily: Deal Volume Exceeded $912 Billion
Despite a tepid 2020, price-per-unit for multifamily properties surged 156% over the past decade, outpacing median home-sale prices and rental rates. The latter has risen 58% to an average of about $313,000 since 2009, according to research from Commercial Search. In the same period, 7.7 million apartment homes have traded for $912 billion, and the average apartment unit has ascended to almost $160,000. Since 2009, the most multifamily transactions have taken place in the Dallas-Fort Worth area (2,227), followed by Atlanta (2,134) and New York City (1,791).
These Cities are Dominating the Pandemic-Era Apartment Market
While rents in typically booming locales such as New York, San Jose and San Francisco have been compressed, others are showing swift gains as the industry rapidly recovers from the pandemic. The Inland Empire, a collection of submarkets adjacent to Los Angeles, and Sacramento are among those that have been booming. Rents are up 7.6% in the Inland Empire and 6.4% in Sacramento, as national rent growth begins a mild turnaround. Many experts agree that February could have been the last month of rent-growth decline.
Lifting the Amenities Lockdown: What are Today’s Must-Haves
Some amenities were essentially obsolete during the pandemic while others, such as co-working spaces, drew high demand. Which will be favored post-pandemic? Probably a little bit of both. Residents will be delighted to reacquaint with their swimming pools and fitness centers, but some of the other work-related amenities—fast internet, effective printers and scanners and outdoor co-working spaces—now have fought their way into the “must have” category. Tech-related attractions and pet-centric amenities are gaining popularity as well. Operators are also beginning to incorporate flex space that can be modified.