HOT & RELEVANT TOPICS
Information Accessibility and Sharing Will Expedite Evictions,
When it comes to evictions, extensions, delays and restarts can have a profound impact on net operating income. The most common cause of these issues is a lack of quick and easy access to the required information surrounding an eviction. Many communities use a hodgepodge of paper and electronic records, which requires more work to gather needed documents. Eviction management services can help reduce the chances of costly delays in the process.
Read Larry Bellack’s article in The Multifamily Journal
The Sky’s the Limit with Wireless
Increasing interest in smart homes and building automation have spurred the multifamily industry to increase its embrace of technology at its properties. The installation of tech services in the past typically required hardwiring with costs that outweighed the benefits. The increases in reliability coupled with decreasing costs to install or retrofit have made wireless technology more appealing.
Read Dale Sennie’s article at NAA
Cybersecurity Critical for Multifamily Communities
Propertywide WiFi, smart tech and tech-driven access are all great conveniences for residents, but they also pose a large cybersecurity threat to a community. To combat the chance that residents’ personal information will be exposed in a breach, multifamily communities must make cybersecurity a higher priority, educate teams and residents and take steps to ensure their properties are thoroughly protected.
Read Aly J. Yale’s article at Multifamily Executive
IN THE NEWS
Biden Administration Announces Housing Supply Action Plan
President Joe Biden released a 13-page housing action plan with the goal of addressing the nation’s critical housing shortage within the next five years. The plan, which is a combination of legislative, regulatory and administrative items, includes reforms to both the Low Income Housing Tax Credit and the HOME Investment Partnership Programs, as well as increased funding options for smaller multifamily properties.
Read Gil Kalinoski’s article in Multi-Housing News
Multifamily Investors Primed to Pay a Premium
The multifamily industry saw the cost-per-unit jump to $192,105 in 2021, an increase of 21.6% compared to 2020 and one of the biggest single-year increases in recent history. Investors are showing interest in properties geared toward working-class renters, which traditionally have lower rents, in markets that have above-trend rent growth. Texas, the Southeast and the Southwest are also on the radar of investors due to the high migration to the regions.
Read Lynn Pollack’s article at GlobeSt
The Green Resident Wave is Coming, Are You Ready?
As more environmentally conscious residents began to dominate the multifamily landscape, communities are faced with adding green amenities and features that will help them remain competitive. In addition to the demands of residents, developers must appeal to investors who require ESG to be a part of projects and navigate the increasing environmental regulations of local governments.
Read Regan Hartley’s article in The Multifamily Journal
Categories: Amenities, News, Ops/Marketing, Property Management, Technology, Thought Leadership
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