HOT & RELEVANT TOPICS
Building Tenured Multifamily Teams
The struggle of building onsite teams continues to be a major focus in the multifamily industry as hiring woes from the pandemic and The Great Resignation show no signs of improvement. The once-reliable pipeline of fresh talent has nearly dried up, so maximizing associate retention and creating an optimal workplace culture are the best avenues for owner/operators to address ongoing employment challenges.
Streamlining the Application Process
Increased sophistication of screening methods is helping communities avoid fraudulent leasing applications, reduce risk and lighten the burden for onsite associates. Optimized verification, automated income verification and positive rental payment reporting are a few of the ways owner/operators can streamline the application process and provide a better experience for prospective residents.
Happy Associates = Happy Life: Removing Evictions from Onsite Teams
One of the ways to deal with hiring and retention challenges is to remove some of the unpleasant job aspects that encourage onsite associates to seek greener pastures. Many onsite teams are happiest when nurturing relationships with current residents and cultivating new ones with prospects. The eviction process is the antithesis of the associates’ goals and counterproductive to community growth, making this difficult endeavor best suited for eviction management services.
IN THE NEWS
Changing the Perception of Apartment Living
Negative perceptions about renters and owner/operators persist despite the number of people who rent increasing from 34.6% to 43.3% from 2006 to 2016 and holding steady ever since. Developers face pushback on new multifamily projects based on the misconceptions that renters are poor, not invested in their community and lack commitment and responsibility. The reality is that leasing remains popular with many residents looking to simplify their lives or who prefer the option of moving where it best suits their lifestyle and location desires, which can change over time.
How Gen Z Renters Might Reshape Multifamily
The multifamily industry is undergoing a generational demographic shift as Gen Z, which includes people born from 1997 to 2012, begins to edge out earlier generations in the leasing market. Gen Z renters are expected to catch up to millennial renters by the year 2025 and then become the primary drivers of the market by 2030. In addition to being the top group in multifamily, Gen Z is also predicted to dominate in single-family rental demand.
On the Cutting Edge: Pet Policies and Amenities to Attract and Retain Renters
In a quest to differentiate themselves in the market, some multifamily communities have engaged in an amenity battle that has included onsite planetariums and even roller coasters that go right through common-area hallways. These extremes are often costly and unnecessary, and a simple change in pet policies coupled with amenities, such as dog washes, can attract a wider pool of new residents and improve retention rates.