HOT & RELEVANT TOPICS
Great Ways to Drive Ancillary Revenue
Ancillary revenue is a valuable tool for making capital improvements, investing in technology and enhancing onsite training. For this revenue avenue to succeed, residents need to feel that value is attached and they’re not just being gouged. They’re happy to pay fees for some services while others are magnets for complaints and negative reviews. Storage spaces, pet amenities and remote-work spaces are areas that can be successfully monetized at many properties.
Read Mike Shytle’s article in The Multifamily Journal
MHN Executive Council: Biggest Apartment Website Mistakes
A community website is often the first impression a prospect gets of a property, so if the online presence misses the mark, it could mean missing out on leasing. Owner/operators should design sites customized for the community and neighborhood, and avoid an unappealing cookie-cutter approach to presentation. Sites should also be easy to navigate, follow ADA compliance requirements and contain inclusive language that reflects the culture of the company.
Read Jessica Fiur’s article in Multi-Housing News
Build a Better Leasing Experience With Centralization and Technology
Centralization was traditionally defined as having a central workspace. Today, it can also be a combination of staffing, workspaces and technology designed to help optimize a company’s leasing, management and maintenance teams, regardless of location. Owner/operators need to define what centralization means to their organization and find the right balance of technology and people to keep residents and prospects happy while bringing benefits to the company.
Read Morgan Dzak’s article in NAA’s Industry Insider
IN THE NEWS
Why Changing Consumer Preferences, Focus on Amenity Spaces Will Continue to Propel Multifamily Sector
Quality of life and wellness, along with changing consumer preferences, are significant driving factors in multifamily, and they show little sign of letting up in the future. Workspaces and high-speed internet continue to be top priorities among today’s residents. In addition, quality of life requirements includes green buildings, improved air quality, soundproofing and relaxation amenities are gaining higher appeal.
Read Holly Johnson Amaya’s article in GlobeSt
Most Pandemic Boomerang Millennials and Gen Zers Are Still Living With Their Parents
Nearly 66% of millennials and Gen Zers that moved back home during the pandemic are still living with their parents, but people under 35 are heading back out at almost twice the rate of older millennials. The survey showed that much of the over-35 crowd remains at home to take care of aging parents, save to purchase a home and pay down debt. Across all age groups, credit card debt was the biggest non-housing financial concern and a factor in foregoing the return to independent living.
Read Leah Draffen’s article in Multifamily Executive
Single-Family Renters Not Seeking a Traditional Multifamily Experience
As multifamily companies continue to invest in the single-family rental (SFR) market, it’s imperative they keep in mind the differences in the renters of each market. SFR prospects tend to be more family-oriented and are looking for more privacy. Millennials that drove the boom in smaller units a decade ago are now the ones leaving these communities for SFR in the quest for a greater amount of space. Multifamily renters desire spaces that are active and offer convenience.