THOUGHT LEADERSHIP
Aligning Business Goals with Resident Wants
by Ron Klein
Resident reward programs in multifamily housing align business goals with resident desires, boosting both satisfaction and retention. By offering incentives, these programs address key business challenges. They help increase lease renewals, enhance resident happiness, improve online reputations and encourage digital payment adoption. These benefits foster a stronger community while positively impacting occupancy rates and operational efficiency, creating a win-win for residents and owner/operators.
Read the article in The Multifamily Journal
Hybrid Work Continues to Shape Multifamily Design
by Nick Pipitone
As hybrid work becomes a fixture, residents seek thoughtfully designed work-from-home spaces. Developers are responding by incorporating co-working areas and flexible layouts to meet the needs of these professionals. For instance, Hoboken Point, a new 262-unit community in New Jersey, is geared toward hybrid professionals.
Is Smoking Considered a Disability?
by Kathi Williams
While smoking itself is not considered a disability, some conditions related to it, like nicotine addiction, may require reasonable accommodations. The Fair Housing Act obliges property managers to address accommodation requests for disabilities. Policies can still prohibit smoking, while adhering to accommodation requirements.
MULTIFAMILY TECHNOLOGY
AI: Redefining Maintenance Efficiency
by Doug Pike
AI is transforming maintenance by streamlining operations and improving efficiency. With AI-powered systems, property teams can better manage workflows, assign tasks strategically and even predict maintenance needs. AI can also schedule preventive maintenance, automatically create work orders, and provide real-time updates. As a result, maintenance teams work faster and more effectively, boosting both property upkeep and resident retention.
Centralized Leasing Operations Gain in Popularity
by Richard Berger
Centralized leasing operations are becoming increasingly popular in multifamily properties due to their efficiency and scalability. By centralizing these processes, companies can manage multiple communities with fewer employees, improving key performance indicators like tour-to-application and lease-to-tour ratios.
INDUSTRY NEWS
Permitting, Economic Factors Impacting Multifamily Project Timelines
by Philippa Maister
While project delays have decreased, economic challenges continue to affect multifamily construction timelines, according to the latest report from the National Multifamily Housing Council. Between Q2 2023 and Q2 2024, multifamily housing starts fell by 37%. Permitting issues remain the leading cause of delays, with 87% of affected projects citing this as a key factor. Economic conditions and delayed starts also contribute to slowed project completion across Texas and the Southeast.
Multifamily Oversupply Conditions are Improving
by Wendy Broffman
Multifamily oversupply conditions are gradually improving, but certain regions are still facing challenges. Nationwide, the number of units under construction has decreased from its peak. However, Sunbelt markets may take another 12 to 18 months to balance supply and demand. Developers are struggling with equity and rising costs, further limiting new deliveries.
Multifamily Roller Coaster Rides On After Rate Cut
by Patrick Sisson
The Fed’s rate cut has sparked optimism in the multifamily sector, offering a financial boost to owners grappling with distressed loans. However, challenges remain, including rising costs, a labor market revision and a looming $669 billion in loan maturities through 2026. While the cut improves refinancing prospects, industry experts caution it may not be sufficient.