by Kevin Juhasz
According to the latest update from the Apartment List National Rent Report, year-over-year rent growth continues to decelerate and is projected to decline further in the coming months. Those headwinds pose a significant challenge to multifamily owner/operators.
While the typical industry reaction is to cut costs and batten down the hatches, inflation rates continue to limit the efficacy of expense reductions. Cutting staff and services can trim budgets but it also impairs resident retention efforts. Operators are finding that focusing on resident renewals and identifying new NOI strategies within day-to-day operations better positions them to weather the storm.
Read Kevin Juhasz’s article in Rental Housing Journal.