The Novel Coronavirus is wreaking havoc on the construction of multifamily communities. The challenges could exacerbate the already growing affordable housing crisis as the available supply of apartment housing will lag further behind demand after the pandemic eases.
According to several reports released between April 1 and 6, rent payments have been trending downward by up to a third, compared with the same period in March and April 2019.
Engrain announced recently that it has acquired DeliverHere, an app that displays apartment property maps to assist delivery drivers and help improve their efficiency and save time. The acquisition will enable Engrain to add to its largest database of maps in the country while expanding its user base and client reach.
LMC has acquired Novel Stonewall Station, a luxury transit-oriented apartment community located in Uptown, one of Charlotte’s most sought-after rental submarkets. The transaction marks LMC’s first acquisition of an existing multifamily community.
CAPREIT has acquired Parkway Gardens, a senior affordable apartment community located less than three miles east of Downtown St. Paul. CAPREIT will renovate the five-story community, which features 160 apartment homes and commuter-friendly access to the Twin Cities.
Apartment operators have pricing structures for conventional homes down to a fine-tuned science. For the student-housing sector, well … not so much. Most revenue management software was built for the conventional sector, meaning student-housing operators often utilize a system not tailored to their needs.
Multifamily companies have to create world-class workplace cultures that emphasize taking great care of associates and giving back to the communities in which they operate. While creating such an environment has practical benefits, it’s simply the right thing to do.
Many apartment owners and operators may be leery of offering self-guided tours, but the data indicates prospects want and use them. Properties that don’t give prospects the option to self-tour risk alienating them and may find it difficult to convert leads into new residents.
For the multifamily industry’s evolution to continue, one thing needs to change. It has to be easier to integrate individual technologies. When owners and operators can’t easily assemble a group of solutions that are able to seamlessly communicate with each other, it stunts the growth of our industry.
PetScreening announced it has partnered with First Communities Management to implement its platform at more than 53,000 apartment homes spanning over 200 communities. By partnering with PetScreening, First Communities is streamlining its pet processes and freeing its onsite teams from the burden of service and assistance animal verification.