Younger generations, who are the primary drivers of the rental housing industry, now expect a living experience that delivers a new level of convenience and comfort. It may sound harsh, but renters may refuse to rent in a community that fails to adequately meet their tech preferences.
The top storylines in multifamily this week are irresistible amenities, improvements to drive NOI, avoiding rent concessions, tech and the human touch, collecting rent in today’s economy, pet data, the modern American Dream, maintenance appreciation and Chicago set to boost multifamily supply.
Several owners and operators share their thoughts about the types of capital improvements likely to prove effective in the current market—and those less likely to work—as well as their optimal processes for determining which upgrades to move forward with.
Gone are the days when four walls and a roof would suffice. Renters seeking a community that caters to their lifestyle and goes beyond the basics, and multifamily must adapt to meet these evolving demands. Convenience features enhance resident satisfaction and boost NOI.
The 2024 Renter Preferences Survey Report released by NMHC and Grace Hill provides a comprehensive look at the home features and community amenities that are most important to renters, how much they are willing to pay for them and what are their biggest considerations during their home search.
The top storylines in multifamily this week are using data to address parking problems, employee mental health, amenities you need now, TikTok and marketing, fighting fraud, artificial intelligence, regional bank risks, interest rates and NMHC’s new housing initiative.
As the lines between apartments and hotels become increasingly blurred, some owner-operators are leaping forward by offering properties with resort-class perks. Amenities such as concierge service, housekeeping, coffee service and more are beginning to make an appearance in multifamily communities.
Imagine how an apartment resident would respond if their community suddenly suspended its traditional morning coffee service at their leasing office. Lisa Tully-Tavian, CMO at Sentral, said for residents who chose not to renew, halting the free coffee was on the list.
Regardless of what type of commercial real estate you manage, improvements to tenant satisfaction are central to a healthy bottom line. There is quantifiable evidence of a direct correlation between the contentment of tenants and renewal rates, and higher gross and effective rents.
The top storylines in multifamily this week are new methods for resident retention, combatting rent growth decline, employee retention, automation and renewals, AI, problems with climate data, flex living, the amenity wars and cities where rent is growing.