The typical industry reaction to headwinds is to batten down the hatches, but inflation rates limit the efficacy of reductions. Cuts can trim budgets but also impair retention efforts. Operators are finding renewals, new revenue streams and NOI strategies better positions them to weather the storm.
The top storylines in multifamily this week are data driving decisions, digital reputation management, waste DNA testing, rent control and investments, hiring challenges and package management.
More packages arrive each day at apartment communities, overflowing lockers and storage facilities and making a mess of common areas. Unfortunately, residents feel that urgency first-hand in the form of daily calls, texts, emails and resident portal reminders to pick up their packages.
Packages are inundating apartment communities across the country every day and buildings are even more prone to drowning in deliveries as the holiday gift mayhem unfolds. So what can property managers do to survive the deluge of packages hitting their communities?
From parking to patios, storage to poolside seating, space is finite at multifamily properties. Because square footage is directly linked to revenue at apartment communities, it is critical to leverage each inch of real estate and maximize the return on investment (ROI).
One area of operations where property managers are turning to fee-based solutions is package management. The benefits for operators are clear. Third-party package services offer off-site package storage and eliminate the burden and liability of package management from onsite teams.
Among this week’s most interesting multifamily storylines: utilizing tech without sacrificing personal connections, reflecting on multifamily’s COVID-19 response, package solutions that might be causing more problems, a look back at the last decade of multifamily transactions, the apartment markets dominating the pandemic era, and amenity must haves as the lockdown ends.
Package management had become a growing concern for apartment communities, even before “safer at home” and “quarantine” became a part of our everyday life. But the pandemic triggered an irreversible trend for consumers, who now rely on e-commerce for even their most basic needs.
This week’s top multifamily storylines include ways to make housing more affordable, product knowledge in leasing, addressing the package management burden, construction delays continue, questioning the suburban push and caring for pet-owning residents.
Office teams have served as the intermediaries between delivery services and residents, receiving packages on behalf of residents, submitting arrival notifications, and facilitating distribution. It was a time-consuming job, but the emergence of e-commerce has turned the task into a liability.