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.
Airbnb’s legacy of market disruption has moved from privately owned homes into multifamily buildings as the legal lines of leasing continue to be stretched into new configurations. In November 2022, Airbnb announced the launch of Airbnb-friendly apartments.
Maximizing NOI is always a main focus in the multifamily industry, but tougher economic times have heightened the need. Lisa Yeh, chief operating officer for Sentral, believes that flex living elevates the experience of owners and residents, attracting a segment that is seeking shorter leases.
It is no surprise that when the market slows down, multifamily operators typically compensate with cost-cutting measures to bolster their margins. While cutting back and finding efficiencies can help companies stay profitable, the belt tightening may ultimately hurt owners both in the short and long run.
Sentral, the leading full-service residential hospitality company, today announced that five Sentral communities were recognized in the 2022 Elite 1% ORA Power Rankings. The J Turner Research List measured 132,000 multifamily communities based on review site feedback and ILS data.
Sentral, a full-service management company offering any length of stay, today announced its acquisition of Align Residential, a national management firm specializing in innovative residential experiences. The acquisition expands Sentral’s communities to 40, and the company’s network to 15 U.S. cities.