All the multifamily news you need
As the old adage goes, the only constant is change, and CRE is undergoing a massive one. The current economic climate places commercial real estate in an increasingly complicated and nuanced position and the focus has shifted to value creation for tenants.
The top storylines in multifamily this week are tenant satisfaction and renewal rates, electrical issues, proactive leasing, the customer experience, income verification, centralized leasing, the constitutionality of rent stabilization, apartment maintenance expenses and Montana blocks rent control.
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.