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2020’s Impact on Multifamily Housing

  It’s safe to say that 2020 has been a roller coaster ride. This year has drastically impacted businesses across industries, including all sectors of real estate.  Though multifamily housing is no stranger to change, it is rare to see change at the accelerated rate we’ve experienced during 2020. In response to COVID-19, multifamily property managers, owners, and developers have had to adapt to social distancing, health concerns, and a demand for safer, contactless experiences. Here’s an overview of how 2020 has changed multifamily housing and what you can do to adapt to the circumstances, retain residents, and continue signing top-dollar leases.   Once amenities, now necessities Up until 2020, multifamily buildings set themselves apart from the competition with amenities. Once reliant on high-touch amenities — like 24/7 concierge and house cleaning services — multifamily housing eventually shifted to high-tech amenities. These amenities capitalized on technological advances and focused on adding convenience to residents’ daily lives. Now, in 2020, residents prioritize safety over convenience.    As COVID-19 remains a public safety threat, renters are more concerned with: How to avoid touching high-risk surfaces Who is entering their building How communal spaces are shared   Real estate professionals must step up and make an effort to adapt to residents’ shifting demands. This effort starts with adopting property technology (proptech) solutions to boost resident safety.   Using proptech to create safer buildings Technology has the power to keep your building secure and give residents the peace of mind they deserve. Property managers, owners, and developer......
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The Importance of Meaningful CSR In Multifamily

With planning calendars and budget discussions dominating the month of January for many multifamily portfolio and building managers, CSR - or corporate social responsibility - initiatives are sure to be a key topic of conversation, and one not to be ignored for multifamily operators around the country.   Recent reports confirm that a management’s choice of charity has a direct impact on resident’s connection with a building. In fact, a recent study from ManagInc found that more than 90% of the executives who responded replied that CSR does, or can, have an impact on resident retention, employee retention and performance. Additional results from the study can be found in Doug Miller and Jen Piccotti’s feature in the October 2017 issue of NAA’s Units magazine.   Executives further confirm the importance of a meaningful CSR initiative. The ManagInc study found that 80% agree that residents, especially millennials, find it important that a management company is socially responsible.   Doug Miller, founder and CEO of ManagInc shared, “CSR really means that when you take care of a company’s stakeholders (employees, suppliers, residents, the communities you do business within), those who make your company successful, they’ll take care of you and your long term sustained success. Our study really validates this. CSR and a ‘caring’ operating philosophy can drive employee engagement / retention / recruitment, supplier loyalty, resident loyalty / retention / recruitment, and reputation. This is even more critical as it relates to Millennials, our wonderful ‘activist’ generation.”   Source - ManagInc, published in Oct. 2017 NAA Units ......
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Give Renters Modern Amenities to Stay Competitive

Give Renters Modern Amenities to Stay Competitive
Tenants want amenities that add perceived value to their monthly rent, but a recent National Multifamily Housing Council study has revealed an evolution of thought when it comes to what certain amenities are worth to renters. While the pool and the fitness center are still in the top five amenities your renters want, other common areas have become just as important to these potential long-term tenants. The Top Four Things Renters Want The most important amenity your renters want is close-in parking. Nearly 95 percent of the 120,000 resident surveyed said parking is their number-one, make-or-break issue when shopping for a new rental home. A community pool came in second on the most-desirable list, closely followed by fitness centers and gated community access. Improve Offerings and Services to Attract the Best Tenants It’s not enough to just have a fitness center anymore, however. Developers are consistently doubling the size of community fitness centers—and other common areas—to provide more value to renters who have come to expect it. Your prospects may be willing to pay more in rent for a property with more gym equipment, a saltwater pool, or the option of covered parking. Ultimately, renters want amenities that are more than a bullet point on a sales brochure. They want facilities and services that are modern, clean, and that they can actually use. If space is an issue, consider reducing the size of the leasing office; you won’t need space these days for all those filing cabinets, so take advantage of that an......
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