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Top 5 Tools for Managing Renovations

Real Estate portfolios strive to increase asset value by pursuing renovations and other strategies.  Yet the tools available to manage such strategies haven’t changed dramatically even as technology has continued to evolve.  To understand the pros and cons of the various available tools, one needs to understand the key criteria considered to renovate.  Then, one can analyze the most popular software tools against these criteria.   The decision to renovate is typically financially driven and can be determined looking at the expected revenue gains and costs versus not renovating at all.  Given that renovations require a unit to be vacant, a company must manage their renovation schedules to minimize vacancy loss within reason.  If not paying close attention to all of the activities required to be coordinated between staff and suppliers / contractors, renovations can easily drag on much longer than expected, resulting in higher costs and greater challenge in meeting the financial goals. With this in mind, we provide what is believed to be the most important criteria for evaluating a renovation software tool/solution: Does it track financial performance of the renovations over time? Is it user friendly and intuitive? Does it allow for easy data collection (including pictures) for efficient reuse for future tasks? Does it enable efficient collaboration with suppliers and staff? Does it provide execution insight allowing for proactive decisions to save money and for ensuring critical tasks are completed?   Renovation Tool Criteria Financial Performance Tracking When undergoing any investment, it is critical to understand whethe......
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What Millennials Want: Five Ways Young Professionals are Changing the Multifamily Market

Last year, the homeownership rate among millennials fell to 64.7 percent, the lowest it has been in nearly twenty years. Instead, millennials are choosing to rent in the areas where they work and play. With fewer young people swapping out leases for mortgages, the market for rental housing is experiencing unprecedented growth and change.Renters enjoy the flexibility of a lease and the convenience of on-site amenities, but these perks must come at a price that fits within their budgets. Across the country, demand for accessible, luxury housing continues to grow. Multifamily developers are feeling the pressure to respond accordingly and outshine their competition.Here are five recommendations for multifamily developers and property managers, as millennials’ influence in our industry expands: Upgrade your interiors. Granite countertops, hardwood floors and stainless steel appliances were once considered hallmarks of upscale housing, and consequently, out of reach for many young renters. But in recent years, a modern, updated interior has become a necessity for a growing portion the rental population. Many millennials grew up in newly built or renovated homes with upscale finishes. Now they have moved out of their parents’ houses but still want a living space on par with what they are accustomed to, just without the true costs of homeownership. Capitalize on amenities. Today’s renters enjoy the convenience of on-site amenities. On-site fitness centers, dog parks, swimming pools and lounge areas have become the norm, with many multifamily developers going above and beyond what is now expected. The next generation of apartment amenities inclu......
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