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Setting the Record Straight: Short-term Rentals Here to Stay

Setting the Record Straight: Short-term Rentals Here to Stay
Apartment owners might be skeptical of short-term rental companies—after all, several of them went belly-up during the pandemic. But the reality is that while the short-term rental providers operating under master lease agreements struggled, others developed uniquely sustainable business models that proved their resiliency under the most difficult conditions in a century. These providers are now thriving, offering tremendous revenue potential for owners and operators.   Here are a few reasons why:    Working from home is here to stay Many companies have announced plans to increase employee access to remote work or make remote work permanent. As a result, employees increasingly feel unconstricted by geography. They are blurring the distinctions between work and travel and seeking ways to live with more geographic flexibility over the long-term. Spending a couple of months in Denver in the winter, spring in Austin, and summer in Chicago, for instance, might be a kind of planful nomadism that people increasingly embrace. Multifamily communities need to adapt their offerings to this accelerating base of demand. Apartment communities that don’t offer a flexible, furnished option could be left behind.   The revenue-sharing short-term rental model offers upside while protecting the downside    Pre-pandemic, several short-term rental companies operated on a master lease model, which seemed low-risk to many multifamily companies. But those master leases proved to be toxic financial instruments for both parties once demand and revenue plummeted in every market simultaneously. Owners were left with units that were vacant and not monetizable for months on end. Sho......
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How To Best Follow-up with Rental Prospects During the Pandemic

How To Best Follow-up with Rental Prospects During the Pandemic
The leasing process has undergone major changes since the coronavirus pandemic started and the tried and true rules of leasing have been upended.   Your prospects are likely no longer stopping by the leasing office or property. They are browsing your website at all hours of the day. Meeting your customers virtually and on their timeline will build the trust necessary to close the deal. Sounds like you may be working around the clock? Not with the right technology, process and product.    What Technology Tells You About Customer Preferences   With the right technology, your prospect will leave a digital footprint. You know what area they are looking in, what size of living space they are looking for, and what amenities interest them. Most importantly, the way they engage with you indicates their preferred communication style, the time and day their search is top of mind, and it provides insight into how close they are to making a decision.   “With social media, chatbots and artificial intelligence, prospects don’t want to wait for office hours or phone calls anymore,” says Catherine Azar, Director of Property Management with Barratt Asset Management, headquartered in Indianapolis and specializing in the acquisition and management of multifamily apartment communities. “They can immediately go onto your site and start selecting what they want. What’s important to our leads is that instant gratification and personalization tailored exactly to what they are looking for. Have an apartment home pop up for them that fits their needs and they are immediate......
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They Want It All - So Let’s Give It to Them: Meeting Prospective Renters’ Search Needs

Data is the driver of business. And when that data is solid, operators can be confident in the decisions they are making.   Pivotal data that should be a part of all marketing endeavors can be found by analyzing what your prospective residents want. There are various ways to gather this data, including asking prospects how they found you, what they are looking for in an apartment home, and what their target rent is, but smaller pools of prospects may not provide enough information to draw broad conclusions.   RentPath has nearly 9 million unique visitors to its sites every month, and their search behavior provides valuable insight into what they want from their next home. We closely analyzed this data to get a greater understanding of the search experience and how we can further optimize the process. We then combined this data with information gathered through ongoing ethnographic research, observing renters while they are searching to uncover what they want, need, and expect from the search process.   Based on our findings, here are the top five ways you can ensure you are meeting prospects’ needs:   Be transparent about total pricing picture: It is no longer acceptable to provide a price range for apartment homes at your communities. Today’s renters are becoming accustomed to full transparency about a product or service, as well as the ability to gather information almost instantly. As such they expect unit-level pricing, and they want deposits, fees and any included utilities to be included in ......
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From Urban to Suburban: Multifamily's High Demand Reaches the 'Burbs

From Urban to Suburban: Multifamily's High Demand Reaches the 'Burbs
With all the growth the multifamily industry has seen in the last few years, it was inevitable that we’d eventually see the trend move out from the downtown, urban neighborhoods and onto the wide open hustle of suburban America. According to the U.S. Census Bureau, the shift in demographics from urban to suburban can be seen in the data being collected. Even with multifamily housing being the cornerstone of the current housing market and the fact that a majority of these projects are urban-based, census data is still leaning towards increasing growth in the suburban markets. (Note: for now, this growth can only be considered a small uptick in the suburban markets and is also accompanied by a small downtick in the relative urban markets which makes the shift more apparent.) As a matter of fact, the Brookings Institution reported that in some U.S. cities, we have actually seen more of this type of growth in the last three years than we did in all of the last ten years. For cities with a population of a quarter million or more, this growth is above average and can be as much as one percent or more. With this migration taking place, it’s not just the multifamily rentals that are seeing growth. The abundance of single-family homes left over from the pre-recession boom that was then vacated by the recession itself has since led to opportunities for investors looking to capitalize. Unfortunately, the purchasing, renovating, and renting out of a single unit does little to create jobs and instead offers would-be ren......
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