This is very true! Our collections team thought that without their efforts 0% of the past due would come in. Once we empirically tested that theory we found how little those efforts actually mattered. The results were about 5-7% actually mattered which then enabled them to refocus energies on things that actually produced meaningful results and wouldn’t just happen organically.
Apartment market conditions continued to weaken in the National Multifamily Housing Council's (NMHC's) Quarterly Survey of Apartment Market Conditions for April 2024. With the exception of Sales Volume (52), which turned positive this quarter, the Market Tightness (41), Equity Financing (49), and Debt Financing (44) indexes all came in below the breakeven level (50)."Inflation has come in hotter than expected over the past few months – as the she ...
The advent of adaptive reuse multifamily developments is now. But what is adaptive reuse—and why is it suddenly popular? Adaptive reuse is redevelopment that takes an existing structure and adapts it for another use. In multifamily developments, this can look like a partially remodeled historic hospital converted into a mid-rise apartment community. (The project also employed new ground-up development.) Adaptive reuse has become more popula ...
Should a regional manager be put in charge of the property from which they were promoted? Should the staff report to the property manager or should they continue to report to the old manager that is now the regional manager? The staff has been instructed to call the regional manager and ignore the manager if the staff doesn't like an answer that they get from the manager. The regional schedules meetings and work on property and purposely leaves...Should a regional manager be put in charge of the property from which they were promoted? Should the staff report to the property manager or should they continue to report to the old manager that is now the regional manager? The staff has been instructed to call the regional manager and ignore the manager if the staff doesn't like an answer that they get from the manager. The regional schedules meetings and work on property and purposely leaves the manager out of the loop so that they don't know what is going on. The regional then tells the manager that they are not a good leader. How can a manager lead when they are undermined by their boss on a daily basis? Should the manager quit and move on? Show more
Does anyone have a good recommendation as a Regional for an app to help keep track of multiple properties when visiting. Inspections, notes, lists, etc.
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Are There Resident Bullying/Harassment Best Practices?It's simply a part of any property; your residents aren't always going to agree. This makes conflict inevitable, but the key turning point is when it turns into bullying and harassment. To be clear, the Fair Housing Act states that resident bullying and harassment cannot be tolerated. Are you sure that your property, as a whole, has the best practices in place when it comes to resident b ...
With the help of the National Apartment Association (NAA), we're is following these key issues for apartment maintenance teams.EPA's 'Impossible' Lead Hazard StandardsRental properties could be deemed a hazard with an almost zero lead level.The Environment Protection Agency (EPA) recently published a proposed rule that would dramatically alter the way lead dust hazards are classified. The agency has proposed that any detectable amount of lea ...
If you're trying to make a name for yourself and your target audience lives in multifamily communities, you need to use powerful branding strategies for multifamily properties. Establishing a strong brand can give your property an edge over competitors, gain the trust of potential renters, and improve the likelihood of successfully leasing the rental property. In this guide, we'll go over some effective multifamily marketing strategies that work. ...
Good morning everyone! On the hunt for a new Procurement and accounting software! We use yardi voyager 7s(soon yardi8). We currently use Avid Exchange for Accounting and recently ended Yardi Marketplace. Any leads you can offer would be amazing!
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Budget season doesn't have to be a stressful scramble. Imagine a future where you leverage data to not only streamline the process but also gain a strategic advantage for your entire property management operation. Evaluating data can help determine which processes and vendors should be reevaluated to fit the changing needs of your organization. Below are a few tips to help you survive Budget Season 2024.Unlocking Hidden Potential: Efficiency and ...
Good Morning, I am looking for a policy/best practices regarding associates that live onsite, if anyone is willing to share. I am specifically looking for how long they need to be employed before moving onsite, do you allow them to transfer units, etc. Thank You!
Cedar Argo is friends with Brent Williams
U.S. Home Purchase affordability directly influences multifamily rental property rents and values. In 2023, only 16% of homes were affordable in America, falling from 21% in the year before.
An affordable listing was defined as one with a monthly mortgage payment no more than 30% of the median monthly income of that county. Below, we show the share of affordable listings in the 97 biggest U.S. metropolitan areas by population:
Although mortgage...U.S. Home Purchase affordability directly influences multifamily rental property rents and values. In 2023, only 16% of homes were affordable in America, falling from 21% in the year before.
An affordable listing was defined as one with a monthly mortgage payment no more than 30% of the median monthly income of that county. Below, we show the share of affordable listings in the 97 biggest U.S. metropolitan areas by population:
Although mortgage rates may decline over the year if the Federal Reserve cuts interest rates, it may not be enough to boost the supply of affordable housing.
That’s because rates may not fall sharply enough to undo the “golden handcuff” effect, where homeowners are reluctant to sell to hold on to their low mortgage rates. Adding to this, home construction has fallen significantly since the global financial crisis. During this time, home builders and lenders became increasingly cautious, leading home construction to drop 55% between 2006 and 2021.
Although mortgage rates may decline over the year if the Federal Reserve cuts interest rates, it may not be enough to boost the supply of affordable housing.
The good news is that new-home construction is forecast to increase in 2024, with single-family housing starts projected to grow 4.7%.
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Security Cameras… Any rules around a property releasing common area video recordings to a resident requesting…
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45As "the guy" who led the development of the first pricing and revenue management system for multifamily housing (LRO) and was the industry's first-ever VP of Pricing and Revenue Management (PRM) back in 2001, I've watched with great interest the past 23 years as adoption evolved.What started out as a practice highly questioned for its relevance to rental housing has become de rigeur for the NMHC Top 50 and at least a few hundred other companies ...
What we found is that of the people that went past due, 87% brought their accounts... Show more