Industry News | Wk of November 26
HOT & RELEVANT TOPICS
6 Questions Every Developer Should Ask Before Investing in Smart Technology
Smart technology is the wave of the future and undoubtedly will have a pronounced impact on the apartment world. But that doesn’t mean the technology should be implemented haphazardly and without due diligence. Concepts developers should consider: how quickly the tech can create efficiencies and lower operating costs, how it can enable revenue opportunities beyond rent growth and how it can be used to market to prospective residents. In addition, developers must understand what happens to the tech at the turn, be aware of future-proof issues and take measures to ensure the tech is secure. Read Scott Andersen’s article in Multifamily Executive.
Sous Chef: A Great Recipe for Boosting Retention
In the never-ending quest to keep residents in the building, some companies are utilizing outside-the-box solutions. That includes Magellan Development Group, which is providing free rent to a Chicago sous chef in hopes of boosting resident retention. The chef, Tyler Houston, is responsible for preparing food for catered events and conducting cooking workshops at the community. He solicits resident feedback as the basis for his demonstrations. Magellan has instituted the rent-free artist concept at other communities as well, including in-house musicians. Read Les Shaver’s article in units magazine.
How to Raise the Appeal of Your Multifamily Property with Pet-Friendly Services
With 70 percent of apartment residents owning pets in 2017, communities can appeal to this vast and increasing demographic by offering innovative pet-friendly amenities. Property managers can increase their appeal to pet owners by creating pet-specific activity spaces, offering access to pet-sitting services, pet parks, pet-proof apartment spaces and onsite pet-care and pet-spa services. Property managers can also benefit from polling residents about additional pet services they’d like to see. Read Barbara Hale’s article in National Real Estate Investor.
IN THE NEWS
Airbnb Sues Boston Over
Short-Term Rental Ordinance
In an effort to maintain housing affordability, Boston has passed an ordinance to ban short-term residential rentals. In response, Airbnb is suing the city in federal court over the measure, which will go into effect at the start of 2019. Boston’s stance is that Airbnb is a threat to affordability, because it motivates investors rather than homeowners to purchase housing. Airbnb doesn’t dispute that home-share services should be regulated, but contends that Boston’s heavy-handed approach “crosses several clear legal line and must be invalidated. Read Jeffrey Steele’s article in Multi-Housing News.
Constructing a Sustainable Solution to the Housing Crisis
Housing affordability continues to be an issue across the nation, as 13 major markets qualify as severely unaffordable according to a recent survey by Demographia. That’s in comparison to only 10 affordable markets. The solution could be based on more efficient construction, including the utilization of modular, container-based construction that is a greener solution with faster execution. Container-based construction can be built in about half the time of traditional construction projects, providing time and cost savings for developers. Read Paul Galvin’s commentary on GlobeSt.com.
‘Rigged From the Beginning’: Critics Decry Amazon’s Choices for HQ2
Amazon’s decision to split its new headquarters amongst two cities – Long Island City, NY and Crystal City, Va. – hasn’t been fondly received by some. The tech giant’s original proposal indicated the transformational $5 billion project would bring 50,000 jobs to the winning locale. Some are viewing the ultimate decision to split the HQ2 destination as a giant ruse. Said CCIM Institute Chief Economist KC Conway: “I give them a D for disappointment. I’m dumbfounded on the New York decision because it doesn’t make sense on any metric.” Read Jarred Schenke’s article in Bisnow Atlanta.