Industry News | Wk of December 10
HOT & RELEVANT TOPICS
What’s on Residents’ Wish Lists?
In a nod to the holiday season, Kingsley and Multi-Housing News teamed up to determine what residents are craving this holiday season. Among the responses: hopes that sauna and gym updates at a particular community are worthwhile, because the construction noise is unbearable; designated visitor spots so residents aren’t frozen out of their own lots over the holidays; great air conditioning rather than a portable unit, and a request for an indoor heated swimming pool. One resident was particularly in the spirit, wishing for a raise for the maintenance team. Read the entire article in Multi-Housing News.
Why Do All New Apartment Buildings Look the Same?
Boxy designs. Bland facades. Colored panels. Flat windows. There is a wave of sameness resonating across the country in the form of new apartments, at least according to one observer. In an effort to determine what this homogenous style of uniformity is officially labeled, suggestions ranged from fast-casual architecture and developer modern to LoMo (low modern). Reasons for the trend could pertain to city codes, costs and crafts, as well as the diminishing role of the architect in favor of computer-generated blueprints. Read Patrick Sisson’s column in Curbed.
9 Trends Changing the Student Housing Industry
The evolving needs of student renters, from privacy to inclusivity, are reshaping the way developers are designing student-housing communities. Deciding on a college has become increasingly dependent on student housing availability, as 78 percent of respondents in a recent American Campus Communities survey indicated it played a role in their decisions. Numerous additional trends are also changing the industry, including technology, green initiatives, transportation and residential assistance. See the entire list and breakdown in Jason Wills story in units Magazine.
IN THE NEWS
5 Reasons to Invest in Multifamily
Despite hints of a cresting market, investors remain bullish on multifamily. A new report from CBRE and investment firm Hamilton Zanze outlines why investing in apartments still makes sense. Among the key factors: the continuing popularity of renting (particularly in the younger generations) and overall decline of homeownership; pent-up demand as the economy moves toward full employment and wage increases; and the industry’s favorable performance in economic downturns, as well as through stable and high-interest markets. Read Lauren Shanesy’s article in Multifamily Executive.
A Look at the Markets With the Largest Average Apartments
The average size of an apartment in the U.S. is 941 square feet, which is 5 percent smaller than a decade prior. Seattle has the smallest average square-footage at 711, but which city boasts the largest? That would be Tallahassee, Fla., with an average apartment size of 1,038 feet. Florida dominated the list, with Jacksonville, Orlando and Tampa also finishing in the top five. Markets in Texas and Arizona also frequently appeared on the list. See the entire list on National Real Estate Investor.
Bidding For Today’s Employees:
Going, Going, Gone
The national employment rate dropped to 3.7 percent in September, and the ripple effect can be felt throughout multifamily. More qualified professionals are retiring from the industry than joining it, and prospective employees can be more selective. Erinn Cassidy of Pinnacle says her company has experienced a 10 to 15 percent increase in turndowns, largely due to counteroffers from current employers and candidates requesting an increase based on the counteroffer. The dearth of quality employees is most felt in the maintenance and construction positions, where particular trade skills are required. Read Kenneth J. Bohan’s story in units Magazine.