Industry News | Wk of February 18

HOT & RELEVANT TOPICS

Multifamily Developers Crank Up Volume
On Music Amenities
Apartment communities that thought they had it all with a game room and dog grooming station now have might have to change their tune to keep up. Communities across the nation are beginning to up the ante with music-inspired amenities, from karaoke rooms to professional recording studios. Others, such as Chicago-based Spoke Apartments, have added a performance lounge, which is available to residents’ children and guests. The Kent in Manhattan, N.Y. features a chic soundproof lounge designed by Kravitz Design. Read Brenda Richardson’s article in Forbes.

Mobile Medical Bus a Popular Perk For Residents
It sounds like an emergency service, but it’s not. Mobile medical service is an emerging concept as people clamor for healthier lifestyles, and the apartment industry is taking note. Some have added a mobile medical bus, which is an onsite doctor’s office with the focus of treating non-life-threatening injuries and illnesses. Communities can customize the medical bus – a senior community would focus on different remedies than a student-heavy community – and appointments are made through the leasing office. Read Heather Wendt’s article in UNITS.

Emotional Intelligence Required in Reputation Management
It’s inevitable. An online review that skewers your community, attacks your team – and maybe you personally – is going to evoke emotion. But as a community manager, that emotion won’t serve you well when responding to that review. Emotion is better left out of any response, which should instead be even-keeled, friendly and offer a solution to the complaints. It can be difficult to do – particularly if the review is genuinely unfair – so it’s best to institute strategies to manage your emotions. Among them: Give it a few hours before responding. Read Peter Jakel’s blog.

IN THE NEWS

The Top Student Housing Properties by Online Reputation For 2018
A few weeks after releasing its Elite 1% for conventional properties, ORA unveiled
its top student housing properties by online reputation. Sterling Terrace, a Tempe,
Ariz.-based community managed by Dinerstein earned the top spot. But the largest
apartment operator presence on the list belonged to The Cardinal Group, which had
the Nos. 2 and 3 communities (Skygarden in Charleston, S.C. and The Armory in
Huntsville, Texas) and five of the top 12. Greystar Student landed three of the top
six. Read the entire list in Joseph Batdorf’s article in Multifamily Executive. View the entire Top 100 in Joseph Batdorf’s article in Multifamily Executive.

Developers Claim Co-Living Suites Earn More Per Square Foot Than Regular Apartment Rentals
As demand for co-living spaces continues to increase, developers are incorporating them into their blueprints. And according to some, these co-living arrangements produce more revenue on a square-foot basis than regular apartment rentals. In what Ollie CEO Christopher Bledsoe terms “a natural evolution of the student housing model,” the company’s co-living spaces are earning 44 percent more income per square foot than their conventional communities. Owner/operator Ditto reports similar success. Read Bendix Anderson’s article in National Real Estate Investor.​

What You Need to Know About Amazon’s Stunning Rejection of New York City
Local executives aren’t taking the news well that Amazon has decided against bringing half of its second headquarters (HQ2) to the Long Island waterfront. The addition of the tech giant was projected to bring 25,000 new jobs to the area, but Amazon decided on Valentine’s Day to back out due to fierce public backlash. Modern Spaces CEO Eric Benaim was very direct, saying: “I’m pissed off. Twenty-five thousand people just lost a weekly paycheck.” The decision could have a negative effect on real estate, as properties will be slower to sell. Read the Bisnow article by Miram Hall and Cameron Spence.