Industry News | Wk of April 1
HOT & RELEVANT TOPICS
The Five Biggest
Onsite Technology Mistakes
Technology implementation should shorten the to-do lists of onsite teams, not lengthen them. That’s according to Jared Miller, chief operating officer of RedPeak, whose rule of thumb when incorporating tech is to ease the burden of the company’s onsite teams. The five most common mistakes apartment operators make when rolling out tech include improper upfront and outgoing training, not getting onsite buy-in and thinking tech will magically change how work gets done. Read the entire list in Joe Bousquin’s article in UNITS Magazine.
The Science of Multifamily Marketing
The constant challenge exists for apartment operators to diagnose the balance of their brand while gaining a nuanced understanding of the wants, needs and behaviors of prospects and residents. From crunching data to using the right blend of tech, multifamily marketing can be an inexact science that requires constant tinkering. For instance, advancements in VR and the utilization of drones to capture hard-to-get angles have given promotional videos something of big-budget blockbuster feel. Likewise, some in the industry are rolling out 40-unit communities like a national brand. Read Holly Dutton’s article in Multi-Housing News.
Creating Conference Swagger Without Being Swaggy
With conference season approaching, many apartment operators and vendors will be seeking ways to distinguish their brand. There is a subtle art to garnering attention without being too forward or off-putting, writes Marlena DeFalco. Among her recommendations are to define a single theme rather than a marketing message, be aware that timing is everything and leverage your booth design for maximum effectiveness. The latter includes active participation from all team members. Read DeFalco’s blog.
IN THE NEWS
February Rents Rise at Fastest Rate in 10 Months
While the skyrocketing rents from years past have tapered as the current cycle matures, rates are still on the rise. The median monthly rent ascended to $1,4 72 in February, which represents a 2.4 percent year-over-year appreciation from the $1,428 of Feb. 2018. Portland and Indianapolis achieved the largest increases, while only two major markets – Pittsburgh and Orlando – saw rents slow. New York, meanwhile, has yet to experience any effects from Amazon’s decision not to build new headquarters in Long Island City. Read the entire article in Multifamily Executive.
Housing Department Slaps Facebook With Discrimination Charge
Ben Carson, secretary of the Department of Housing and Urban Development, claims that social media titan Facebook is discriminating against people based on who they are and where they live. As such, HUD is suing Facebook for “encouraging, enabling and causing housing discrimination” when it allows companies who utilize the platform to improperly shield who can see certain ads. The lawsuit accuses Facebook of discriminating on the basis of race, religion, familial status, disability and other characteristics that align with the Fair House Act’s protected classes. Read Brakkton Booker’s article on NPR.
Green Buildings Saved Renters $72M,
Fannie Mae Says
The use of energy-efficient light bulbs, low-flow toilets and environmentally friendly heating and cooling systems have drastically cut the utility bills of residents of green communities. According to Fannie Mae, roughly 550,000 renters have experienced the savings over the past six years at the rate of about $72 million per year. While renters at green buildings typically save about $145 apiece per year, apartment operators across 200,000 buildings have saved approximately $33 million on utility costs. Read the summary of the Bloomberg article on National Real Estate Investor.