The multifamily industry most likely bristles at the idea of governmental rent control. Renters most likely applaud the idea. As with many things in our economy that relate to providers and consumers, we have an ever-widening divide. When situations create an adversarial mentality, both sides would be wise to try understanding each other’s point of view. Also, wisdom dictates that some of each adversary’s efforts should consider the long-term implications rather than focusing solely on the immediate issues.
Multifamily property owners usually define housing as affordable based on the dollar amount a specific market will allow, or the median income of an area. Those who pay rent define affordable based on their income added to their desired lifestyle. Many times those two definitions are separated by a large gap. Continue reading
What don’t your tenants do online these days? Modern renters, especially the millennials who make up more than 40% of the market, live a life that is at one with the internet. They rely on technology to get them from point A to B, manage their finances and keep their appointments. It makes perfect sense, then, that they’d love the ability to make online rental payments.
Are your rental properties still accepting cash, checks or money orders and, if so, why? Accepting online rental payments is a mutually beneficial practice for you and your residents. It’s not only convenient, it saves times and money. Here are 5 major benefits to letting your tenants pay online. Continue reading
As the summer rental season ends, take the time to catch up on maintenance. Maintenance is an essential element of property management. The money you spend now on routine maintenance now can save you money on urgent repairs later.
Make sure you attend to these property management tasks:
Lack of yard space is both the up- and downside of apartment living. No weekend yard work – major bonus; no secluded places to socialize with friends, kick back by the pool, or look at the stars around a fire pit – major downside.
That’s why it’s so important for apartment communities to provide residents with the Ultimate Backyard Experience. Continue reading