When it comes to new construction, students are finding themselves in a dilemma similar to renters twice their age. A shortage of affordable and middle-market properties has students and seniors struggling to pay for shelter. Senior Care In senior housing, Boomers face limited affordable and middle-income options for their aging loved ones or themselves. New construction caters largely to high-end buyers. Location is a major factor: seniors’ most desired areas include sites with easy access to public transportation, activities, and proximity to family. These centralized locations come with high land costs. In the end, those costs and the costs of fluctuating building materials roll over to the seniors and their caretakers. Vorice Ratchford served as her mother’s caregiver for nearly a decade. She often checked for housing near her home in a southeastern suburb of Atlanta, but could never find accommodations within her price range. “Even when she was healthier, we couldn’t find housing that we could afford,” recalls Ratchford. “As her health declined—she had dementia—it became even harder.” The Alzheimer’s Association reports that housing costs range from $43,200 per year for basic services to $91,250 per year for a private room in a nursing home. In a single-earner household, taking on additional debt to pay for senior housing wasn’t an option. According to the 2013 Survey of Consumer Finances, the average American household has $15,054.54 in credit card debt, excluding mortgages and auto loans. Ratchford, like many Americans, has been struggling toward debt freedom. Ratchford became a full-time caregiver for her mother, putting three adults on the support of a single income. “I can’t imagine how someone with a full-time job could be a caregiver for someone with dementia,” Ratchford says. “Even with my previous job, every cent of my income would need...

As a gardener, I took personal interest in the community gardens popping up throughout the US. I expected to find plenty of resources on the practicality and returns on such projects. Unfortunately, I had no such luck. What I’ve found, though, may help you determine if a community garden is a worthwhile addition to your multifamily property. We can begin with the question that is likely in the forefront of your mind, “What will it cost me?” That answer depends on several factors. Primarily, the costs of the garden depends on its size and the materials used. Rot- and pest- resistant cedar wood will cost more than pressure treated wood, for example. When using local, recycled wood, you may just pay for transportation. Then your costs will vary based upon how the apartment garden is established. In most cases, the site is responsible for the installation. The site furnishes irrigation, a few tools, and perhaps the first season of plants (since an active garden is an easier sell than bare earth).  With greater involvement, the costs increase to accommodate maintenance of the site, perhaps a part-time gardener or additional time on the clock for maintenance techs. The potential returns also depend on whether or not residents pay a fee for using plots, or whether they are offered without charge. With those factors in mind, it is impossible to pinpoint the exact costs and returns for a community garden. But the following information may give you a ballpark idea of a garden’s value. “We’ve had our community garden for several years now,” says Vanessa Jackson, Leasing Consultant at Greystone Farms Apartments in Columbus, GA. “Honestly, most people don’t come in asking about it. But once we drive them around the property and we point it...

It’s important to think through all the possibilities before you name your community. You don’t want to turn off potential renters. Bart: He lied about his name!  Lisa: His name doesn’t matter, a rose by any other name would smell as sweet.   Bart: Not if you called him Stench Blossom.   Homer: Or Crap Weed.   —The Simpsons Names don’t determine the personality traits of a person, but they do matter. And people do judge you by your name, even if it’s subconsciously. That’s why I didn’t name my daughter Kandy Kane Fiur. There will never be a supreme court justice named Kandy Kane (probably). The same goes for apartment communities. People put a lot of effort into naming their communities, which is why it’s sometimes baffling when you see communities that have names that could possibly be misconstrued. And it’s not just trying to avoid names that are offensive to people, which should be an obvious thing to do, but it’s looking in context. Take, for example, Plantation Flats. This name, in and of itself, isn’t so terrible. In fact, it’s kind of nice. But it’s a community located in South Carolina, which, for some people could have some negative connotations when they think of the name. Especially with all the controversy going on there right now. Maybe I’m just sensitive. (I mean, I did just bawl through the newest Pixar movie Inside Out, but, to be fair, I had just run out of popcorn, which definitely isn’t OK!) But it’s important to consider every possible meaning and association with a name before slapping it on a building. Be careful not to offend anyone or turn off potential renters. When naming a community, you should also think of the name’s longevity. For me at least, when apartment communities...

It’s possible you’re not using Snapchat yet for your apartment marketing. Or at all. And, I don’t blame you on that one. It’s hard enough monitoring your community Facebook page. And Twitter account. And maybe you even set up an Instagram account. What about Pinterest? Phew. That’s a lot of social media! Why incorporate another platform? Especially one that, when launched, sounded like it would just be used for teens to bully each other or something. I mean, disappearing pictures and videos? It totally sounds like the social media version of putting a flaming bag of poop on someone’s doorstep, ringing the bell and then running away. Attention grabbing, but ultimately an annoyance where the work doesn’t equal the reward. But, think again. Snapchat is huge right now. (Here’s a tutorial if you’re not familiar.) There are currently millions of users who use it daily. And most of its users are in the 34 years and younger group. Hey, a lot of renters are in that age group! Don’t you want their sweet, sweet eyeballs on your marketing efforts? Sure, maybe the app is just a flash in the pan. But remember, that’s what a lot of businesses said when Facebook started getting a lot of traction. And then, all of a sudden, everyone and their grandmother had an account, and people thought it was strange if they couldn’t find yours. The apartment industry is notoriously slow adopting to new technology. But why not get out ahead of the curve? And since Snapchat users skew a little younger than some of the other social media platforms, it might be a great place to focus marketing efforts for student housing communities. So, you’ve downloaded the app. What are some good ways to use it for...

Voice search is growing at an incredible pace. As we write content, we need to adapt to its unique format and language. Search Engine Land reports that voice search has risen significantly in the past year. Nearly 42 percent of users adopted voice search in the last six months alone. During our recent Open Café session, the State of Search Marketing, we polled 100 users from across the U.S. to learn how they interacted with voice search. This is what we learned: 10 percent of people surveyed use voice search all of the time 30 percent of respondents occasionally use voice search 35 percent of respondents rarely use voice search Voice search appeals to about 75 percent of respondents, and that number continues to grow. When you consider that the average renter will view 20 properties online, but will only visit three in person, it is vital that your property appears at the top of their voice search results. Take a second look at your content through the lens of voice search. There are two key components that differentiate voice search from text search. The first is more descriptive, longer-tail keywords and the second is question-based search phrases. Greater Description with Keyword In a text search, users adapt to computer language. Short phrases such as “apartments cabbagetown atlanta” or “dates YASC DC 2016” offer just enough info to connect users with general information. With voice search, users speak to their personal assistant as they would a friend, using full-length and often complex sentences. “Siri, find one-bedroom apartments for rent near a MARTA station in Cabbagetown” or “Okay, Google: find the dates for YASC in Washington, D.C. this year.” With this in mind, write content that reflects how people speak to one another. You can...

In our previous post, 5 Steps to Discovering Your Story,  we introduced the importance of consumers’ emotions in the sales process. You also identified features that can help your property stand out from the competition. Today, we will show you how to weave those points into a marketing story. This story creates an important emotional connection between prospects and your property—and that connection leads to sales! Weave the story web. Take a moment to review the information that you’ve gathered on your town, neighborhood, property, and its residents. What common themes or patterns stand out to you? Perhaps your property is a new construction in a recently developed part of town. It doesn’t offer much in terms of history, yet your property is positioned for a different type of story. Your story may revolve around fresh starts, new beginnings, and unlocking potential. Maybe your property is located in a working class suburb filled with families. These busy families yearn for a retreat that allows them to focus on quality time together and meaningful relationships. Your marketing story may focus on building a strong network of friendships in a welcoming and accepting environment. The options are endless. Use the results of your sleuthing to create a story about your community. Your story must fill a void in your prospects’ lives. Select your tone. Identify a narrative voice that will resonate with your target audience. Become comfortable with this voice so that it feels natural. Get feedback from a member of your target audience when needed. This voice will compose the text needed for your first campaign that will cross your website, blog, and social media. Remember, you will be able to tweak this voice over time based on campaign success. Curate captivating visuals. Photos and...

Do you offer spacious one, two, and three bedroom apartments in a desirable neighborhood? Maybe you offer spa-like amenities, too. Guess what? The same things could be said about dozens of other properties in your area. To set your property apart from the competition, you must first learn to develop the marketing story of your community. First and foremost, consumers are emotional decision makers. (In most cases, logic is what we use to validate a decision that we’ve already made with our emotions.) Psychology Today reports that emotions are what push consumers toward action. When you want a prospect to take a site tour, sign a lease, or make a referral, you must trigger their positive emotions. By discovering the story of your community and using it in your marketing campaigns, you give prospects the opportunity to forge an emotional connection with your property. This emotional connection will add perceived value to your units. It may sound odd but you can use emotions to fill vacancies! Yet before you begin to daydream about a waitlist, you must first develop your story. The five tips below will help you create the foundation for a strong marketing story. Explore your history. Take a moment to learn about the history of your neighborhood. It may be interesting to know who first settled in the area. Another point of interest could be what industry or what person is responsible for kick-starting commerce and development in your neighborhood. You may or may not chose to integrate this information into your marketing story but the background information may prove useful during property tours. Examine your demographic. Who makes up the bulk of your community? What are the best attributes of this group? Every group has positive features, even rowdy students....

Do you have plans for NAA’s second annual National Apartment Housing Day (NAHD)? If not, you’re about to miss out on a fantastic opportunity to engage with residents, promote retention, and possibly generate new leads. NAA created the hashtag #aptday to unite owners, managers, agents, and residents for one day of social media sharing and caring. As exciting as this is for those of us who are in the industry, it doesn’t naturally generate buzz with residents. This is where your creativity comes in. #aptday can be used to promote resident retention. Research shows that there is a strong correlation between the median age of renters and low retention rates. Younger renters tend to be more transient. Using events like National Apartment Housing Day, in conjunction with social media, is a good way to catch the attention of young renters. You can engage with them, re-establish the value of your product, and let them know that their loyalty is appreciated all in one swoop. Young renters know that they have options. Make yours the most appealing option by building a one-on-one relationship with them. Here are a few ways that you can engage residents during National Apartment Housing Day. Create Friendly Competition Consider creating a competition between your community and a neighboring complex. You may also consider a competition between residents from one building to another. Competitions are a great way to promote resident engagement and trigger our natural desire to win. Of course, you must advertise something worth winning. Competitions between neighborhoods could entail a pool party with a renowned local DJ, or happy hour at a popular restaurant with one free round of drinks. If you’re creating a competition between residents, consider gender neutral prizes such as rent discounts, gifts cards to...

It’s a fact: today’s renters want to do everything online. That means they want to use the Internet to find and research an apartment and even make a buying decision – sometimes without visiting the community. Is your property management business up to speed? The savvy apartment marketer needs to understand what Google calls “micro-moments” to learn how to drive prospects to property websites, grab their interest, and convert that lead more quickly than ever before. Micro-moments are your opportunities to be there, be useful, be quick, and connect the dots for consumers. What are micro-moments? According to Google, micro-moments “are critical touch points within today’s consumer journey, and when added together, they ultimately determine how that journey ends.” They are all those brief instances when people who are searching for a place to live reach a decision point. Do they click the link to your website? Or do they scroll past your search result to the next ad or competitors’ site? Once they’re on your site, do they call your leasing office or start an online application? Or do they abandon their search before taking action? Why do they matter? Online prospects place a high value on instant and accurate information. They don’t want to pick up the phone or come to your leasing office to get the answers they need. Where to start? Finding the right renters starts with attracting the right prospects. Search engine optimization (SEO) and search engine marketing (SEM) solutions will help you reach apartment shoppers at just the right moments. A solid SEO strategy delivers content that appeals to both customers and search engines, organically positioning you for maximum visibility in search results. SEM, also known as pay-per-click advertising, is about reach, relevance, and ROI. When the right...

Finder.com recently gathered data on 78 cities throughout the US. The figures were used to determine the salaries needed to buy a home and live comfortably within these cities. The average wage in the US–$52,250 according to the US Census Bureau—sustains homeownership in only 46 percent of the listed cities. Realistically, the numbers are even more conservative than the data would suggest. Of the cities examined, the top ten cities on the list that required the highest salaries would not surprise anyone. California cities occupy nearly half of the top ten. San Francisco led the pack, suggesting a salary of at least $180,600 for the average home priced at a cool $1,119,500. San Jose and Los Angeles came in second and third, respectively. A resident earning $129, 864 could afford the average home in San Jose while $90,244 is needed in Los Angeles. My beloved Atlanta comes in at 45 on the list. The average home, priced at $180,000, requires a salary of about $51,551. Jackson, MS, wraps up the list. Residents earning $43,265 can ideally afford to buy a home and live comfortably. In defining what it means to live comfortably and buy a home, the site made several assumptions that simply don’t resonate with many Americans. We will take the Atlanta market, for example. For buyers seeking a home in the $180,000s, the assumption that the homebuyer has the ability to pay off annual non-mortgage related household debt and has saved up $36,000 as a down payment is unrealistic. Manuel Cabrera, Branch Manager with CalAtlantic mortgage, shakes his head upon hearing the assumptions. “Primarily, the median home price within the Atlanta metropolitan may be $180,000 but that doesn’t mean it’s a realistic price for buying a home. There are still foreclosures and...

This isn’t your typical spring cleaning list. Learn how to transform basic seasonal care into value-added improvements. Interior If utilities are included in your billing, early spring is the perfect time to assess your fuel costs. Buildings often consume the most fuel during the first two quarters of the year. At this point, you can get an estimate of whether you will operate in deficit or surplus for the rest of the year. Fewer surprise costs for renters can lead to greater tenant satisfaction and retention. Consider installing smart home or connected home technology this spring. These devices can ultimately help to protect your property, improve efficiency, and maximize tenant comfort. If you’re using disposable filters, replace them at least every three months to ensure optimal efficiency and air quality for your tenants. If you’re interested in reusable filters, they are now more affordable than ever. They require greater upfront investment but they can last for five years. Reusable filters are also better for the environment. The downside is that they must be cleaned and dried monthly or they will begin to decrease in efficiency. Requesting that tenants test their air condition systems at the end of winter. This way, you can get a jump start on any needed repairs before your vendor gets slammed with requests in the spring and summer. Early spring can be the perfect time to cut back unruly branches and shrubs, especially for fast-growing varieties like crepe myrtles and forsythia. Keep foliage at least five feet away from the building, window screens, and roof. Tidy landscaping can improve resident retention and minimize costly property damage. It’s time to stock up on supplies at spring cleaning sales. An ample supply of bulbs, machine batteries, water filters, air filters, and such...

In our last Open Café webinar, we introduced the 30 Day Social Media Marketing challenge. This challenge encourages RentCafe users to post consistently, engage with followers, and attract prospects. Now, you can participate as well! Though you can begin on any day, it may be a good idea to kick start your new social media campaign with other Yardi clients on February 1st. Commit to create at least one post each day. The 30 Day Social Media Marketing Challenge graphic below offers guidelines for getting started. These tips will help beginners create a well-rounded and effective social media marketing campaign. You will be able to: show who you are; present what you have to offer; showcase the awesome influences that inspire you; help you to interact with your target audience; and, of course, build a strong following on social media.     Want more insights into what your renters want to see and know? Visit the RentCafe...

Orlando—Overdevelopment? Affordability? Rising capitalization rates? An economic downturn? Falling stock market prices? Bring it on, the multifamily market can handle it this year. At least that seemed to be the consensus at the National Multifamily Housing Council’s annual meeting, held this week in Orlando. Panelists at the conference’s Apartment Strategies Outlook event were generally bullish on the outlook for the sector in 2016. “It’s a great time to be in apartments,” is how one panelist summed it up. The litany of positive fundamental drivers are familiar by now: vacancy rates are near historical lows, with demand driven by strong job growth, the growing number of Millennials and the increasing propensity to rent among young and older renters. Rent growth since the last recession has far outpaced long-term average, while properties values have soared. The market is “Awash in Capital.” That punctuation is not a typo, but the title of a panel at the conference. Bob White, president of Real Capital Analytics, released full-year 2014 numbers that showed multifamily sales at a record high, up 32 percent over 2014. Cap rates and cross-border investment are at all-time highs, although White said that prices are plateauing and appreciation is starting to slow. The conditions that produced the influx of capital seem likely to continue into 2016. The U.S. economy, as mediocre as GDP growth might be by historic standards, remains a beacon of stability compared to the struggling economies of Europe and Asia. Not only is that attracting sovereign wealth funds and pension funds from overseas, but there is an influx of high-net-worth investors from China who want to own U.S. real estate, particularly multifamily. That is increasing competition for multifamily assets, not just Class A properties in core markets, but small- and medium-sized properties in...

You know all of those reports on Millennials and their love for tiny, urban spaces in walkable communities? They might be wrong. It turns out that Millennials value space and authenticity more than we previously believed—and the two rarely go hand-in-hand. A recent study suggests that while Millennials do enjoy their apartments in urban environments, they’re willing to leave rentals behind for more spacious accommodations. The BUILDER Responsive Home project reveals that young adults enjoy the amenities that urban living provides, but they crave more space. Of the participants surveyed, 83 percent said more space is the biggest motivator to purchase a home. Unfortunately, 61 percent admit that they cannot afford a home. The report suggests something that many have suspected for a while: Millennials want it all while paying next to nothing. They want airy homes in walkable neighborhoods. Easy access to recreation, shops, and restaurants should not interfere with nearby sprawling green spaces, trails and outdoor activities. When competing for the 61 percent of renters who cannot afford a home, one of the biggest challenges for multifamily firms is to figure out how to offer the most spacious living, in walkable areas, that Millennials can afford. Business Insider reports that the average median income for male Millennials is $35,000 per year and $31,069 for females. This generation doesn’t have tons of cash tucked away, either. A survey conducted by the Federal Reserve Survey of Consumer Finances indicates that the average Millennial has a net worth of $10,400. Since most Millennials do spend less than 30 percent of their annual income on housing, they don’t have much to spend on housing relative to the tall orders that they’re placing. Simply telling the Millennials, “tough luck,” won’t cut it. Some multifamily builders have chosen...

The American Pet Products Association estimates that approximately 60 percent of all Americans own at least one pet, with nearly 80 million dogs and 96 million cats as part of that lofty figure. “That’s a significant amount of prospective renters,” said Gina Bertagnolli Slater, regional property manager for Pinnacle, Las Vegas. “For our pet owners their furry friends are family. Our ability to provide an extraordinary experience for the entire family is paramount in fulfilling our mission of consistently exceeding our customers’ expectations—and that includes their pets.” The rental housing market adapted to the fact that people consider their pets as family members, and property owners are focusing more and more each year on pet-friendly amenities and services to attract and retain residents with pets. It’s a view shared by many in the multifamily business today, with developers doing all they can to attract people (especially Millennials) with pets, and companies adding a host of pet-friendly services and amenities to their communities. Features like pet parks, pet spas, pet concierge services, and even pet welcome gifts are becoming more common for people moving into apartments. Plus, with the number of Millennials moving into urban cores where there are fewer opportunities to care for a pet, it makes it even more vital to cater to the pet lover. “In most growing and developed urban markets around the United States, pets, specifically dogs, are the children of condominium and multifamily building residents,” said Scott Leventhal, president & CEO of The Trillist Companies. “Failing to cater to the needs of the full extension of someone’s family provides a shortfall in services. That is why we see the importance to provide those services to our residents.” That’s why the Trillist Companies installed Pet Respite into its buildings, which provides pet grooming...

Concierge service isn’t just for five-star hotels anymore. An increasing number of property management companies are making their communities appeal to high-end renters by providing a range of expanded resident services. Offering premier resident services can make your communities feel like luxury resorts, helping with both retention and your online reputation. It doesn’t have to be difficult to provide this level of service. Today’s technology makes it possible to give residents access to live, 24/7 services via their mobile devices. Take a look at three key benefits of adopting concierge service solutions for both apartment residents and onsite staff: Allows residents to prompt, track, and pay for services online Help your residents help you by automating processes for service requests, amenity reservations, and fee payments. Tools like Yardi Concierge let your residents authorize guests, set notification preferences, reserve amenities, track deliveries, and more with the click of a button. No phone calls, no paperwork, no hassle! Streamlines concierge functions of front desk staff When you use technology to automate resident services, your onsite team is able to manage and track everything digitally. If your solution integrates with your resident portals, so much the better. Then your team can see everything related to your residents—from parking pass requests to electronic parcel signatures—all in one place. Front desk staff members can also quickly send email alerts to notify residents as needed, eliminating time spent on the phone and creating a trackable communications record. Increases resident retention by providing desirable services A recent report by J Turner Research revealed that 75% of Millennials surveyed consider a 24-hour service request guarantee one of the three most important apartment amenities. But it’s not just the younger generations that expect this level of accessibility. The study also showed that 68%...

For the past several years, the southeastern United States has been slammed with ice storms in the first quarter. You can’t stop the ice from forming, but there are several steps that you can take to keep your leasing office staff as safe as possible. While weather forecasts are known to issue false alarms, ignoring a warning can lead to dangerous repercussions: impassable roads leave employees stranded at work and their kids stranded at school; fallen trees can cut power supplies. The weather warnings are not always accurate, but the cost of ignoring them may outweigh the benefits. Use these tips to guide your staff safely through ice storm season in the southeast. Ensure that snow and ice removal equipment is ready for action. Check that property management, vendors or maintenance staff have properly prepared for the season. This is especially important if the equipment needed is kept onsite and rarely used. Jack Drobny, Senior Product Marketing Manager at Troy-Bilt, offers maintenance tips for dormant machines. “If you try to start a snow thrower after it has sat for a while, it might not start,” he says frankly. “The first thing that you’ll want to do is remove the smart plug boot, ground it to the engine block, and clear away any external engine debris,” he says. Drobny then suggests adjusting the skid shoes and shave plate, which are particularly important for breaking up ice. Once those items are secured, Drobny recommends inspecting the belts for signs of damage, checking the oil and adding fresh fuel as needed. “By taking care of those things early, you won’t be left out in the cold.” Keep additional fuel, spare batteries, and chemical ice-melting products onsite when possible. Such supplies can make parking lots and sidewalks safer...

Expandable furniture helps micro-apartment inhabitants make the most out of limited square footage with the push of a button. Trundle beds and convertible couches may define making the most of a small living space, but what’s been lacking is automation and modernization. Enter Ori, robotic furniture that appears, and disappears, with the push of a button. Modular Momentum The brainchild of Hasier Larrea, Ori furniture takes the guesswork out of transformation, seamlessly morphing floor units and wall installations into beds and pop-out closets. Ori offers a full-scale bedroom with a retractable bed that can be changed into an office or a closet, along with a full media console/credenza. Other versions include a walk-in closet, couch and various flavors of storage space. All the systems can be integrated into new and existing floorplans, which allows the Ori system to fit comfortably into any new building development or retrofit. During her tenure as the leader of the Architectural Robotics research area at the MIT Media Lab, Larrea married her robotics tech with Yves Behar design. The final product involves modular, transformable furniture Larrea and her team hope will debut early next year. “Larson’s team at the Media Lab developed the technologies behind Ori as part of the CityHome research,” Larrea told Mashable in a recent interview. “Then we created some initial functional prototypes … and went to [designer] Yves Béhar to help us ‘transform’ this initial concept from a robot/machine to a customizable system that people would love to have in their homes.” Space on Demand Ori’s first piece available for purchase includes a trundle style bed that rolls out from the bottom of a large wall of shelves. Specially designed actuators, electronics and software created by researchers at MITs CityHome project allows Ori’s furniture  to almost...

What can you get for less than 400 square feet? How about a gym, a roof terrace, stainless steel appliances and the chance to finally ditch the roommates and lay claim to your own slice of paradise. That’s the option currently being offered by Carmel Place, New York City’s first ever micro-unit development. Originally called, “My Micro NY,” this Lower East Side building includes 14 affordable housing units and is set to open in February of 2016. Sitting smack dab in the middle of Kips Bay, the newly christened Carmel Place will be New York’s tallest modular building. Winner of the 2012 adapt NYC competition, which strove to uncover a solution to the City’s housing problem, Carmel Place came about through a collaborative effort between Monadnock Development and the Lower East Side People’s Mutual Housing Association. The project’s designers, naArchitects, chose modular materials to reduce construction time, and a series of architectural flourishes make use of vertical spaces to create a sense of openness and light. Built in the Brooklyn Navy Yard and delivered by truck via the Manhattan Bridge, the nine-story Carmel Place apartments rise up on 333 East 27th street like a set of building blocks – gray in color, but multifaceted in the opportunities they promise to weary urban renters looking for a small space they can call their own. Each unit comes outfitted with kitchenettes, mini-fridges, and a two-burner/microwave combination in place of a stove. While the bathrooms are restricted to showers only – no claw foot tubs in this joint – all the apartments are wheelchair accessible. The designers made sure to incorporate large windows, Juliette balconies and 9.5ft windows to create a sense of openness and light. With hardwood floors and mostly white cabinetry, sample photos project a...