We’re looking for some geniuses in leasing and marketing strategy to share their thoughts with us in our newest survey. If you have just 5 minutes to spare, we’d love to pick your brain! Take Our Leasing Strategy Genius Quiz This quiz is ideal for multifamily marketers and management executives—the ones who create the standards and set the bar for high performance. Sample questions include “Do you incentivize renewals?” and “How many lead follow-ups do you require?” To show our appreciation for your time, all surveys completed before Friday, May 29th, will receive a brief summary of the survey findings. You will also be automatically entered into a drawing to win a $250 gift card. A complete list of rules and regulations can be found here. We designed this survey to gain insight into your company’s leasing habits and standards in 2015. Your answers will help us better understand your needs, so we can provide educational resources while prioritizing product updates to add significant value to the marketplace. After all, you are the true expert when it comes to the real-world application of leasing technology and strategy. All answers are completely confidential and will be used only to aggregate survey results. “Marketing and leasing are inextricably bound together and form the foundation for your success,” says Esther Bonardi, industry principal of Yardi Marketing Solutions. “Your responses to our questions about lead follow up, resident retention, and marketing ROI will be used in a benchmark report that will help you analyze your approach, while guiding the team at Yardi as we explore new features to support your efforts.” The Yardi Marketing Suite is the only completely mobile solution supporting the entire prospect and resident lifecycle, from a desktop or out in the community. As always,...

“New York apartment market stays white-hot,” “Seattle multifamily development on a roll,” “San Francisco rents through the roof,” – we’ve all read the headlines. We come across them daily, as the nation’s top metro areas continue to post high rent growth numbers and apartment projects continue to pop up all over America’s large urban centers. While the apartment market’s rebound and growth has undeniably brought great economic improvements nationwide, it is just as undeniable that the past few years’ explosive growth in the country’s top markets has led to pervasive housing affordability issues. While incomes are overall more substantial in large urban centers, so are living costs. With half of America’s renters spending 30 percent of their income on housing and a quarter spending over 50 percent of their income on their apartments, unaffordability is a hot-button issue. The good news is there are a few pockets in America, where housing and living costs coalesce with employment opportunities for affordable living. According to a recent Forbes analysis, many of America’s affordable cities are located in the South and Midwest. We’re taking a look at some of the housing options available in the five most affordable cities in the U.S. as established by Forbes. Birmingham, Alabama Named the most affordable of the nation’s 100 largest metro areas by Forbes, Birmingham, Alabama is boasts a median family income of $61,000 which means that you can live in style in the largest unit available at Arium Inverness, and still brag about having an affordable apartment. That’s right, this stylish community’s largest units, which clock in at 1,400 square feet, charges between $915 and $1,085 per month. That bargain deal includes three bedrooms with a loft, two bathrooms, a dining room, a balcony and den. Other posh features...

HUNTINGTON BEACH, Calif. – in a competitive Washington D.C. multifamily market, WC Smith released a secret weapon to lease up its 2M property in NoMa: an adorable, social media-savvy English  bulldog puppy. “Everyone loves pets (in D.C.), but no one has time to take care of them,” said Holli Beckman, Vice President of Marketing and Leasing Operations for WC Smith. Beckman was speaking on a panel focused on creative lease up strategy on Day Two of the 2015 Apartment Internet Marketing Conference. Joined by Billy Pettit, Senior Vice President of Pillar Properties, and Gianna Negretti, Marketing Account Director at Alliance Residential, the panelists broke down ways to use social media, local business relationships, blogger influence and location as advantageous resources. Beckman impressed the crowd with the story of Emmy the 2M pup (pictured), who not only acts as a therapy dog for residents of the 2M community, but helped the leasing team get national media attention for the property when a story about her escalated from the D.C. blogosphere to the Huffington Post and the Today Show. But more important from a leasing perspective, the publicity helped Beckman and her team lease 2M without offering rental concessions, which many competing properties in the neighborhood were using to entice prospects. Emmy now has nearly 2,000 followers on Instagram and continues to spend her days in the 2M leasing office and nights with the property manager. Residents in need of puppy time can “borrow” her for an hour for a walk or a visit to the on-site dog park. Capitalizing on a location that may have seemed less than ideal, Pettit shared the approach that Pillar Properties took to lease up Stadium Place, a 500 unit development next to the Seahawks Stadium, but also adjacent to...

Major metros are great, but the U.S. is  also home to dynamic second and third-tier cities that offer strong economies, booming job markets and unique local culture. Many of the nation’s smaller metro centers are brimming with business opportunities and the chance to be part of positive change. The Huffington Post recently nominated five such cities as the it travel destinations of 2015: Portland, Ore.; San Antonio, Texas; Raleigh, NC; Albuquerque, NM; and Denver, Colo. Of course, the movers and shakers of the multi-family industry have already taken note, so Portland, San Antonio, Raleigh, Denver and Albuquerque boast excellent apartment communities. Raleigh With over $2 billion in apartment sales and $3.6 billion in commercial sales, according to Colliers International data, it’s no wonder the Research Triangle is a hot place to be. Among the hot new tickets in town is the 216-unit Amelia Station Apartments, which had its grand opening in December 2014. Part of the Drucker & Falk Real Estate portfolio, this luxury apartment community comprises one-, two- and three-bedroom units ranging between 700 and 1,300 square feet. Amenities include a resort style pool complete with poolside entertainment plaza, outdoor grilling pavilion, 24-hout fitness center, 24-hour business center, 24-hour billiards room, children’s playground, leash-free bark park, concierge services and a car wash station.   Portland Banking on Portland’s growing popularity, Wood Partners entered a development partnership with Hoyt Properties in late 2012 to develop Block 17, the newest addition to Portland’s LEED-certified Hoyt Yards neighborhood. Set to open in fall/winter 2015 in downtown Portland’s Pearl District, the 281-unit luxury community is steadily rising near the three-acre Fields Park, which will provide ample outdoor green space for future residents. Comprising a 16-story high-rise and a five-story mid-rise and featuring floor-to-ceiling windows, Block 17 will...

As much as we applaud new multifamily construction here on The Balance Sheet, we realize that it’s not good news for everyone. Owners of dated properties know that the new, shiny rentals up the street with the unbelievable move-in deals may create stiff competition. Fortunately, a few strategic updates can help your aging property feel fresh and appealing. Add your excellent rents and stellar onsite staff and those new properties won’t know what hit them. Take that, shiny new properties! Floors   Skip costly hardwoods and carpets that need to be replaced with every new lease. Instead, opt for porcelain tiles. There are plenty on the market now that give the look and feel of hardwoods with even fewer care requirements. Just be sure to shop around; there are affordable options that look just as great as high end products that would break the bank. Kitchen & Bath Give aging cabinets a new breath of life with a fresh coat of paint and trendy new hardware. White and gray paints leave kitchens and baths feeling crisp, clean, and modern. As for hardware, keep the designs sleek and simple—and avoid anything shiny. Thanks to a growing appreciation for all things old school (an heirloom left to us by the hipsters) even old tile can look intentionally chic. The secret is in the grout. Tiles look dated when the grout is stained and disintegrating. Re-grout tiled areas and take the opportunity to replace any cracked or chipped tiles. New grout costs a lot less than completely renovating a bath or backsplash. While minimalist design looks great in magazines, most renters will admit that they have stuff and that stuff needs a home—like drawers and cabinets. Give bathrooms an ultra modern feel with cityscape cabinetry. These cabinets...

As part of a plan to scale its operations, Tricon American Homes wanted to replace several business systems with a single, integrated source of data whose automation and efficiency would let it grow its portfolio without adding overhead costs. The single-family rental home owner and management company executed this plan by implementing a single solution stack anchored by the Yardi Voyager® Residential property management and accounting platform and supplemented by the Yardi Marketing Suite™ and the Yardi Multifamily Suite™. Tricon’s competitive strategy takes hold the moment a prospective resident discovers a Tricon property through RentCafe™, Yardi’s full online leasing and resident services solution. He or she can see the property’s marketing website, view floor plans and complete the application online, including screening. RentCafe and the Yardi Marketing Suite reduce the application process to mere minutes, rather than the hours or days it takes when disconnected systems are involved, and prospect information is automatically entered into Yardi Voyager. Tricon also improved resident service by allowing online activities such as maintenance requests and payments through RentCafe’s resident portal. Additional Yardi Multifamily Suite products streamline other key business operations for Tricon. For example, Yardi Fixed Assets™ enables physical and financial monitoring of the company’s major property assets through their complete lifecycle, from purchase order to final disposition. Yardi Inspection™ lets the company schedule and perform unit and property inspections. Implementing Yardi Voyager and the full business suite of products has allowed Tricon to keep its business “clean,” meaning there’s a clear audit trail and the marketing and application process is user-friendly. Inefficient interfaces among systems have also been eliminated, electronic payments have been enabled, the procurement process has been centralized and maintenance schedules across the company have been streamlined. “We are pleased that Tricon has selected Yardi...

Yardi client The Resmark Companies has teamed with Streetscape Partners LLC and Community Three Development LLC to develop 10Eleven, a 71-unit condominium and 4,257 square feet of ground-level retail space, in the historic Logan Circle area of Washington, D.C. “The project, dubbed 10Eleven, will appeal to professionals seeking a high quality, newly built urban residence that offers a walkable lifestyle with excellent access to public transportation, employment, amenities and services,” Alexandra Johns, Resmark’s senior vice president investments, told MHN. “In addition, the project will include retail and restaurant space on the ground floor to offer homeowners and neighbors even more options for everyday convenience and onsite leisure.” Located at 1011 M St., 10Eleven will appear to be two distinct buildings, inspired by the rowhouses and classic apartment buildings in the neighborhood, and suggesting the attention to detail carried throughout. The 71 condominiums will include one- and two-bedroom floor plans and luxury penthouse units. The roof deck, reception lobby and corridors will feature a sophisticated level of finish with design by Darryl Carter, a noted D.C. tastemaker, author and boutique home design retailer. Chief among the amenities is a roof deck with grill, fireplace, trellis and furnishings that will offer views of the skyline and space for outdoor relaxation and entertainment. The property’s location, at the intersection of 11th and M Streets, NW neighbors other new residential developments as well as classic townhomes and smaller commercial buildings on tree lined, pedestrian friendly streets. “Logan Circle is a historic area of the District that melds modern developments with classic Victorian heritage,” Johns said. “The neighborhood is eminently walkable—just two blocks north of the Central Business District and surrounded by four Metro stations. And Logan Circle is known for its variety of retailers, restaurants, art galleries, live...

MHN Excellence Awards recognize the multifamily industry’s most noteworthy people, companies and properties. The 2015 winners will be selected by a panel of judges representing expertise across all multifamily disciplines. Submissions will be due by Monday, June 15. Here’s how to enter. 1) Select the categories you’d like to enter and click to download those entry forms for rules and instructions; •    Executive of the Year •    Property Manager of the Year •    Leasing Agent of the Year •    Development Company of the Year •    Property Management Company of the Year •    Best Brokerage Office •    Transaction of the Year •    Best Apartment Community •    Most Tech-Savvy Community •    Best Marketing Program •    Best Value-Add Renovation •    Best New Development and Design •    Best New Development: Unbuilt 2) After completing the entry form(s), click here to upload form and submit payment online. (You still have the option of mailing us your entry as hard copy in a binder and/or paying by check; follow those instructions after you download the entry form from the list above.) If you have questions, contact Diana Mosher, Editorial Director at [email protected]. Finalists will be announced in August at multi-housingnews.com and winners will be announced in September at a special event in New York and published in the October issue of the magazine. All winners will receive a personalized award for display in their office or multifamily...

There aren’t many parallels to be drawn between the rental markets of San Francisco, Ca. and Albuquerque, N.M. One is known as the home of Twitter, the other as the setting for Breaking Bad. Last month, average rent for a San Francisco one-bedroom was $3469. In ABQ, a comparable pad could be had for $878.* Landmark Realty, a San Francisco-based multi-family based owner/manager with the bulk of its assets in California, has buildings for rent in both metros. And finding the reliable resident who can afford San Francisco’s high prices is just as important as identifying the on-time rent payer who will stick around for the duration of their one-year Albuquerque lease. To identify qualified candidates in both cities, Landmark relies on Yardi Resident Screening, a resident review service that’s built in to their Yardi Voyager® leasing workflow. Yardi Resident Screening allows Landmark to deliver quick, accurate screening to applicants applying to lease at their properties. Landmark Realty Controller Larry Busgeon says that one of his favorite features is the ability to select unique screening criteria for every property type in Landmark’s nationwide portfolio. “Our Albuquerque properties are lower-end so we’re not worried so much about credit score as we are history of tenancy,” Busgeon explained. “San Francisco, of course we want (strong) credit scores because the rents are much higher there, and we want to see some history on that credit score.” Landmark also has a mixed portfolio of apartments in Kansas City, Mo., a market that presents its own set of challenges. Resident Screening offers highly customizable functionality and much more. Using the most reliable data available, Yardi Resident Screening provides automated recommendations that minimize risk. In San Francisco, Landmark uses it to screen long term residents, and is now expanding use...

Increasing fees without losing tenants is all a matter of presentation. When the economy slumped, many businesses explored ways to cut costs and stay afloat. Some property management companies offered fees as low as 4 percent in exchange for basic services. Owners jumped on these contracts, using the low costs to attract renters to their properties. Now, as supply lags behind demand in many cities, it’s a managers’ market. Some are raising their fees and exploring ways to improve the services provided to owners. This creates the ideal opportunity to re-evaluate your property management services. Can you provide residents with the online and mobile conveniences offered by other properties? Are tenants satisfied with property upkeep? Taking advantage of improved management services could lead to higher quality tenants, longer-term tenant retention, greater tenant satisfaction, and less hair pulling on your part. Improved services will likely lead to higher fees from your service provider, typically between 8-12 percent. Pass those increases on to tenants; when you can offer more to your residents, you can ask for more in return. It’s important to make sure that residents still feel that they are getting a great deal. Their perception depends on your presentation. You are willing to sign on to a better management contract with higher rates because of what you will gain. Likewise, it’s important to let renters know what they’re gaining as the costs increase. That’s not to say that the improvements offered must directly correlate with the change in fees. Announce the increase in fees at the same time as other property improvements. Tenants will connect the slight raise in payments to tangible improvements. If you’ve planned to pressure wash exteriors, paint, redesign landscaping, update appliances or resurface the pool, this is the perfect time...

When it comes to customer service, 70% of US adults will use the phone as their first method to contact a company, according to a study by Five9. However, if they receive bad (or no) support, 85% of these consumers say they will take action. In fact, 45% of these customers and potential customers say they will stop doing business with a company completely. And younger clients are likely to complain publicly on social media. That’s a lot of sour grapes over some missed connections. Enter the smarter answering service. Your call center should be a seamless – and invisible – extension of your leasing management office. But not every call center is made to tackle the unique needs of the multifamily marketplace. To offer the most efficient service, a call center dedicated to property management needs to be able to: Provide a customizable digital answering service Offer expert live support if/when you need it Create guest cards and qualified appointments This infographic takes a look at our call center solution by the numbers. Click on the graphic to view a large version. Don’t place your leases and renewals on hold. Take a peek at the budget-friendly benefits of RentCafe Connect today and see how you could better serve prospects, residents and property staff. Because no one likes to be left...

Buckingham Companies may have forged its identity as a leader in commercial real estate but its multifamily properties have established their own reputation. In 2013 alone, the company received 19 awards for its singular properties. Spreading the word about Buckingham Companies’ award winning properties is an equally distinguished marketing department. The staff was honored with a Prodigy Award for Best Overall Marketing Program, another for Best Color Advertisement, and the Bronze Adrian Award for Complete Campaign and Posting. Nicole Crosby, Marketing Manager, believes that the trick to modern marketing is for the department staff to quiet its own assumptions. “It’s less about what we have to say and more about what customers have to say. We’re just trying to do a better job of monitoring what our customers are saying and leveraging that feedback to use in our marketing campaigns,” says Crosby, pictured at right. “We can’t rely on what we think is great about our communities. We have to listen to what our customers have to say and use that as our marketing message.” Buckingham Companies’ approach appeals directly to Millennials, whose social media usage serves as a direct line of communication to the marketing team. The team’s attentiveness has paid off. From feedback and observation, Buckingham Companies decided to capitalize on the popularity of Buffalo Wild Wings restaurants and a common housing woe: roommate dysfunction. “We did a marketing piece where we gave the students one of the BW3 wet naps attached to a little card that went out with the to-go orders that said, ‘Things are about to get messy. We’re here to help.’ Then on the other side of the card, we mentioned, ‘Now let’s talk about your living situation,’” laughs Crosby. The card gave students details about local properties....

With an interest in marketing, job title based in IT, a strong grasp of social media and a passion for real-life residents, Bill Szczytko has earned a following as someone who can be counted on to deliver prescient insight about apartment management. His network of contacts in the industry is nationwide, and he effectively uses Twitter to gain a grasp of what fellow multifamily professionals are talking about this very minute. He’ll appear at the upcoming Apartment Internet Marketing  conference next Monday and Tuesday in California, where he’ll  talk about avoiding landmines while doing business online. He shared a sneak peek into what those landmines look like in a recent interview. What are the most worrisome threats that multifamily firms might face from hacking? Szczytko: The most worrisome threat we face is our own complacency. Hackers want one thing. Information. This information can be social security numbers, credit card numbers, and bank account information. Some try to obtain this information for the fun of it but most use this information to make money. There are many ways they try to get it. Viruses, phishing schemes, brunt force attacks, and hacking weak user account information. Most threats can be avoided just by being smart about how you surf the internet and the kinds of passwords you create. What best practices are necessary for a  company seeking to protect itself in the online realm? Szczytko:  It’s essential that you have several things in place. First, is a password policy that walks a good line between passwords people can remember and security. Second, is a form of antivirus running on the company machines. The best antivirus is always you but it’s hard to get people up to the same level in regards to what is dangerous online...

On April 8, I was a panelist on a multifamily webinar sponsored by Apartments.com and Yardi Systems. Those who dialed in to the event were treated to an hour of insight on the best practices for multifamily content marketing. My section of the presentation focused on content marketing, specifically for multifamily communities. Here are a few of the thoughts I shared: It’s no secret that local newspapers are dying, and that means that people are seeking new sources of information about what’s going on in the community around them – things to do on the weekend, places to eat, and more. That creates a great opportunity for multifamily communities to become providers of that kind of content, and it ends up having two benefits: enhancing your marketing while also adding value for those living at your community. If you can help keep residents’ lives fresh and interesting, you’ll have a loyal customer for a long time. The most common error that I see on multifamily blogs is offering content that isn’t local or community relevant. A post about spring cleaning might seem like a great idea for this time of year, but that has nothing to do with what’s going on around you in your neighborhood. Make it local – that’s the most important thing I can emphasize. What makes good content? Here some ways to find out: Listen to the questions that your residents and prospects ask you.  If you live in the community or near the neighborhood, ask yourself what YOU would like to know? Think about the things you notice on the drive or commute to the community. Is there a new business down the street? How about that new pizza place the leasing team tried for lunch that week? Daily...

There’s no better time than the present to start making a difference; and the best place to start is in your own community. Not only is Earth Day right around the corner, but eco-friendly action can help Mother Nature thrive. First celebrated on April 22, 1970, Earth Day was launched to honor our planet, acknowledge its fragility and promote the development of healthy communities. It was initiated by Earth Day founder Gaylord Nelson, then a U.S. Senator from Wisconsin, after witnessing the terrible aftermath of the 1969 massive oil spill in Santa Barbara, Calif. (The hometown of Yardi.) The first Earth Day led to the creation of the United States Environmental Protection Agency and the passage of the Clean Air, Clean Water, and Endangered Species Acts. “It was a gamble,” Gaylord later commented, “but it worked”. What started as a “national teach-in on the environment” has now evolved onto a global-scale movement observed in over 192 countries around the world. At present, more than one billion eco-minded participants worldwide take the opportunity to demonstrate their commitment next Tuesday through events and festivities all focused on environmental issues. The movement is globally coordinated by the Earth Day Network (EDN). From tackling global warming issues to greening schools and hosting town hall discussions on clean energy investment and green jobs, EDN has many projects on roll. Among the many successful campaigns, the movement’s 40th anniversary made quite a splash. In 2010, EDN brought “225,000 people to the National Mall for a Climate Rally, amassed 40 million environmental service actions toward its 2012 goal of A Billion Acts of Green®, launched an international, 1-million tree planting initiative with Avatar director James Cameron and tripled its online base to over 900,000 community members”. Saving a thought for the environment becomes even...

Are we on the path back to the good old days of booming prosperity in real estate? Any step forward is a step in the right direction. Explore the top ten hottest metropolitan areas that are leading the surge in multifamily unit construction. Washington, D.C. The population rose by about 10 percent from 2000-2012. While job growth is a contributor, reverse sprawl has suburbanites returning to the city.  A blend of Baby Boomers and Millennials are taking up residence downtown. These new tenants are drawn to the conveniences of pedestrian-friendly living. Dallas The city seems unstoppable. Dallas continues to be a leader in population growth, now estimated to grow at 345 people per day or nearly one person every four minutes. Jones Lang LaSalle suggests that the Dallas-Fort Worth population will reach 9 million people in the next 16 years. Job growth in the financial services sector attracts talent to the city. Houston Houston welcomes more than 302 people per day. Like Dallas, Houston residents are drawn to the city’s job growth in the private sector. Dallas and Houston have been economic powerhouses throughout the new millennium. Los Angeles Interestingly enough, LA is losing ground in its trademark markets. The city doesn’t boast much in terms of job growth, either. New construction is an optimistic risk but developers are taking the leap. If we build stunning, eye-popping high-rises, they will come. San Francisco The city suffered from a 10.1 percent unemployment rate in 2010. By the close of 2013, unemployment dropped to nearly 5 percent. Job growth has revitalized the city so that it is bursting at the seams. A lack of competition has led to some of highest rents in the nation. As far as apartments for rent in San Francisco go, new...

Yardi will present an educational session on technology trends and business intelligence, “Getting the Big Data on Tech Trends,” at the Crittenden Multifamily Conference on March 16-18 in Dallas. With a focus on how evolving technology and innovation are helping companies of all sizes leverage their data to operate more effectively, the session will be led by industry experts John Pendergast, senior vice president of client services at Yardi; Ray Thornton, senior vice president of information technology at MAA; and Tom Bumpass, managing director and chief information officer for Greystar Realty Partners. Discussing new browser-based solutions and the future of cloud services, along with mobile tech trends for the “need it now” generation, the session leaders will guide attendees to a greater understanding of how business intelligence is quickly becoming a standard requirement for companies both large and small. “Yardi is committed to leading the industry with technology advancements that help our clients achieve 360-degree business intelligence and unprecedented mobility,” said Pendergast. “The tech trends session is designed to empower attendees with the information they need to build strong relationships with the new generation of residents and employees, while learning how to leverage their ‘big data’ to operate more efficiently and profitably.” Follow Yardi on Twitter (#MultiCon14) to keep current on conference events and to connect with sponsors, attendees and other speakers. About Crittenden Multifamily Conference Designed for multifamily professionals, the Crittenden Multifamily Conference is a 2 1/2-day event that includes educational sessions and several networking opportunities. Educational sessions cover a variety of multifamily management, finance, development and investment topics. Each session is facilitated by the industry’s leading executives. For more information, visit...

They’re the housing option of choice for millions of Americans, and have gained both development momentum and resident popularity over the last five years. But apartments are not just a roof over our heads at night. They are businesses that provide a major contribution to the U.S. economy. as illustrated by this infographic from the National Apartment Association and National Multifamily Housing Council. WeAreApartments.org offers you the chance to measure the economic impact of an apartment community of any size in any U.S. state. Simply navigate to http://weareapartments.org/calculator/search and enter a few basic points of information, and you can find out how much the apartment community you own or manage contributes to the community – both in operations and thanks to the residents who live there. For a broader view of the Trillion Dollar Apartment Industry, check out this infographic:   Source: http://weareapartments.org/  ...

Millennials who flocked to their parents’ nests during the recession are a huge source of untapped revenue for the apartment industry. The trick, however, is getting them to leave a place that is so cozy, convenient, and inexpensive. Millennials, or Generation Y, already make up a notable portion of renters. Yet there is another wave of them, approximately 2.4 million strong, that is dancing on the peripherals of the rental market. Developers are pushing forward with construction plans, optimistically expecting that these young adults will soon form their own households. but there are quite a few challenges that may further postpone, if not deter, the young adults’ entrance to the rental market. The 2013 Current Population Survey data suggests that there are 2.4 million “missing” households in America. Thirty-one percent of this group is comprised by young adults ages 18-34 who are currently living in their parents’ households. Forty-four percent of the missing households are unemployed, meaning that they do not have the financial means to establish their own households—rentals or otherwise—anytime soon.  Even if every adult gained employment today, most leasing offices like to see six months to a year of work history. Some approvals require two years. As young adults accumulate work history, they must also save money for deposits, fees, bills, furniture, and so forth. For the currently unemployed, leaving their parents’ household won’t be an option for quite some time. Of the 25 percent of missing households that are employed, multifamily developers face other challenges in drawing them into the rental market. Millennials in general are less likely to have established credit. Experts point to the decline in credit card usage as the main culprit. FICO reports indicate that at the end of 2012, 16 percent of Americans ages 18-29...

Seven months after Hurricane Sandy barricaded into the East Coast, New York and surrounding areas are still reeling from the impact. The massive superstorm left an indelible mark on a number of buildings and infrastructure projects, and reverberations of the damages will also affect many future developments. At the New York State Association for Affordable Housing’s (NYSAFAH) 14th Annual New York State Affordable Housing Conference, in the session “Hurricane Sandy: What Have We Learned,” various speakers from across the multifamily industry discussed the effect of the storm and what developers in flood zones should plan for in the future. Now in the repairing stage, developers are looking at how the storm affected buildings, with some interesting discoveries. Arden Sokolow from the Special Initiative for Rebuilding and Resiliency noted that some of the older buildings fared worse than the newer buildings, and that taller buildings suffered systems damage as opposed to structural damage. Read the full report on “How Hurricane Sandy Continues to Affect Multifamily” on...

Green design features are here to stay. And as they become more ubiquitous in the multifamily development landscape, expectations for innovation just keep on growing.  A team of Los Angeles architects is among those encouraging drastic changes to apartment buildings, and they’ve focused their efforts on windows. B+U Architects initiated the Animated Apertures Housing Tower in Lima, Peru to depict technology and nature working together in multifamily housing. Instead of adhering to the norm of traditional American architecture, the team opted to design a rental community that champions incongruence, asymmetry, and organic curves. B+U substituted the rigid angles and smooth planes of traditional buildings with rounded edges and textured surfaces. While the building itself is undoubtedly eye-catching, the windows are the architects’ pride and joy. Designers aimed to break down a window into its most basic component, a transition between the interior and exterior of a building. B+U then created a space that blends the characteristics of a window, balcony, and plaza into one: the fiberglass apertures provide residents with a clear view to the outside while bathing the housing units in natural light. These pod-shaped openings also serve as inhabitable spaces that blur the divide between indoors and outside. Read more of this story on Green Apartment Design at...