Multifamily asking rents rose for the second straight month in April, according to the new National Multifamily Report from Yardi Matrix. Despite economic headwinds, the market continues to demonstrate resilience. The average U.S. asking rent rose $5 in April to $1,709, while year-over-year growth decelerated to 3.2 percent, down 80 basis points from March. Solid demand has kept rents rising, but at a slower rate than previous years. Demand is buoyed by a tight job market and healthy household budgets, although economists are scrutinizing how much longer those conditions will persist. A recession is still forecast for later this year. “Rent growth is broadly positive nationally, but regional differences are emerging. High-demand Sun Belt metros are feeling the impact of reduced affordability and robust deliveries, while primary metros have less supply growth and some benefit from rebounding immigration,” states the new report. Multifamily rent gains remain positive year-over-year everywhere but Phoenix and Las Vegas, but the top-performing markets are different each month. In April, Indianapolis (7.7 percent) and Kansas City (6.4 percent) led the top 30 Matrix metros in rent growth, while primary metros New York, Boston and Chicago round out the top five. Single-family unit rents also hit a new all-time high in April, averaging $2,089, but year-over-year rates once again decelerated, dropping 60 basis points to 2.3 percent. Occupancy rates decreased in March to 95.5 percent but have stabilized after peaking at 97 percent in 2021. Gain more insights by downloading April’s Multifamily Report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Multifamily asking rents remained the same for a second straight month in February, at a national average rate of $1,702, according to the new National Multifamily Report from Yardi Matrix. As the economy continues to adjust in the post-pandemic period, year-over-year growth continued its ongoing decline. It is now 4.8 percent nationally, down 70 basis points from the previous month and its lowest level in nearly two years. Asking rent growth remains positive year-over-year in almost every major metro, but 23 of Matrix’s top 30 metros recorded negative growth over the last three months and 17 were negative in February. “Multifamily rents are playing a waiting game, as rents have essentially leveled over the seasonal winter slowdown,” state Matrix analysts, noting that February has historically recorded minor rent growth gains. “The big question is whether demand and rents pick up as normal in the spring. Demand has come down from 2021 levels, though it remains positive in most markets.” Average U.S. asking rents in the single-family rental market were also flat at $2,071. The year-over-year increase fell by 80 basis points to 3.4 percent, far below the 14.8 percent growth rate a year ago. “Near-term performance will hinge not only on demand-supply dynamics at the local level but affordability and the economy,” the report states. Gain more insights by downloading February’s Multifamily Report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Electric vehicles – and their charging apparatuses – are a hot topic. With electric vehicles accounting for only about 6% of U.S. new car sales in 2022, the country is one of the world’s largest markets for EVs. The federal government has set a goal of 500,000 EV charging stations at apartment buildings, public parking lots, roadways and other locations by 2030, up from 133,000 in 2020. At that point half of all road vehicles could be electric, if the government’s target is met. Owners of EVs, which use rechargeable lithium-ion batteries, spend 60% less each year on fuel costs compared to drivers of gas-powered cars, according to a Consumer Reports study in 2020. The federal government, most states and the District of Columbia offer tax credits and other incentives to install charging stations. California, for example, has provided $1.2 billion to build the infrastructure for EVs across the state. The state will also adopt regulations requiring EV charging station installation in the parking facilities of buildings, including hotels, multifamily buildings and nonresidential development, by 2025. Other states, including Arkansas and Florida, offer rebates for EV charging station installation and EV purchases. Approaching essential status One outgrowth of these and other trends is that EV charging stations are evolving into an essential asset for property managers. By installing EV charging stations, retail business, offices and workplace property managers gain opportunities to attract customers and tenants by demonstrating “their commitment to new technology and innovation,” says industry resource Property Manager Insider. “For multifamily and commercial properties, … the availability of reliable EV chargers is not just a nice-to-have, but a vital factor for retaining and attracting residents and tenants,” adds CleanTechnica, a clean energy news source. Key steps that property managers can take to stay...

Multifamily rents were flat in January as a strong jobs report indicated that fears of a significant economic recession may be overblown. U.S. asking rents averaged $1,701, unchanged from the prior month, according to the latest Yardi Matrix National Multifamily Report. Continuing late 2022 patterns, year-over-year growth continues to decline, and is now 5.5 percent, down 70 basis points from December. The single-family rental (SFR) market remained strong amid ongoing volatility in home sales. The average U.S. asking rent increased $1 in January to $2,070, while the year-over-year increase fell by 85 basis points to 4.2 percent. “Participants at the late January National Multifamily Housing Council conference in Las Vegas were generally optimistic about demand fundamentals, but concerns centered around issues such as the wave of proposed rent control measures, increasing expenses and high mortgage rates,” say Matrix analysts. However, the creation of 517,000 new jobs in January is a significant bright spot and help ease fears of an imminent economic downturn. The unemployment rate dropped to 3.4 percent last month and wage growth shows no signs of spiraling. “Concerns about a hard-landing recession that would reduce household formation are being alleviated by the continuing stellar performance of the job market,” states the report. Gain more insights by downloading January’s Multifamily Report. Last year, U.S. multifamily rents increased by 6.4 percent after peaking near 16 percent in 2021, according to Yardi Matrix. Those were record figures, the highest seen in a century. The 2023 Yardi Matrix Multifamily Outlook expects that rent growth will be closer to its historical average in 2023. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing,...

Multifamily rent growth began to slow in late 2022 as economic pressures, including the impact of inflation, took root. The 2023 Multifamily Outlook from Yardi Matrix expects that rent growth will be closer to its historical average in 2023. Last year, U.S. rents increased by 6.4 percent after peaking near 16 percent in 2021, according to Yardi Matrix. Those were record figures, the highest seen in a century. The 2022 increase is expected to drop by half this year. “All eyes are on interest rates and how quickly inflation recedes. Economic growth will likely wane in the second half as the impact of rapid rate hikes take effect,” states the outlook. “This year we foresee rent growth dropping in half to 3.1 percent as demand lessens and deliveries remain high.” Demand is decreasing due to less renter migration, a dip in new household formation and declining affordability. Meanwhile new units are coming online nationwide. The forecast calls for 440,000 new deliveries in 2023, a stock increase of 2.9 percent. Deliveries will be concentrated in fast-growing markets, including Dallas, Austin, Charlotte, Nashville and Orlando. However, starts are expected to decline due to rising construction costs, a shortage of construction workers and planning/permitting delays. Gain more insights on the industry in the full report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Multifamily asking rents recorded historic highs in 2022 but began to move south as the year concluded, recording another $4 drop to a national average $1,715 in December, according to the latest Yardi® Matrix National Multifamily Report. Year-over-year growth declined by 80 basis points to 6.2 percent last month, the lowest level since May 2021. Over the year, national asking rents recorded a 6.2 percent uptick, the second-highest annual growth in 100 years after 2021’s nearly 15 percent increase. But as the economy cooled in the fall and demand decreased, rents fell 0.2 percent in December and 0.6 percent in the fourth quarter. The single-family rental (SFR) market is also seeing slowing. National asking rates increased 4.8 percent year-over-year in December, which was a decrease of 100 basis points from November. SFR rents dropped by $8 to average $2,083 last month. “With a variety of concerns about the economy and affordability, we expect rent growth in 2023 will be closer to typical levels,” states the latest report. In 2023, Yardi Matrix expects asking rents should remain flat or fall slightly through the spring, when growth is normally strongest. Then rents will likely rise moderately, though nowhere near the dramatic levels of the last two years. Learn more in the latest Matrix National Multifamily Report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

The anticipated slowdown in multifamily performance arrived last month, as the sector clocked its lowest year-over-year growth since mid-2021,  according to the latest Yardi® Matrix National Multifamily Report. U.S. asking rents fell $9 during the month to $1,719, while year-over-year growth dropped to seven percent, the lowest level in 17 months. The decreases are attributed to economic headwinds and deteriorating demand. The $9 rollback was the largest one-month decline in rents in over a decade. The deterioration in rents was not unexpected. Rent increases have far exceeded normal growth patterns for nearly two years. Average asking rents increased by 22 percent nationally between January 2021 and October 2022, a rate that would be unsustainable under optimal conditions. “With the economy softening, demand for units slowing and rising interest rates creating head- winds for housing, multifamily asking rent growth finally took a turn downward in November,” states the report. “The decades-high inflation rate has left household balance sheets in a weaker position than a year ago, while economic growth is slowing as the Federal Reserve raises interest rates.” Absorption of apartments has been positive in 2022, but well below 2021 levels that were boosted by strong job growth and household savings coming out of the pandemic. Average U.S. rents are up 6.4 percent year-to-date, and the national occupancy rate, while slipping in recent months, is a healthy 95.6 percent. And while rent growth has turned negative in many metros this fall, every one of Matrix’s top 30 metros maintains positive year-over-year growth. The single-family rental market is also declining. The average U.S. asking rent dropped $5 in November to $2,091, while the year-over-year increase fell by 80 basis points to 5.9 percent. Learn more in the latest Matrix National Multifamily Report. Yardi Matrix offers the industry’s...

Average multifamily asking rents showed a slight increase in October, despite weaker demand and dipping year-over-year (YOY) growth, according to the latest Yardi® Matrix National Multifamily Report. U.S. asking rents increased $3 in October to $1,727. Year-over-year growth fell to 8.2 percent, the lowest level since the summer of 2021 and down from its 15.3 percent peak in the first quarter. The single-family rental market is also cooling from record-level performance. The average U.S. asking rent was unchanged at $2,088 in October, while the YOY increase fell by 160 basis points to 6.6 percent. The deceleration in asking rents is gradual, as all of the Matrix top 30 metros produced YOY rent increases. Experts are concerned about how the multifamily market will react to the rapid increase in short-term interest rates as the Federal Reserve attempts to reduce inflation. “The inevitable economic slowdown raises questions about when the impact will start to be felt and how much the sector will be affected,” states the report. “Demand has weakened since the first quarter due to slowing job growth and concerns over the macroeconomic environment. The robust household formation that drove demand in 2021 is no longer in effect.” The U.S. rental occupancy rate has dropped 50 basis points over the past year, but the national 95.5 percent rate remains above the long-term average. With debt costs higher and still rising, property sales and new construction have begun to slow. However, with home mortgage rates up to 7.3 percent as of early November, first-time homebuyers are being frozen out of the market, according to the National Association of Realtors, and will be more likely to remain in rentals. Learn more in the latest Matrix National Multifamily Report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool...

“Key fundamentals remain strong” in the U.S. multifamily amid a flattening of average asking rents in September, according to a new national multifamily report from Yardi® Matrix. The $1,718 rate, unchanged from August, reflects the impact of the economic slowdown and Fed interest rate hikes. Year-over-year rent growth slid more than a full percentage point for the third month in a row, bringing it below 10% for the first time since July 2021. National asking rents remain at record highs and occupancy rates holding steady at around 96% since June 2021, although “the market may be coming to an end of its extraordinary run of rent growth,” the report says. Average national asking rents in the single-family rental segment fell by $7 to $2,081 in September, the second consecutive month of decline, while year-over-year growth fell 170 basis points to 7.8%. The sector’s outlook remains robust, the report says, because many prospective homebuyers who are priced out of the market turn to single-family rentals. Read the full report for insight into the impact of supply, demand, demographics, employment, migration and more on the multifamily market. The September report includes two new features – lease renewal percentages and renewal rent growth, and rent-to-income ratios – that will be included in future monthly reports. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Glitzy architecture wins awards, high-profile tenants burnish reputations and energy conservation measures earn kudos for commercial properties. But there’s another aspect of the business that’s not quite so charismatic but every bit as important to maintaining asset value and reputation – pest control. Pest control contractor working in the flat Such creatures as mice, rats, flies, ants, cockroaches, termites, spiders and pigeons can cause serious damage in electrical or boiler rooms, walls, and public and worker spaces. Gnawing rodents, for example, contaminate surfaces, increase fire risk by damaging wiring and equipment, transmit disease and aggravate allergies. Swarms of some ant species can also cause power disruptions. Bird droppings can corrode paint and materials. Aside from being damaging, these outcomes aren’t pleasant sights for occupants, customers and visitors. Steps to avoiding such damage includes keeping pests out of a facility, eliminating breeding sites and applying pesticides when necessary. The fact that many commercial businesses share walls and common spaces such as lobbies and break areas makes dealing with this issue a collaborative effort. “A successful pest management program depends on a strong partnership between the building’s management, occupants and a pest control professional. Effective communication between management, the maintenance staff and occupants is the key to success in any pest control program,” notes Abra Kadabra Environmental Services of Mound, Minn. Here are some tips from Abra Kadabra, Hero Pest Control in Robinson, Texas, and Britain-based Rentokil Initial that can help commercial property owners protect occupant health, worker productivity, business performance and their reputation: Inspect facilities, including roofs, for cracks, holes or other openings. Repair all damage promptly and seal openings.Educate employees about keeping work areas clean, proper trash disposal and other good sanitation practices.Install window screens and replace torn or missing ones.Place weather-stripping around exterior...

Pet-friendly apartments are becoming the norm, especially among younger renters. Millennials are now the biggest market for pet ownership. Property managers and owners need to stand out and make their complexes more unique and attractive with pet amenities. But have you ever wondered what your pet might want in their new apartment? The secret life of pets may open new ideas for property owners across the country. Let’s look at this from the pet’s perspective and what they want to see when they tag along on a tour of your apartment complex. The perfect perks for pups Dogs are excitable, sociable, friendly, and have lots of energy. Since dogs are so social and energetic, an on-site dog park is essential to earn five stars from Fido. Something that would be large enough for them to spread their paws and has lots of green grass. Yappy Hour at the complex dog park would be an attractive resident event that you can hold monthly. During Yappy Hour you can provide some refreshments and picture ops to boost your property’s social media accounts – some of your resident dogs may even be Insta influencers! However, some dogs are not too keen on shared space. Grassy areas with walking trails around the complex are another huge plus for all pups and their parents. Whether you have walking trails or not, strategically placed poop bag stations are a must for any pet-friendly property. Post-pandemic, return to the office is starting to make a comeback. A dog door leading out to the balcony or patio is another awesome option for pets and owners alike. That way Barkley can lounge on the balcony and not have to be stuck inside all day while their human is working eight hours or more....

RentCafe CRM IQ is the latest innovation from Yardi in customer relationship management solutions for multifamily. It puts your customer at the center of the relationship to seamlessly manage prospects, applicants and residents for the entire leasing and resident journey. CRM IQ also provides a platform for centralized leasing offices and enhances the capabilities of other centralized property operations. Built into Yardi Voyager and the RentCafe product suite, CRM IQ has enhanced features that benefit site teams, owners, managers and their customers. Keep reading to explore what customer-centric innovation from Yardi can do for your business. What makes CRM IQ unique? Your customer is more than a renter, and your CRM system should reflect that. CRM IQ doesn’t stop prioritizing your prospects once they convert. Instead, CRM IQ manages your customer interactions through every stage of the leasing and resident journey. With robust features designed to support the full customer lifecycle, CRM IQ is built to guide your prospects into applicants, and your applicants into satisfied residents, ready to renew. The result is a better customer experience made possible by customer-centric software. What’s new with CRM IQ? With features that automate communication and improve visibility across prospects and residents, CRM IQ is a one-of-a-kind solution in the multifamily industry. Here are more details that make it even more unique: Enable centralized leasing office (CLO) processes with customer-centric views and site clustering. CRM IQ has intuitive features that aggregates properties within a central view and shares activities across regional attributes. Save staff hours by helping prioritize the most valuable tasks and utilize remote and clustered staffing offices.Prioritize higher-quality leads and automate lead nurturing with event-based AI. More leads don’t always mean more conversions — this is why CRM IQ prioritizes prospects at every stage of...

Common onsite amenities available to occupiers of commercial and residential properties are widely known: gyms, laundry service, parking spaces, pet services and clubrooms, among others. But there’s a special location that can provide a key differentiator in the competition to attract and retain occupants: the roof. “Today, particularly at higher-end properties, unique rooftop amenities have proven to be a deciding factor in community selection for future residents,” says Brandon Reed, chief visionary officer at Salt Lake City-area rooftop amenity designer Loft Six Four. Moreover, they offer revenue opportunities like higher retention rates, higher rental yield and sale prices per square foot. “Once a forgotten space used only for cooling towers, water tanks and elevator machine rooms, or private amenities to attract tenants, building rooftops and setbacks are getting long overdue appreciation. Rather than being a sign of exclusivity, these rooftop spaces are becoming an essential part of any well-positioned office building,” adds Ambrose Aliaga-Kelly, a technical director for global architecture, design and planning firm Gensler. Popular rooftop amenities include safe play areas for children; swimming pools; gardens; lounges; outdoor kitchens; putting greens, games, yoga studios and lockers; outdoor TVs, Wi-Fi, USB ports, charging stations and other technology; and pet amenities like dog parks and washing stations. Aside from being space-efficient, an especially important consideration in high-demand metros with low vacancy rates and limited space for extras, rooftop amenities offer something that isn’t available at lower levels: a view. “A roof terrace with breathtaking city skyline views can be a major draw for potential tenants and buyers,” according to Reed. And there’s an energy angle too. Repurposing roofs on older residential and commercial buildings can reduce their carbon footprint. Green or planted roofs can help lower a building’s energy consumption by insulating it and providing a...

Even with multifamily rents continuing to rise nationwide, property owners still need to work to get people into their units. At the height of the pandemic, some renters in metros like Los Angeles, Boston and San Francisco relocated to lower-cost communities, prompting landlords to adopt creative measures to attract and keep renters. “Incentives are not what they used to be, primarily because market conditions and expectations have shifted, and offering the right incentives for lease renewals is more important than ever to capture the attention of today’s busy renters,” according to Zillow. Here are some ideas that can help property managers attract prospects and maintain high-quality residents, courtesy of Zillow, Multi-Housing News and other industry sources: Upgrade inside and out. Paint or landscaping improvements and new appliances, flooring and furniture can make a property more attractive to residents and prospects. There’s also the option of offering renewing residents a menu for choosing the services or upgrades they value or need most, whether it be a ceiling fan, new shelving on the walls or a better stove. Let free stuff ring. A period of free parking, cable service, laundry or dry cleaning, storage space or Wi-Fi is always appreciated, as is a temporary or permanent suspension of amenity or pet fees. Gift cards for ride-sharing services, food delivery services and more provide other options. “Free parking is the most common perk this year, but there are many ways to engage with renters in ways that are important to them,” ZillowRentals reported in its Consumer Housing Trends report. Amped-up tech. Cutting-edge technology like high-tech door locks, thermostats, tablet devices or smart home automation devices save property owners time and money and make a favorable impression on today’s tech-savvy renters. See how RentCafe Home IQ attracts prospects...

Figuring out how to best design your website can be a daunting task. This summer, REACH by RentCafe surveyed more than 12,000 people on RentCafe.com to learn more about their website design preferences.Read on to see the survey results and learn more about the most popular website design trends of 2022. Survey says… Which color schemes do you prefer? Calm and soothing: 73.5%Dark and moody: 15.2%Vibrant and bold: 11.3% Which two design concepts do you prefer? Soft, curved edges and shapes: 33.6%Plant or earth-inspired prints: 21.4%Subtle textures: 20.1%Sharp geometric shapes: 15.8%Colorful floral patterns: 9.2% How would you decorate your apartment? Clean and minimal. I like things calm, simple and purposeful: 59%Dark backgrounds and a roaring fireplace. I love a cozy library vibe: 16%Romantic countryside. I want to feel like I’m in a whimsical cottage: 15.7%Lots of patterns and colors. I like to bring laughter to life, the more the merrier: 9.3% I’d be most excited to live in an apartment that: Embraces a soft, relaxing atmosphere with calm colors: 47%Is sleek and modern: 29.5%Emphasizes sustainability in the design: 12%Has chic outdoor spaces: 11.5% When viewing a design, how do you want to feel? Calm: 68.6%Excited: 14.2%Intrigued: 13.5%Amused: 3.6% Japandi and minimalism Kicking off the top design trends of 2022 is Japandi. Neha Marathe, design manager at REACH, defines Japandi as a hybrid that’s “a brilliant fusion of Japanese and Scandinavian styles which are anchored in minimalism, clean lines and neutral colors.” Japandi design celebrates a blend of simplicity, functionality and intentionality, and it’s on the rise. In fact, between 2020 and 2021, Google searches for Japandi increased by 1,217%. An important element of Japandi is minimalism, which celebrates clean lines and uncluttered surfaces while avoiding excessive ornamentation. More and more, people are gravitating towards...

The national outlook for the multifamily sector remains positive through the end of 2022, with asking rent performance expected to have increased by around eight percent by year’s end. That’s according to the latest U.S. Multifamily Outlook report released today by Yardi® Matrix, a leading provider of data and analysis on most real estate verticals. The report examines the state of the economy, including ongoing inflation and recession concerns, but concludes that though rent growth is slowing down, gains are expected to continue. Average national asking rents increased 5.7 percent in the first six months of the year. Year-over-year rent growth at the year’s midpoint was 13.7 percent, down 100 basis points from the end of 2021 and 150 basis points from the February peak of 15.2 percent. “While growth is moderating, we expect gains will continue to remain well above trend, with average asking rents increasing by 7.9 percent nationally by the end of 2022,” states the forecast. However, the increases are far from 2021’s record 14.7 percent increase. Property fundamentals continue to be exceptional, with demand driven by robust household formation, job growth, migration to suburbs and secondary markets, and the inaffordability of single-family homes for many would-be buyers. More than 900,000 new multifamily units are under construction nationally, with 420,000 expected to be delivered this year. Gain more insights about expectations for the remaining months of 2022 in the latest Matrix Multifamily Outlook. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

What do you call a group of diverse digital natives and entrepreneurial decision-makers with the ability to change the multifamily industry? This title belongs to Generation Z, the largest and most tech-savvy group of renters yet. Last summer, REACH by RentCafe conducted a survey to better understand Gen Z’s search habits, but members of this generation are now a year older. This means they’ve lived through 365 days of new experiences, changes and adventures. It also means that they have had a whole year to refine their online search behaviors. This summer, REACH wanted to investigate where this generation stands a year later when it comes to their online search habits and how best to win their attention. To do this, we interviewed over 12,000 members of Gen Z to gain insight into how to best attract members of the youngest, biggest and perhaps most important renter group yet. Here’s our Gen Z update: What are Gen Zers looking for? Findings from this year’s survey confirm that, once again, many Gen Zers don’t yet know what they’re searching for. This year, 41% admit that they’re still figuring it out when asked what they’re looking for in an apartment. This data tells us that the apartment search starts early for Gen Zers. At this stage, they’re probably using an ILS to shop for and compare apartments. On the other hand, 59% of Gen Zers know more about what they want, including apartment size, price, location and desired amenities; a full 26% of Gen Zers say they have all the information needed to make a purchasing decision. These renters are ready to take the next step, using long-tailed search terms to find the specific apartment that meets their needs. So how do you market to the...

Online apartment reviews are an important way for potential renters to get a feel for your community, and it’s critical to have them on your website. In addition, reviews directly impact how your website appears in a search. In fact, it’s estimated that reviews account for 17% of the ranking factor for the Google 3-pack of local listings! A June 2022 survey from RentCafe.com revealed that over 60% of Gen Z renters consider ratings and reviews most of the time when searching online. But it’s not just Gen Z. The NMHC 2022 Renter’s Preference Report found that 69% of prospective renters looked at ratings and reviews when searching for an apartment community. A solid reputation management strategy impacts three areas of your business: marketing, leasing and customer service. Read more to understand the importance of reputation management throughout the renter lifecycle. How does reputation management impact marketing? Good apartment reviews lead to good search signals, which will boost your community in search engine results, helping you get found by more prospective renters. But there’s more to it than simply collecting a few good reviews. A solid reputation management strategy focuses on four key components when it comes to reviews: Quantity – How many reviews do you have compared to your competitors? More reviews mean more visibility and greater reach.Quality – How good are your reviews compared to your competitors? Positivity and honesty are important when it comes to creating quality reviews.Recency – When were your latest reviews posted? A review from one month ago will carry much more weight than one from six months ago.Responses – Is your business responding to every review? 46% of renters expect to see responses to all reviews, so it’s important to follow up on both good and bad...

Rents in most American cities continue to rise slightly each month but are not duplicating the rapid escalation rates exhibited in 2021. But given ongoing gains, Yardi Matrix has revised its end-of-year projections upwards for most markets in a new special report. Average month-over-month asking rents increased by 1.1 percent in May compared to the one percent month-over-month increase in April. However, year-over-year asking rents decelerated, from 16 percent in April to 14 percent in May. “While we are seeing the usual seasonal increase leading into the summer months, 2022 does not look like a repeat of 2021 even though rent growth remains elevated,” state Matrix analysts. Asking rents fell in only six markets: the gateway markets of Queens and Brooklyn; small Southern markets Macon, Ga., and Jackson, Miss.; and tropical Honolulu and the Southwest Florida Coast. Conversely, 84 markets experienced greater than one percent month-over-month increase, and seven markets saw month-over-month growth that topped two percent: Charleston, Knoxville, the Bay Area-South Bay, Miami, the Urban Twin Cities, Wilmington, N.C., and Portland, Maine. Most markets received an increase to their end-of-year projections in the newly released Matrix report. The biggest increases were concentrated in markets that continue to outperform expectations, with Scranton-Wilkes-Barre, Wilmington, South Bend and Spokane all seeing a more than five percent increase for year-end 2022. The nation’s economic outlook plays an important role in rent forecasts. That outlook has become increasingly tumultuous, with inflation at a 40-year-high but unemployment historically low. Analysts are continuing to keep a close eye on the market and monitoring the impact of the Federal Reserve’s approach to combatting inflation as well as the war in Ukraine. “The Fed will likely ramp up its pace of rate hikes and quantitative tightening, increasing the chance of recession for...

Are you ready to drive results that matter? Property marketing spend can significantly impact NOI — in a positive way — but only if you know what questions to ask your marketing team. It used to be hard to see and understand property marketing results. Marketers had a hard enough time tracking which leads came from where, let alone which sources brought in leases. ILS and lead journey data was incomplete, and it could be hard to tell which budget items resulted in returns. If you were outside of marketing, perhaps working in operations or another adjacent department, understanding marketing spend could be even trickier. Fortunately, with better technology comes better data. Today, it’s easy to see exactly where a lead first became aware of your brand and at what point they converted. It’s also easy to see how much you’re spending per lead and lease. In fact, you can calculate how much you’re getting back for every $1 of advertising budget spent (keep reading to find out how). When you’re looking to guide your marketing team and help drive results that matter, here are five questions you should ask. 1. What is our current marketing mix, and is there data to support it? Marketers should know how the marketing budget is organized and why. Your corporate and regional marketing strategy should be based on historical conversion data and — if including a new technique or source — industry research and case study data. Marketing sources should include a balance of traditional ILS advertising and director-to-renter marketing. ILS marketing is critical for the awareness phase of the renter journey, but it doesn’t also get you the most qualified leads. Director-to-renter marketing, such as SEO and PPC advertising, sends renters directly to your websites where...

The unprecedented socioeconomic events of the last two years and subsequent impact on multifamily rents is examined by a new bulletin from Yardi® Matrix now available for download. The publication breaks down the traditional drivers of multifamily rent growth—economic measures such as employment and population growth, and property fundamentals such as supply and changes in occupancy—and details how each impacted the highs and lows rents exhibited from March 2020 to April 2022. The analysis is broken into two periods: the four quarters following the start of the pandemic (2Q20 to 1Q21) and the four quarters of the recovery and rent surge (2Q21 to 1Q22). “Drivers of rent growth have changed not only once, but twice, in the two years post-pandemic. Each time was distinctly different,” states report author Paul Fiorilla, director of research for Yardi Matrix. “The period from April 2020 through March 2021 was marked by massive job loss, sheltering from home and migration from gateway markets to the Sun Belt. The April 2021 to March 2022 period was characterized by a booming pent-up demand and massive recovery across the entire country.” If you’ve been following the apartment industry closely, the general narrative of the pandemic is clear: motivated by remote work options and changes in life circumstances, many renters abandoned high-cost urban gateway markets in favor of more affordable cities with more room to breathe. Major cities like San Francisco, Chicago and New York saw rents drop dramatically and vacancy rates increase. After vaccine availability brought stabilization of the public health situation and widespread economic recovery ensued in 2021, return to gateway markets began and rents across nearly all markets were driven up by new household formation, low vacancy rates and easily obtainable employment. “Pent-up demand, strong consumer balance sheets, migration to...