By Mark English In the affordable housing industry, compliance has often been treated as an obligatory cost of doing business — a box to check, a hurdle to clear. Yet in today’s environment, marked by heightened regulatory scrutiny, increased tenant awareness of their rights and a fiercely competitive landscape for funding and partnerships, this mindset is dangerously outdated. For developers, owners and managers of affordable housing, denial of compliance’s strategic value can carry enormous costs: legal liability, reputation damage, financial penalties and missed opportunities to distinguish one’s organization as a …
Operations
RICHARDSON, TEXAS — RealPage has acquired Livble, a flexible-payment company, and will incorporate the new payment technology into two of its own software solutions, LOFT and Buildium. LOFT is a resident-facing app RealPage launched in January. LOFT’s payment function allows users to pay their rent traditionally, directly from their bank in one lump sum, or residents can pay in two installments. With the Livble technology, residents now can split up payments into up to four installments per month. RealPage assumes nonpayment risk and manages collections should residents not pay. In …
HOUSTON —Broadband Communities has awarded Aerwave the distinction of multifamily partner of the year. The publishing and conference company recognized Aerwave at the Broadband Communities Summit held June 23 to June 27 in Houston. Entrants were evaluated by an expert panel of judges. Aerwave stood out for its fiber-based mesh networking, proprietary software and gigabit-plus internet that spans entire properties. According to the company, Aerwave’s platform supports smart home technology, simplifies self-guided tours, enhances Wi-Fi calling coverage and enhances resident experience and simplifies operations for property managers and owners.
InterFace Conference Coverage: Multifamily Operators Are Utilizing Fee Transparency, Concessions to Woo Renters
CHARLOTTE, N.C. — The federal government has been cracking down on price gouging in recent months. In May, the Federal Trade Commission (FTC) implemented a rule to ban “junk fees” from live event platforms like Ticketmaster, as well as hotels and other short-term lodging. This rule precludes the vendor or property owner/management firm from being able to charge hidden fees on the back end by requiring them to put the total cost upfront, inclusive of all mandatory fees and charges. And in January, the U.S. Justice Department (DOJ), along with …
By Mike Stewart In recent years, multifamily property owners have faced a rising number of lawsuits from “serial plaintiffs” or “testers” alleging noncompliance with the Americans with Disabilities Act (ADA) and Fair Housing Act (FHA) regulations. These legal challenges can impose substantial financial burdens on multifamily owners, encompassing not only costs associated with rectifying legitimate violations, but also the cost to defend a lawsuit and potentially pay fines, damages and the plaintiff’s legal fees. The ADA and the FHA are landmark pieces of legislation that prohibit discrimination based on disability. …
Rethinking Amenities During Budget Season: Smarter Spending for Long-Term Resident Satisfaction
— By Alex LaFlam — Budget season, whenever it occurs in your organization, can bring out the red pens. Faced with rising operational costs and pressure to meet aggressive financial goals, multifamily operators often begin the budgeting process by scanning for line items to trim. Unfortunately, that impulse frequently puts resident-facing services — especially amenities — on the chopping block. It’s easy to see why: Amenities are sometimes seen as “nice-to-haves,” expendable in the face of economic pressure. But that mindset can carry long-term costs. In competitive or stabilized markets, …
Looking at the multifamily industry today, it’s easy to forget that many of our current best practices were born of necessity five years ago, when the COVID-19 pandemic introduced phrases like “stay-at-home orders” and “social distancing.” As challenging as those times were, some of the adjustments we made ended up reshaping our business for the better. Nearly every aspect of multifamily has examples of these positive pandemic pivots. Here are the three I consider the most significant in the realm of marketing, leasing and how we interact with prospects. 1. …
Charlotte, N.C. — RKW Residential has been selected to manage three metro Charlotte properties totaling 925 units. The new communities include Bond on Mint, a 393-unit luxury high-rise developed by Kayne Capital; Frazier at Mallard Creek, a 295-unit property from Delray Ventures; and Novel Davidson, a 237-unit property developed by Crescent Communities.
DALLAS — Rebees, a Dallas-based owner-operator of mixed-use properties, has hired Micah Hart as the new chief operating officer (COO) of Rebees Management Co. Hart will be based in Houston. Hart will oversee operations at Sugar Land Town Square, GreenStreet and Autry Park. He will also oversee the platform’s growth into the Henderson Avenue development in Dallas, along with various other projects. Finally, Hart will lead Rebees Management Co.’s strategic initiative to launch a multifamily property management platform. Previously, Hart held positions at Parkway, Midway, The Hanover Co. and PM …
Members of Generation Z — born between 1997 and 2012 — are all in on artificial intelligence (AI). These young renters are not only fluent and reliant upon intelligent technology, but they are also more trusting of it than their elders. Gen Zers are more likely than other age groups to ask questions via chat or text during their apartment rental search journey, according to RealPage data, and they are even more likely to engage if AI is driving the messaging. In fact, 50 percent of Gen Zers say they are …