Operations

Property Managers Need a Holistic Approach to Prop Tech to Streamline Operations

by Channing Hamilton July 12, 2024

— By Mike Branam, director of multifamily, PointCentral Renters increasingly desire smart technology features and personalized automation that can save time, money and improve property security. A 2022 survey from Rent.com reported that a staggering 82 percent of renters wanted at least one smart device in their home. This has encouraged property owners and operators to invest in technology as part of a wider strategy to both attract and retain a resident base that is a good fit for their communities. Technological advancements such as artificial intelligence (AI), as well …

July 12, 2024

Affordable Housing Development Features Finance Operations

Will New Tax Abatement Program Targeting NYC Be a Game-Changer for Affordable Housing Developers?

by Channing Hamilton May 7, 2024

NEW YORK CITY — The New York state legislature has approved a new tax break program as part of the recently passed 2024-2025 budget to address the dearth of housing supply in and around Manhattan. Lawmakers say the program could increase affordable housing development throughout New York City, but some New York City residents are skeptical the program will do much to address the issue. 485-x was introduced as part of the New York state legislature’s budget for fiscal year 2025, which runs from April 1, 2024, to March 31, …

May 7, 2024

News Northeast Operations Washington, D.C.

Biden Administration Plans Rent Control Cap for LIHTC Properties

by Channing Hamilton April 1, 2024

WASHINGTON, D.C. — The Biden Administration has planned an announcement to impose a limit on annual rent hikes at properties that have received support from the Low-Income Housing Tax Credit (LIHTC) program, according to a senior administration official. The new regulation would cap annual rent increases for these properties at ten percent. The Mortgage Banking Association (MBA) criticized the policy in a prepared statement on March 29. “Rent control has consistently proven to be a failed policy that discourages new construction, distorts market pricing, and leads to a degradation of …

April 1, 2024

Courtney Wilson Multifamily NOI TheGuarantors quote

Affordable Housing Content Partner Features Industry Content Leasing & Marketing Midwest Northeast Operations Southeast Technology Western

Multifamily Market Challenges: Strategies for Operators to Preserve NOI Amidst Rising Costs, Supply Pressures

by Sarah Daniels March 25, 2024

Multifamily operators face a number of challenging factors in today’s market. The spike in the cost of debt along with higher expenses across the board — from property insurance and taxes to construction and labor — as well as adverse effects left over from eviction moratoriums are eating away at net operating income (NOI) across the country. During the third quarter of 2023, multifamily expenses grew 7.2 percent, more than double the rate of inflation, according to Freddie Mac’s 2024 multifamily forecast. Additionally, rent control efforts in some jurisdictions are …

March 25, 2024

Company News Illinois Midwest News Operations

Peak Realty Rebrands as Cross Street After Expanding to Denver

by Channing Hamilton March 15, 2024

CHICAGO — Peak Realty, a Chicago-based firm that specializes in multifamily leasing and investment, has rebranded to Cross Street. The firm expanded to Denver last year with the opening of a second office. According to the company, the name “Cross Street” represents the important connections and intersecting parts of life and business. In five years, the Cross Street team has doubled, with more than 12,000 units leased and over $200 million in closed multifamily sales. Cross Street plans to expand to more markets, particularly urban areas.

March 15, 2024

Company News News Northeast Operations Washington, D.C.

NMHC Files Petition to Appeal New FCC Digital Discrimination Rule

by Channing Hamilton March 11, 2024

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has filed a petition to appeal the Federal Communications Commission’s (FCC) Digital Discrimination Rule. The new rule includes property owners as a “covered entity,” which would hold housing providers liable under the FCC’s enforcement scheme if adequate broadband internet connectivity is not available to its renters. The rule is slated to go into effect on March 22, 2024. NMHC stated in a press release that while it supports the goal of ending digital discrimination, it feels the new rule is overly …

March 11, 2024

Features Florida Operations Southeast

Q&A With Carl Whitaker of RealPage: Miami’s Rent Growth Moderates Amid Wave of New Supply, But Market Remains Pricey

by Channing Hamilton March 1, 2024

Developers have responded to Miami’s influx of well-heeled renters with a heavy Class A development pipeline and rents that rival some of the nation’s most expensive places to live. The city is also under the gun to create more housing for its low- and middle-income residents. Multifamily & Affordable Housing Business talked with real estate economist Carl Whitaker of RealPage’s data analytics division about rents, development and the Miami market’s unique ability to retain renters. MAHB: Could you share with us the most recent data on average effective rents, occupancies, deliveries and …

March 1, 2024

Marketplace at Liberty Crossing in Wilmer, Texas

Affordable Housing Development News Operations Texas

Asset Living Takes Over Management of 318-Unit Affordable Housing Complex Near Dallas

by Channing Hamilton February 26, 2024

WILMER, TEXAS — Asset Living has been awarded management of Marketplace at Liberty Crossing, a 318-unit affordable housing development in the Dallas suburb of Wilmer. The project is the second phase of the development of the Liberty Crossing Master Planned Community. Marketplace at Liberty Crossing will offer one-, two-, three- and four-bedroom units. The property will also include ground-floor retail space. A construction timeline and income restrictions for the community were not disclosed.

February 26, 2024

Kathleen Milisky, principal, Utility Revenue Services

Development Industry Voices Midwest Northeast Operations Southeast Texas Western

Smart Utilities Management Can Eliminate Pain Points and Reduce Unnecessary Costs

by Channing Hamilton February 21, 2024

— By Kathleen Milisky of Utility Revenue Services (URS) — Every developer knows all too well the headaches that can arise from utilities while building or managing a community. Time lost to issues such as power outages, delayed inspections and miscommunication can add unnecessary costs to any project. Smart utilities management is an effective way to stay ahead of problems before they start. Owners have the option of turning responsibility for the utilities over to an expert before they even pull a construction trailer onto the development site. It can …

February 21, 2024

Leasing & Marketing News Operations Texas

Asset Living to Manage Two Communities Totaling 652 Units in Houston

by Channing Hamilton February 8, 2024

HOUSTON — Asset Living has been awarded management of two properties, HiLine Heights and District at Washington, in Houston. Situated within the city’s The Heights neighborhood, HiLine Heights offers studio, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, business center, clubhouse, coffee bar and lounge. According to Apartments.com, HiLine Heights comprises 256 units across four stories. District at Washington offers one- and two-bedroom units. Amenities include a pool, fitness center, business center, yoga/spin studio, clubhouse, cybercafe and a dog park. District at Washington is located near Houston’s …

February 8, 2024

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