While it’s true that Chicago doesn’t have an abundance of land for new multifamily property development, its reputation as a difficult place to build may be largely unfounded. In fact, the National Apartment Association (NAA) recently listed it as the ninth-easiest U.S. city in which to build, among the 58 examined. While the NAA acknowledged [...]
Where multifamily rentals are concerned, it’s not all about Millennials and those who comprise Generation Z. Much of it is, to be sure, because of the financial clout of those age groups. There is, however, far more to it than that. There is also the matter of smaller (yet significant) niche groups, and how a [...]
One of the greatest challenges among multifamily property owners is accommodating the parking needs of residents and guests. This issue is especially problematic in densely populated urban areas where there may be insufficient parking ratios for the number of units in a property. Despite the trend toward ride-sharing and bicycling, particularly in urban communities, it's [...]
No Pets Allowed? Sorry, that’s often not an option anymore. In fact, it has flipped, to the point that those owning multifamily properties are going out of their way to curry favor with those owning furry friends. It’s easy to see why. While in 1988 just over half of U.S. households served as home to [...]
Leasing incentives work, but they have to be the right ones in the right place at the right time. What works with Millennials doesn’t necessarily work with Baby Boomers. What works in San Jose doesn’t necessarily work in Schenectady. Most fascinatingly of all, financial incentives aren’t necessarily a be-all, end-all. Jake Meador, writing for Rentvision.com, [...]
The conversation took place in a Reddit.com chatroom, one of those lonely Internet outposts where frank talk is welcome. And a newcomer to property management raised this seemingly benign question for the good of the order: Any tips? It was as if alarm bells sounded, because he was immediately informed he should not trust anyone. [...]
If you are investing in a multifamily property for the first time it is very likely that you are feeling both excited and a bit apprehensive. That being the case, it is essential to go in with eyes wide open, conscious of the common pitfalls that bedevil newcomers to the space. Here are my tips [...]
Millennials have long gotten a bad rap as slackers who graduate college and move back into their parents' homes indefinitely. While this may be a reality to some degree, the causes for it may also be somewhat misleading. In truth, more millennials are getting bachelor's degrees than any other generation in history but they are [...]
Investors considering a move to a new area are often concerned about potential externalities that may affect their business. They focus on every negative news story and every potential threat that may arise. Others simply make a move and deal with potential consequences later. Instead, companies need to take concrete steps to research an area [...]
Because of climate change and resource depletion, it is well past time for real estate owners and investors to adopt sustainable practices. Studies have shown that buildings such as multifamily properties account for 36 percent of the world’s energy consumption, and 40 percent of the carbon dioxide emissions. That has led in recent years to [...]