Renting in America

DECEMBER 2019 | FUTUREOFBUSINESSANDTECH.COM

An Independent Supplement by Mediaplanet to USA Today

RENTING IN AMERICA

Anthony Melchiorri The hospitality expert talks best practices for tenant satisfaction

Learn what the experts have to say about managing a multifamily rental property Discover why “Stay Here” star Peter Lorimer takes a peoplefirst approach to real estate

UPCOMING EVENTS NMHC ANNUAL MEETING Orlando, FL – January 2020 ••• MIDDLE-MARKET MULTIFAMILY FORUM (Northeast) New York, NY – February 2020 (Southwest) Dallas, TX – March 2020 (West) Seattle, WA – May 2020 ••• MULTIFAMILY PROPERTY MANAGEMENT & OPERATIONS FORUM Dallas, TX – March 2020 ••• NAHMA AFFORDABLE HOUSING CONFERENCE Washington, D.C. – March 2020 ••• MULTIFAMILY WOMEN’S SUMMIT Scottsdale, AZ – March 2020 ••• REAL TECH CONFERENCE Location TBD – June 2020 ••• RESIDENTIAL PROPERTY MANAGEMENT & OPERATIONS FORUM Atlanta, GA – September 2020

The Game-Changers Turning the Rental Industry Upside Down The apartment industry is going through a major shift. Here are some of the ways renters’ expectations are beginning to change.

We live in an age of disruption with big shifts in the way people approach nearly every aspect of their lives. At the intersection of all these upheavals is housing.

The apartment industry houses nearly 39 million people — and demand for apartment living is growing. In fact, the industry will have to build at least 4.6 million apartments by 2030 just to keep up with demand.

Tomorrow’s renters’ needs and wants will be very different thanks to game-changing shifts.

This is the premise behind the National Multifamily Housing Council (NMHC) report: Disruption: How Demographics, Psychographics and Technology Are Bringing Multifamily to the Brink of a Design Revolution.

The report digs into tectonic shifts that will radically reshape residents’ expectations and experiences, as well as what the industry needs to consider in designing, developing, and operating new communities and apartment homes.

Technology Technology will be part of the core design of communities rather than an add-on.

Employment Mobile technology and increasing participation in the gig economy mean residents will expect to have office amenities like high-speed internet and co-working spaces.

Transportation Ride sharing, as well as electric and driverless cars, stand to challenge parking assumptions and free up millions of square feet of parking space.

Health A growing consumer emphasis on wellness means apartments will be valued by their contributions to not only physical, but also social and emotional, health.

Spaces The sharing economy is chipping away at the divide between public and private space, requiring tomorrow’s apartment communities to be more integrated into the fabric of the community at large.

The apartment industry must begin thinking about how to adapt to these shifts or risk facing a disconnect with their future customers. n Colin Dunn, National Multifamily Housing Council

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2020 NMHC/Kingsley Apartment Resident Preferences Report

THE NATION'S APARTMENT RESIDENTS REVEAL WHAT THEY LIKE, LOVE AND CAN'T LIVE WITHOUT! N M HC .ORG/ R ESI DE N TS 2 •

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How Multifamily Owners Can Leverage Wi-Fi to Create Added Revenue Streams for Their Properties

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ack of high-speed internet has become a deal breaker for many apartment renters. Property owners are trying to meet that demand for better connectivity, while at the same time looking for ways to leverage Wi-Fi to create added revenue streams for their properties.

A DISH Business survey found that 81 percent of property owners and managers indicated that technology services were important in keeping residents satisfied.

There’s room for improvement too with 67 percent agreeing that they could do more to provide the highest level of technology to their residents.

Must-have These days, providing high-speed internet is less of an amenity or added perk that can give a property a competitive edge and more a standard part of the utility package, much like water and electricity. The annual NMHC/Kingsley Apartment Renter Preferences Report consistently shows that a majority of renters view high-

speed internet as a non-negotiable “must-have” when ranking in-unit features.

“For most people moving in an apartment community, the No. 1 amenity they want is fast, reliable, secure internet service,” says Josh Rowe, director of product and business development for DISH Business.

A solution for property owners and managers is to bundle a Wi-Fi package for their tenants. DISH Fiber’s instant-on managed Wi-Fi service is a solution for multifamily communities offering gig-enabled speeds and live-streaming TV service with 24 channels available property-wide. The service is managed from one centralized satellite dish and delivered over the property’s IP network.

Tenants won’t need individual satellite dishes.

Better service experience Bringing in a managed service provider also gives property owners an opportunity to add value by delivering a better service experience. Multifamily properties are increasing their focus on creating engaging common area and community spaces for people spending more time outside of their personal units that require a robust broadband solution.

These days 3.7 million Americans work from home and the need for tenants to stay connected at all times is crucial.

Renters can access their personal network both inside their unit and inside the apartment complex, whether they’re working out at the gym or sitting poolside.

“The idea of having a powerful common area network is not just because it’s nice to be able to print from the pool but because there are lifestyles that are lived more outside the unit,” says Rowe.

This also eliminates the issue of interference from multiple service providers trying to support individual residents rather than having a service-level agreement for the entire property. That single source broadband infrastructure also creates a solid backbone to continue to support the growing demand for “smart living” features both within units and in common areas that will be critical for positioning apartments as a competitive property for today with the technologies of tomorrow.

Revenue opportunities While many owners are evaluating new service offerings to better meet the needs of their residents, savvy owners are also recog-

nizing this as an opportunity to drive incremental revenue. Their ability to provide lightning-fast, secure, Wi-Fi access, both within units and throughout community areas of a property that residents can access as soon as they move in, is a way to up their game.

Leveraging connectivity to generate added value means giving up traditional revenue share models in exchange for new methods. Currently, many owners provide access for two or three different internet service providers or telcos to come onto a property and compete for renter business. That approach produces mixed results with an inconsistent service experience for renters, and in some cases, creates interference between neighbors with rival systems.

Often owners can make significantly more revenue by buying broadband at a property level and charging a technology or amenity fee to renters compared to what they’d collect on a revenue share from cable companies and/or telcos servicing their property on an individual resident basis.

Now and in the future, it’s smart business for property owners to help renters stay connected with high tech amenities like Wi-FI. n Kristen Castillo MEDIAPLANET • 3

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water that’s unintentionally wasted before showering actually begins. Save that Behavioral Waste and you’ll significantly reduce shower-related water and energy-use while adding comfort and convenience to renters’ showering routines.

ShowerStart Technology is available in a variety of shower fixtures designed and developed exclusively by Evolve Technologies.

Saving Water and Energy Without Changing Habits There is a way to save water when showering without compromising comfort.

Because of the way plumbing is designed, it takes time for hot water to arrive. As a result, most apartment dwellers turn on the shower and step away to do something else while waiting.

Pretty soon the water’s hot, but an empty shower runs on and on.

In total, about a minute’s worth of hot water is wasted at the start of every shower. And those little habits, called Behavioral Waste, are consuming 1.5-2.5 gallons of hot water per shower. Multitasking is a good use of time, but it ends up being a very poor use of water and the 4 • FUTUREOFBUSINESSANDTECH.COM

energy used to heat it. Although a couple of gallons may not sound like much, it adds up to a lot of water and energy waste over time — especially in apartment buildings housing dozens or even hundreds of residents.

The solution to eliminating Behavioral Waste is simple, cost effective, and most importantly doesn’t require residents to change their routines. All that’s needed is a clever little piece of technology called ShowerStart.

Once installed, multifamily residents can go on doing what they’ve always done. ShowerStart takes care of the rest.

ShowerStart works by monitoring the shower’s temperature.

Once hot water arrives, the flow

is automatically reduced to a trickle. That audible change in flow indicates the shower’s ready and keeps it warm and waiting until the bather returns.

Traditionally, multifamily properties have conserved hot water by installing low flow shower heads. And while they have the potential to get the job done, they typically do so at the expense of resident comfort.

Spray patterns are weaker, showers are a bit colder, and they significantly increase hot water wait-times — making the Behavioral Waste problem even worse.

It doesn’t have to be that way, however. Instead of lowering showerhead flow, multifamily properties can now save the hot

Products Featuring ShowerStart Technology Auto diverting tub spout system Evolve Technologies’ Auto Diverting Tub Spout System is ideal for tub/shower combos. Not only does it eliminate Behavioral Waste, but it also speeds hot-water delivery, reducing waits from minutes to just seconds.

The System has two additional comfort- and convenience-oriented water saving features. It thermostatically prevents tubspout leaks (hot water exiting the tub spout while the shower head is running) and delivers a great feeling, high pressure, yet water-saving shower. In total the Auto Diverting Tub Spout System saves up to 16 gallons of hot water per shower.

Showerstart TSV Like the idea of eliminating Behavioral Waste, but have a stand-alone shower? Adding ShowerStart to existing shower heads is as simple as using a ShowerStart TSV adapter. Once installed, residents can conveniently step away from the shower while waiting for it to become warm without wasting hot water while doing so.

In addition to our ShowerStart TSV adapter, Evolve offers a complete line of shower heads and hand showers with integrated ShowerStart Technology. n Troy Sherman, Director of Products and Marketing, Evolve Technologies

Electric Vehicle Charging Stations Are a Big Win for Renters The number of Americans living in rental properties is increasing at the same time electric vehicles become mainstream.

This is why multifamily properties offering electric vehicle charging stations have become such a draw for residents.

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lectric vehicles (EVs), replete with all the luxury, convenience, and style consumers demand, represent a beacon of hope for a cleaner, green future. And the multifamily rental industry has taken note, providing residents with EV charging stations at home.

Demand for fuel-efficient and low-emission vehicles is growing.

There are more than a million EVs on the roads in the United States now, and a projected 18 million by 2030. At the same time, Americans are increasingly renting homes in multifamily dwellings rather than buying houses.

The fastest-growing regions for EV ownership correlate with the hottest markets for renting and residential construction, including Atlanta, Austin, Washington D.C., Los Angeles, and New York City. With underdeveloped public EV charging infrastructure in these cities, multifamily EV charging amenities score major points with renters.

For example, Blink Charging, a leader in EV charging infrastructure, has seen a significant increase in demand for its 80-Amp charger at multifamily residences.

According to Blink client data and the Alternative Fuels

Data Center, EV charging stations for multifamily dwellings, including rental apartments and condominiums, provide property owners with a unique way to attract and retain residents, while fostering an environmentally sustainable community.

Early reports on the impact of EV charging at residences indicate a renter’s willingness to pay more for this convenience.

80-Amp level 2 chargers, such as the IQ 200, are the preferred methods for multifamily dwellings, as they provide a fast level 2 charge without the infrastructure, purchase, and maintenance costs associated

with DC fast charging.

Electric vehicles play an essential and cost-effective role in reducing pollution, so residential communities need to support EV charging and operations. With nearly 20 percent of Americans living in multifamily dwellings, the necessity for multifamily EV charging is vital.

Once considered a novelty and indulgence for the wealthy, electric vehicles are now becoming mainstream. Soon, charging stations won’t just be a perk, they’ll be essential. n Rebecca Gutierrez, VP of Marketing, Blink Charging

A Smarter, Worry-Free Approach to In-Home Laundry SPONSORED

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he multi-family housing market is rapidly growing and so are residents’ demand for amenities that create convenience and make their lives easier. As owners look for new amenities to set their property apart, there is a more basic amenity that 89 percent of renters want and now 77 percent won’t sign a lease without — in-home laundry.

It’s obvious how in-home laundry benefits residents; however, it brings many benefits for property owners and managers as well. In

addition to meeting the increased demand for this amenity to sign more leases, offering in-home laundry allows for an average 10-13 percent rent premium.

That said, what property managers often don’t realize is that they’re ultimately entering the laundry business, requiring heightened amounts of work, time, and money. As inventories of hundreds of machines age, they lead to increased repair and replacement costs, growing damage claims and liability, and frustration among staff and residents.

An in-home solution To solve these problems, CSC ServiceWorks (CSC) has created the In-Home Laundry Service Solution, an expert service and parts

program that satisfies residents and building owners alike. Owners are now able to tap into CSC’s systems and expertise in maintaining over a million machines through a network of thousands of certified field technicians based in local branches.

With three service tiers and flexible lease options, building managers can easily choose to pay as they go, or predictably manage costs with unlimited service and parts for a fixed monthly fee. The product is also designed to allow properties to maintain asset ownership if they choose.

The bottom line is that there’s always a working machine in every home.

“We have found that the increasing popularity of in-home

laundry has led to opportunity for property owners but also added complexity,” said Tony Sculthorpe, chief commercial officer at CSC ServiceWorks.

“Our goal is to help owners capitalize on this amenity and grow their business without the headaches or added costs.”

In a growing multi-family market, it’s critical to stay competitive in the amenities you provide for residents. With solutions like the In-Home Laundry Service Solution, CSC ServiceWorks works for clients and consumers, making it easier than ever for properties to effectively deliver in-home laundry and create high levels of resident satisfaction. n Rick Martella, EVP of Marketing, Communications & Public Affairs MEDIAPLANET • 5

Smart Amenities Are on the Rise Renters want more smart-home technology and owners should take note in order to keep up with a changing industry.

Technology affects rental housing now more than ever, and the industry is moving toward smart homes according to a recent survey from the National Apartment Association (NAA) on behalf of Maintenance Supply Headquarters.

When asked to rank seven factors that had the greatest impact on their smart-home tech initiatives, costs to implement were viewed as a major hurdle, followed by incompatible technology and choosing the right technology that won’t become outdated in the near future. Forty-one percent ranked “future-proofing” in the top two challenges of smart-home tech.

Findings from the resident side of the survey mirrored those of the owner and operator group, showing they were more likely to have used basic smart-home features, most commonly security cameras, voice-command assistants, and online lease renewal.

Approximately 58 percent of residents found smart-home technology to be beneficial and an overwhelming majority — 84 percent — who don’t have smarthome tech said they would like to see such features implemented in their communities.

Owners and operators who have not added smart-home features will find themselves falling behind.

Waiting for future-proof technology is fruitless if the industry continues evolving as it has during the past several years. Adding basic features like smart thermostats and resident portals goes a long way toward attracting and retaining residents.

Paula Munger, AVP, Industry Research and Analysis, National Apartment Association 6 • FUTUREOFBUSINESSANDTECH.COM

Anthony Melchiorri Wants Property Managers to be Smart About Tech and Amenities PHOTO: TRAVEL CHANNEL

Hospitality expert and reality star Anthony Melchiorri explains what property managers and small-time renters can do to stand out from the crowd.

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anaging multifamily properties is a dynamic business that needs dynamic tools. Hospitality expert Anthony Melchiorri has been in the industry for 30 years and knows what it takes for property owners to succeed.

Now, he is sharing tips to help property owners maximize the tools and technology needed to improve the tenant/resident experience.

When it comes to managing a lot of properties, Melchiorri says “technology, strategy, and marketing come into play.” He recommends property managers attend tech conferences to get the best new products. The biggest tech tool you should be using? Smart locks.

“There are smart locks out there that basically come in all shapes and sizes and they download to your phone as a guest,” says Melchiorri. “You basically put the code in and you open up the door.”

Focus on providing a good tenant experience.

Start with a clean, well-maintained property.

Melchiorri suggests hiring cleaning and maintenance services to handle the workload. Make sure guests have a number to text or call about safety or maintenance concerns. Then stock the property with conveniences.

“If you have three, four, or five different properties, understand the basics,” says Melchiorri. “Make sure you have Wi-Fi that’s high speed, comfortable sheets and towels, toilet paper. Basic shampoo. Don’t cheap out on this stuff.”

Give guests something to remember. “At the end of the day, you’ve got to make it memorable,” says Melchiorri. “Really, to me, what makes it memorable is when you give them something they didn’t expect. Could be complimentary Netflix or a muffin from your grandmother’s recipe with a recipe card.”

Melchiorri says the best part of the industry is consumers having a say. It’s good business to focus on the customer. n Kristen Castillo MEDIAPLANET

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Experts Describe the Changing Residential Rental Industry & How Property Managers Can Improve Timmi Ryerson CEO, Smart Property Systems

What is the most common mistake that property managers/ landlords make when it comes to renting out their properties to prospective renters?

Timmi Ryerson: Our company works with PMs/landlords every day. I can tell you that the biggest mistake made is failure to use tenant screening and do proper due diligence when choosing a tenant. Many inexperienced managers will also allow a tenant to move into a property without signing a lease. These practices usually turn out to be very costly for the owner when there is no governing document with rules that manage issues which come up during the occupancy of the rental property.

Sean Miller President, PointCentral

What is one amenity that every property manager should be investing in this year?

Sean Miller: Approximately onethird of households in the United States have a smart home, and there is no reason that rental households want the comfort, convenience, savings, and safety that a smart home provides any less than those who own their home. Installing a smart home as part of a property automation platform gives you a visible differentiator that residents value and will pay $20 or more per month for. Investing in the right platform will also bring tangible operational (i.e. keyless access for workorders) and asset protection (i.e. water leak detection),

Barbara Corcoran Founder, The Corcoran Group

along with flexibility for future needs (i.e. flexible rentals).

What is the largest challenge you’ve faced as a woman in business?

Barbara Corcoran: Worse than not being taken seriously was being dismissed by the men I competed against. They really didn’t see me at first and that would be very off-putting and shake my confidence to the core. I learned that I had to get my own attitude on straight. I simply made a mental note of the occasion, who I was with, and then I went out to prove them wrong.

What is the key difference between building “communities”

John Gray President, LMC

and building “complexes?”

How does this affect resident engagement and satisfaction?

John Gray: Ultimately, the communities we build or acquire are vehicles for our residents to have a great place to live and a great experience while living there. The resident experience is far greater than just where they sleep or where they work out, it is heavily driven by the community of the residents around them. Engaging residents to be interactive and enjoy not just the physical community they live in but the social community they are a part of creates a fulfilling resident and life experience. n

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Inside Peter Lorimer’s Human Approach to Real Estate Star of Netflix’s “Stay Here,” Peter Lorimer explains why putting people first in real estate makes good business sense.

Netflix users might know Peter Lorimer as the star of “Stay Here,” where he helps renters transform their spaces into vacation getaways. But he says it was his experience working in the music industry that gave him the skills to thrive in the real estate business. His overriding philosophy? Put people first.

Lorimer always recommends treating tenants like extended family. “When you have a great tenant, treat them like gold.”

This means he doesn’t skimp on necessary repairs, he waits three years to raise the rent, and he even gives his tenants his personal phone number as well as that of the property manager. He encourages tenants to text them both with any issues and if their problem goes unaddressed for too long he will respond to them personally. This kind of close, communicative relationship between landlord and tenant is unusual, but Lorimer says in his experience people who have adopted this philosophy tend to be more successful.

“There’s nothing more personal than somebody’s accommodation whether it be for the night, for the week, or for a year or for life.”

When thinking about how to best attract and keep tenants, Lorimer says the solution is simple. “The answer is always the person.”

Lynne Daggett 10 • FUTUREOFBUSINESSANDTECH.COM

Landlords Benefit When They Celebrate Their Tenants Property managers should remember that tenants are their customers and making their needs a priority goes a long way towards a more successful business.

Research shows that building great relationships with your tenants pays off. Large apartment communities do a great job of celebrating their tenants, while management companies in the single-family and condo space often struggle. Community events, appreciation nights, holiday cards, raffles, move-in gifts, and similar gestures help large apartment communities build relationships with their residents. Some of these tools may not work for a single-family home manager, but what they can mimic is this approach to tenant relationships.

If you are a property manager, the owner of the property is your client and the tenant is your customer.

Without the tenant, nothing happens. If you want to be successful in business, learn what other successful people are doing and mimic them.

The large apartment industry is often backed by Wall Street money. These investors have done tons of research, tenant surveys, and pored over data to find the secret sauce to maximize profit.

They discovered that providing an amazing experience for the tenant pays off.

There are those who do not view the tenant relationship as important and will not even

talk to tenants if they can avoid it. I argue that talking to the tenant is just as important as talking to the owner. Those who recognize the opportunity in front of them will set themselves apart from the competition by offering the tenant the great service they are looking for. It’s an easy way to stick out from the crowd, by being a company that focuses on a great tenant experience.

Here are some things the large apartment communities do to attract and keep the best tenants; you can do these things as well: Answer the phone When you are marketing a property, have someone who answers your rental calls seven days a week. Answer all the calls that come in and provide the best customer service you can. Very few do this, so this sets you apart. There are companies that specialize in prospective tenant calls who can always be available.

Make the right first impression Only show vacant homes that are rent-ready. The best tenants only rent clean and attractive homes. You tend to attract bad tenants when you show a lived-in, cluttered home. Since the property shows better, you will get a better price when you show a cleaned and move-in ready home. This approach also eliminates issues at move-in where the tenant thought they were going to receive the home in better condition than they got it. The multifamily indus-

try has done tons of studies on this. That’s why they never show occupied properties.

Get online Have everything online. Applications, lease signing, maintenance requests, and rent collection can all be done online these days. The millennial generation is the “right now” generation. They expect things to be online, fast, and easy.

Personalize it Provide move-in gifts or other special touches to your leasing and move-in process.

Get feedback Survey your tenants after they move in and after maintenance is completed to make sure they are satisfied.

Be responsive Handle maintenance quickly, using professional vendors.

Celebrate Celebrate your tenants’ birthdays and the anniversary of leasing.

Be fair Be fair with a tenant’s deposit.

Don’t nickle-and-dime them when they leave the place in great shape. This leads to fewer deposit issues and court appearances, and appeases the real-estate gods.

Welcome your residents Welcome interaction with your tenants. Go out of your way to communicate.

You may see the value in this approach and decide to make big changes to how you approach the tenant relationship. Even if you just change your mindset, you can operate your business more profitably with fewer headaches. n Steve Welty, National Association of Residential Property Managers MEDIAPLANET

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Experts Describe the Changing Residential Rental Industry & How Property Managers Can Improve

Timmi Ryerson CEO, Smart Property Systems

Sean Miller President, PointCentral

Barbara Corcoran Founder, The Corcoran Group

John Gray President, LMC

The residential rental industry is going through a huge shift. President of PointCentral, Sean Miller, Timmi Ryerson, CEO of Smart Property Systems, “Shark Tank’s” Barbara Corcoran, and President of LMC, John Gray, break down how to weather the changing tides.

What is the most common mistake that property managers/landlords make when it comes to renting out their properties to prospective renters?

Timmi Ryerson: Our company works with PMs/landlords every day. I can tell you that the biggest mistake made is failure to use tenant screening and do proper due diligence when choosing a tenant. Many inexperienced managers will also allow a tenant to move into a property without signing a lease. These practices usually turn out to be very costly for the owner when there is no governing document with rules that manage issues which come up during the occupancy of the rental property.

What is one amenity that every property manager should be investing in this year?

Sean Miller: Approximately one-third of households in the United States have a 8 • FUTUREOFBUSINESSANDTECH.COM

smart home, and there is no reason that rental households want the comfort, convenience, savings, and safety that a smart home provides any less than those who own their home. Installing a smart home as part of a property automation platform gives you a visible differentiator that residents value and will pay $20 or more per month for. Investing in the right platform will also bring tangible operational (i.e. keyless access for workorders) and asset protection (i.e. water leak detection), along with flexibility for future needs (i.e. flexible rentals).

What is the largest challenge you’ve faced as a woman in business?

Barbara Corcoran: Worse than not being taken seriously was being dismissed by the men I competed against. They really didn’t see me at first and that would be very off-putting and shake my confidence to

the core. I learned that I had to get my own attitude on straight. I simply made a mental note of the occasion, who I was with, and then I went out to prove them wrong.

What is the key difference between building “communities” and building “complexes?” How does this affect resident engagement and satisfaction?

John Gray: Ultimately, the communities we build or acquire are vehicles for our residents to have a great place to live and a great experience while living there. The resident experience is far greater than just where they sleep or where they work out, it is heavily driven by the community of the residents around them. Engaging residents to be interactive and enjoy not just the physical community they live in but the social community they are a part of creates a fulfilling resident and life experience. n MEDIAPLANET