CREJ

Page 20 — Multifamily Properties Quarterly — February 2022 www.crej.com Management Starry’s next-generation internet service offers residents what they’ve always wanted; incredibly fast and reliable speeds at an affordable rate. STARRY INTERNET UPGRADES YOUR PROPERTY, AT NO COST TO YOU Starry is one of the highest-rated internet providers in the world, handily beating competitors like Webpass, Comcast and CenturyLink. Questions? Emai l den-sales@starry.com or visi t starry.com/meetdenver C olorado’s post-pandemic market is hot right now for multifamily owners and operators, with no sign of slowing anytime soon. As on-site teams plan for 2022 and beyond, keeping up with the frenzy of renter migration and maintain- ing efficiency during this ongoing period of high demand will be at the forefront. Right now, demand for rentals is catching up to the historically com- petitive homebuying market. The vacancy rate in Denver reached a six-year low in 2021, as reported by NorthMarq, but don’t let that num- ber fool you – people will be chang- ing where they live since rents have gone up as demand has increased. The high demand in Denver mir- rors what we are seeing nationwide. But before getting too complacent in the good news, it’s important to remember that high demand doesn’t just mean there is an influx of new renters. It also means that current renters are on the move. Renter turnover is happening now as residents seek new housing. In a November renter survey by Rent- Path, 60% or more of renters said they planned to seek another apart- ment in the next six months. n Colorado renters are on the move. A number of trends are influencing moves nationwide. Greater flex- ibility due to the continuation and, in some cases, institutionalization of remote work has prompted rent- ers to redefine their ideal home and location. Additionally, many people are being priced out of the homebuying market, or are not will- ing to lower their standards or take on a fixer-upper in these difficult times of finding contractor labor. In the Front Range specifically, recent events have further catalyzed renter migration trends. The end to the eviction moratorium and the devastating Marshall Fire, which destroyed close to 1,000 structures, makes it even more critical that property teams are able to respond to renter inquiries with care. At the close of the eviction mora- torium, landlords are focused on recovering rent due and on ensur- ing their residents are able to access needed resources. State data shows that in December, Colorado land- lords filed 3,237 eviction cases, the highest rate since before the start of the pandemic. There also were record-high levels of interest in the Emergency Rental Assistance Pro- gram, a process that requires docu- mentation from both landlords and tenants to qualify for assistance. In an already strained rental and housing market, the Marshall Fire left many households in need of affordable and readily available short-term housing. The market will be in flux as those impacted by the fire determine whether they will be able to return to their residences. On-site teams must be prepared for the influx of inquiries by having information prepared for displaced families as well as ensuring they have the coverage and technology tools in place to manage incoming leads. As this demand of “renters seeking info” skyrockets, keeping a handle on the existing residents’ needs becomes tougher. In addition, on-site property teams are also on the move as employees seek higher wages or make career changes to accommodate the new way they are living. So, what’s next for owners and operators scrambling to meet this growing demand? Simplifying, where possible. On-site teams can weather the future of the industry by cutting down on repetitive tasks and automating as much commu- nication as possible. In addition, having property information readily available, digitally accessible and very clear will help possible renters answer questions quickly and save their and the property’s time. n Prioritize automated tour schedul- ing and virtual showings. Tour sched- uling is a mundane task that on- site teams shouldn’t have to con- tend with. It’s a better experience for renters and a better experience for on-site teams to offer self-serve, automated bookings. If your leads still are having to call your office and book tours directly, consider automating scheduling through an internet listing site or a third-party tour scheduling software. This will free up time for property managers to focus on resident retention strat- egies or marketing their properties. The pandemic ushered in univer- sal acceptance of video tours and 360-degree touring options. They allow renters to get high-quality viewings of rental units on their own time. By the time renters are ready to view the property in per- son, they already have vetted the property thoroughly in a virtual tour and are closer to making a final decision. n Know when to automate versus personalize communication. Because of high demand and the complexi- ties of the renter market, property teams will have to balance quick, automated communication with meaningful one-on-one interac- tion. From text messaging to social media, properties manage more channels of communication than ever. Prospects and residents have come to expect prompt, seamless correspondence from on-site teams. An easy way to do this is with rent- er communication platforms that integrate with property manage- ment systems so staff can monitor and respond to email and texts in one place. Virtual leasing teams also offer 24/7 support so on-site staff can delegate common inquiries like maintenance requests, frequently asked questions and tour sched- uling during busy times or hours when the team is offline. This next phase of high demand and renter migration will come with its own challenges. Thriving in this market will mean reinventing old processes so on-site teams can adapt and respond without getting lost in the shuffle. s Tips for on-site teams navigating the current market Sean Barry Chief operating officer, RentPath