Facing recycling mandates? National Doorstep® helps multifamily properties avoid fines, reduce dumpster pull fees, and increase NOI—nationwide. Apartment recycling compliance made simple.
High-Supply Market Sustainability, NOI, and Compliance: Why Multifamily Owners Need National Doorstep Pickup®
With 500k+ new units, competition is peaking in Austin, Nashville, Atlanta, Charlotte, Tampa, Denver & Raleigh-Durham. As strict waste mandates rise, owners face a dual test: standing out to residents while ensuring compliance. Success now demands balancing top amenities with verifiable sustainability.
Understanding the Risks of Unlicensed Contractors | Resident First Focus
When it comes to maintaining and improving multifamily apartment communities, the choice of contractors plays a critical role in the property’s quality, safety, and value. Hiring unlicensed and uninsured contractors might seem like a cost-effective solution, especially in a competitive market where budget constraints are often a concern. However, the decision to use such contractors can have far-reaching consequences, both legally and financially. This piece explores the risks, potential legal issues, and long-term financial implications of using unlicensed and uninsured contractors in a multifamily apartment community.
5 Long-Time Resident Retention Tips | Resident First Focus
27 Ways to Increase Your Apartment Income - Part 2 - Resident First Focus
CREATE NEW REVENUE
Utility reimbursement– Also known as RUBS (Ratio Utility Billing System), the pass-through of water & sewer charges to tenants is the most common new revenue stream for most apartment properties. This is called a ‘net lease’ in other commercial properties and is now becoming the norm in multifamily. Plus, it incentivizes residents to conserve resources and participate in cost-saving measures.
Pet rent– Pets are tenants, just like their owners. They create ongoing wear & tear on a property, and charging an ongoing pet rent is a much more logical method of covering that cost than merely charging a one-time deposit. People love their pets, and with so many properties not allowing any pets at all, most renters are willing to pay the additional rent.
Storage rent –How many of your tenants are paying for storage off-site? You might be surprised. If space allows, consider adding storage units on-site. Once in place, they require very little management.
Parking rent –Apartment development continues to trend toward higher density, and one side effect is an overall decrease in the average number of parking spaces per unit.
Bike rack rental –If you own property in a bike-friendly city, you may have tenants who commute by bike. In that case, secure, covered bike storage could be quite valuable to those not wanting to get muddy tire tracks on their (your) walls. Add in a bike-wash and maintenance area, and you may have tenants for life.
Furnished rentals –The market for furnished apartments may not be huge, but it will never go away. Consider charging a premium for furnished units.
Appliance rental (vacuums, carpet cleaners, etc.) –You might be surprised how many residents take advantage of this amenity. The benefit for you, of course, is that your tenants are paying to help maintain your property.
Clubhouse rental –Many properties with clubhouses offer them to residents for no charge. However, quite often, tenants are willing to pay for their use.
Cell tower/antennae lease –If you’re lucky enough to have a property in the right location, a cell tower lease can produce great passive income. See celltowerinfo.com for more info.
Billboard/sign lease –Great for urban properties or high-traffic areas, these are another low-maintenance source of passive income, and third-parties often manage them.
Tanning bed rental –Would your residents drive to the nearest tanning salon if one were already on-site? Probably not, and the revenue per square foot might surprise you.
Install vending machines –Today’s vending machine technology is pretty impressive. With new features such as bank cards and automatic reordering, it’s only getting better. Save your residents a trip to the store, and they will pay a premium for convenience items.
Concierge services –Another hot new trend, primarily in luxury apartments, is a dedicated concierge to cater to residents needs outside of necessary living accommodations.
Stay tuned for More On the Economics of Rental Retention and How Keeping Residents Happy Drives Profit. In Future Newsletters, we’ll break down more on the economics behind tenant retention and look at how applying strategies to reduce turnover will have a positive impact on your profits, operating budget, and long-term success as a rental property manager.
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