The Top Floor

A Tale of Two Types of Cities (Part 2)

Welcome to the second half of our two-part series exploring US cities and how renter migration patterns have changed. In just under two years, a handful of lifestyle and economic shifts created a new-found sense of urgency among renters. But even before the pandemic, certain metros saw a rise in populations, leading to a surge in rent costs that pushed many renters out to less expensive cities where the cost of living was lower. On top of that, when remote work became the new normal for some types of jobs during the pandemic, an influx of renters in expensive cities like New York, Los Angeles and San Francisco started seeking out more affordable areas, such as the Sun Belt states. Today on The Top Floor we discuss some of those Sun Belt cities, including Dallas-Fort Worth, Miami and Atlanta, to discover trends influencing renter’s new living situations, and what property managers can do to respond to evolving renter preferences and become more competitive.Resources:High renter satisfaction, low Net Promoter Score: How U.S. renters perceive their property managersSun Belt real estate: Stats and trends for 2022Census 2020: First results show near historically low population growth and a first-ever congressional seat loss for California

A Tale of Two Types of Cities (Part 1)

Change is often slow and subtle. But every so often an event takes place that accelerates existing trends, causing more dramatic and widespread change. In recent years, soaring rents have been driving many urban renters toward nearby suburbs or more-affordable cities. But then, several factors, including COVID-19 and the related economic changes, created a new-found sense of urgency among renters, and sped up this movement in some areas. While what we’ve summarized here is the most visible, recent shift within real estate, it’s just one detail of a larger, more diverse story. And over the next two episodes, we’re aiming to create a more complete narrative. Today on The Top Floor, we kick off our two-part series, “A Tale of Two Types of Cities,” which explores population exchanges between US metropolitan areas. Our series begins on the West Coast.Resources:AppFolio Survey: High renter satisfaction, low Net Promoter Score: How U.S. renters perceive their property managers "Has the Golden State lost its luster? California population shrinks for the first time ever" (Los Angeles Times)Atlas Van Lines annual Migrations Patterns Study

Why Today's Hiring & Retention Challenges Are Different

Today on The Top Floor, we’re diving into what appears to be the most pressing issue facing property managers: HR, Staffing, and Recruitment. A recent National Apartment Association (NAA) report, sponsored by AppFolio, surveyed property managers about the most significant challenges they face. The report provided new insights into the extent to which staffing and turnover concerns have affected the rental housing industry. Of all survey respondents, 74% said human resources, staffing and recruitment were among their top-three challenges, with 50% of those respondents identifying those issues as their primary challenges. Focusing on the NAA research, we dive into the rental housing industry’s pain points and how the industry is tackling these challenges on the ground. 

Communication: The Key to Keeping Your Communities Connected

Communication has always been key in the association management industry. However, in today’s digital world, instant communication is no longer a ‘nice to have,’ but an absolute necessity. We all are accustomed to having immediate answers and information at our fingertips — and homeowners and board members expect the same experience from their community association. Due to these changing expectations, association management businesses have had to pivot their communication strategies in order to keep their homeowners and board members informed and satisfied. From community updates to board financials — everything has had to transition from traditional to mobile modes of communication. While it may have been challenging initially, today these strategies have paved the way for stronger, more connected communities. In this episode on The Top Floor, we explore the role communication plays in association management and customer relationships, and how businesses are working to streamline their processes to increase transparency, satisfaction, and efficiency. Throughout the episode you’ll hear from various association management companies, who will share how they have successfully boosted communication within their associations, along with an AppFolio product expert, who will talk about the emerging technologies your business can take advantage of today to strengthen your communications.

How Optimizing Maintenance Boosts NOI

When’s the last time you audited the maintenance processes at your property management company? Outside of a list of preferred contractors, there may not even be a process, which can have real consequences on a company’s net operating income, as maintenance costs can be some of the most difficult to control. To serve resident’s needs and protect property assets, proper maintenance means regularly incurring hard costs, including people, time and materials. But it can be difficult for growing teams to accurately anticipate these costs and take the steps needed to streamline where possible. Without a process or thoughtful planning, how would your team know if they’re overpaying on parts and labor to replace a leaky faucet? Or how well they’re satisfying service requests? Today on The Top Floor, we’re investigating the relationship between maintenance costs and NOI.