Federal and State legislation is targeting deceptive fee practices across industries, the rental housing industry being one of those affected. This includes the White House proposal for a Renters Bill of Rights (discussed further below) and weighing in heavily on the discussion of Junk Fees with the FTC’s proposed rule on “Unfair and Deceptive Fees”.
At the state level these measures are taken even further with California being among the loudest and most active. Additional states include Minnesota SF 2909 (discussed in our Q3 Compliance & Legislation Update blog post), Virginia HB 967 and HB 1519, and pending legislation with Illinois HB 4629.
Below we discuss the active and pending state level legislation in California and Virginia, as well as the federal level legislation as it applies to housing and the important legislative actions taking
When building out your renter’s insurance program, you want to make sure you’re working with A-rated carriers. When you work with A-rated carriers it means that the carrier has been vetted and you can feel comfortable that they will be able to meet all of their obligations to you and your residents. When working with lower rated carriers, you can’t be as confident that they’ll pay your claim, even if you’ve paid all of your premiums.
For all of the positive elements offered by the apartment world, the industry sometimes makes national headlines for dubious reasons. Most often it’s due to the issue of housing affordability, and traditional security deposits can be a major accomplice to the problem.
Very few in the business world would dispute the power of partnerships. The challenge exists in finding the right partner, one that is mutually beneficial and genuinely moves the needle for an organization.
There is no disputing that onsite teams are busy. They juggle prospect outreach, real-time resident requests and community events throughout the day—just to name a few of their duties.
We can’t all have the latest technology all the time. Smartphones, 3D televisions, Pinterest, self-parking cars, e-tablets, Google+, Draw Something. Chances are the average person could claim three or four of the seven listed. Adoption of technology will always have its laggards. However, in the case of utility bill and collect, failure to innovate can be costly for multifamily properties.
Apartment managers trying to forecast the wants and needs of tomorrow’s renters need look no further than the occupants of today’s student-housing communities. Based on the insights of panelists in the Student Renters: Defining the Future of Multifamily Experiences session at 2022 Entrata Summit, the apartment industry needs to prepare for a different kind of resident.
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