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
If you want to stand out from the crowd, the first step is to get your properties to appear in those above the fold listings that get the most clicks. According to Neil Patel, the preeminent expert in local search engine optimization, businesses that make up the Map Pack in the upper right corner of the search engine results page, account for 44% of all clicks.
One of the biggest problems owners and operators face each day and one that takes up a lot of time and mental energy of site staff is late or delinquent payments. However, when there’s an incentive for paying rent on time, like building credit, the likelihood of on time payments increases significantly and makes online, automated payments more attractive to residents. When staff don't have to chase down payments, they can focus on building a better resident experience, which in turn helps build better relationships between resident and the property because they aren’t constantly being hassled to pay rent.
In 2023, affordable property management is all about optimizing resources for efficiency. From marketing property to fielding inquiries from prospective renters to preparing for inspections, management professionals have a lot on their plates. Now is the time for streamlining processes and working smarter, not necessarily harder.
Up drives the moving van and out come the boxes. They turn the key, flip on the lights, and in a flurry of cardboard and packaging tape, begin to roll out the contents of their new apartment. All the while, the property continues to pay their utility charges until the new resident signs up in their name, which could take a while… might even be after the family portrait is hung and the living room furniture has achieved a perfect arrangement.
Integrating people of various income brackets into shared communities is becoming a more common occurrence in small, rural towns as well as in suburbs and large metropolitan areas. Many industry analysts see mixed-income housing as a way to garner social and economic advantages for residents, property owners, communities, and entire neighborhoods.
Centralization has been a hot topic in the multifamily industry for a few years now. Despite all that talk, a consensus centralized model has not emerged. Fortunately, Entrata is built in such a way that it can accommodate however you decide to centralize your operations (if at all). Below is a review of some of the top centralization models and how to implement them into your business.
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