Jobs market stalls at… January 20, 2021

By Two recent reports from the (BLS) describe the current labor situation. They are the Employment Situation Report for December and the Job Openings and Labor Turnover (JOLT) report for November. They show a stagnant labor market. Total employment stagnant The BLS reported that the US unemployment rate remained at 6.7 percent in December, despite a drop of 140,000 in total non-farm employment. Note that the total labor force is nearly 150 million people. The labor force participation rate remained unchanged for the month at 61.5 percent of the adult population. The BLS also reported more detailed employment information on three job categories of interest to the multifamily industry. These are employment as residential construction workers, as residential property managers and as lessors of residential buildings. As usual, this more detailed data was reported with a month delay, so the latest figures are for the month of November. The first chart, below, shows the employment in these job categories relative to their levels in January 2019. The chart shows that residential construction employment has rebounded strongly from the low point it reached in April as the economy was shut down. The preliminary figure for November shows a small increase in employment for the month, the seventh month in a row where residential construction employment has grown. Employment in this category is also 0.6 percent higher than its level in November 2019. Employment for residential property managers has recovered more strongly, but less evenly, than has residential construction employment. The preliminary figure for November puts employment..

NATIONAL APARTMENT ASSOCIATION ~… January 20, 2021

Dear NAA Members, Earlier this evening, President-elect Biden revealed details of The American Rescue Plan, a sweeping COVID-19 relief package that includes several provisions of note for the rental housing industry. Of primary concern is a drastic federal eviction moratorium, to be in effect through September 30, 2021. On a positive note, the package also includes funding for $25 billion in rental assistance, $1,400 per-person stimulus checks for qualifying households and enhanced unemployment benefits. The President-elect did recognize the millions of struggling mom-and-pop rental housing owners and operators and claimed that his proposals will also be an “economic bridge to recovery.” However, as the apartment industry well knows, some level of federal eviction moratorium has been in place for nearly a year and targeted, direct rental assistance did not arrive until nine months after the pandemic began. More help is needed, and it is needed now without an eviction moratorium attached. While we applaud the Biden Administration for calling on Congress to pass further rental assistance, action must be taken immediately. We call upon Congress to enact additional rental assistance without delay, so that rental housing providers of all portfolio sizes may be made whole and can continue operations – keeping America’s 40 million renters safely housed while the pandemic continues to rage. Additionally, we urge Congress to avoid any extension of any eviction moratorium, which only cripples housing providers, hurts housing affordability and harms the very Americans it seeks to protect. As always, NAA will continue aggressively advocating for policies that meet the unique needs..

TAAEF’s “Be the Next… January 11, 2021

By Becca Ramati, TAAEF Vice President Dec. 8, 2020 Synopsis As part of the Room to Grow campaign, the Texas Apartment Association Education Foundation is again launching the “Be the Next Room to Grow Ambassador” video challenge—this time for maintenance professionals only! Key takeaways The “Be the Next Room to Grow Ambassador” initiative is an internal video challenge for industry employees in maintenance positions to tell us their stories and to be an Ambassador for the industry. Submissions will be accepted beginning on January 4 and the process is easy—simply record a short video of yourself telling us who you are, what you do and what you love about your job. Encourage your friends and maintenance staff to submit a video, too—one of you just might be our next ambassador! By popular demand, the Texas Apartment Association Education Foundation is excited to bring back the “Be the Next Room to Grow Ambassador” video challenge, part of the campaign. This year the campaign is focusing on maintenance professionals, the often-unsung heroes of the multifamily industry who keep properties in working order and safe. Not only do they keep things running smoothly, they also help our residents feel at home. Maintenance is the #1 need when it comes to recruiting and staffing for multifamily properties. TAAEF hopes this focus on maintenance provides more stories to share that resonate with Texans looking for not just a job but a career. To participate in this year’s “Be the Next Room to Grow Ambassador” video challenge, submit your video between..

Cybersecurity on the Frontlines… January 11, 2021

December 15, 2020Securing apartment community networks involves more than just phishing tests. By Jeffrey Kok As onsite processes continue their rapid advance toward digital, multifamily housing organizations have increasingly focused on cybersecurity in recent years. Companies are taking cybersecurity more seriously at the board level as investors have pushed for more stringent data-privacy measures, and many of the practices are funneling to the site level, especially with the emergence of the Internet of Things (IoT). But significant gaps remain in the industry’s grasp of cybersecurity and data privacy effectiveness and how to improve it. That is regularly evident in the incomprehensive contracts written throughout the industry by different providers. In addition, 80 percent of observed cyberattacks used vulnerabilities reported and registered in 2017 and earlier, according to data from Entrata. More than 20 percent of the attacks exploited vulnerabilities that are at least 7 years old. While the industry has taken steps to promote cybersecurity awareness in several areas, particularly regarding phishing attacks and ransomware, a large part of the shift has been reactive. For instance, when new legislation is introduced—such as the California Consumer Privacy Act (CCPA)—companies are only then more likely to focus on how their data privacy and cybersecurity practices are being upheld. As 2020 has brought a host of new threats from opportunistic infiltrators, many organizations don’t yet have a comprehensive understanding of contract law and the company’s obligation to further secure data. Legal teams are helping to bring awareness to existing and forthcoming threats, but it remains in the early..

Lessons from Single Family:… January 11, 2021

December 21, 2020 In the era of COVID-19, self-guided tours have moved from forward-looking innovation to necessity, with the early adopting single-family market offering a roadmap for multifamily professionals.  By Samantha Chalmers Before COVID-19, self-guided tours were a cautiously adopted solution throughout the multifamily housing industry. But as panelists discussed in the session, “Lessons from Single Family” at APTvirtual, single-family housing was an early adopter that experienced significant success with this touring model. The path of that experience provides an effective roadmap for multifamily operators as COVID-19 accelerates adoption of self-guided tours throughout the industry. The effectiveness of that roadmap is found in the data from single-family self-guided tours that indicates that residents frequently utilize self-touring, which also shortens the lead to lease conversion timeline.  “Customers want to be able to find information about an apartment community in any way that they want,” explained Todd Katler, CEO and founder of Anyone Home. “Operators who allow prospects to trade in their own currency will see the benefits of providing multiple platforms in the form of increased conversion and accelerated leasing velocity.” According to an analysis of the 2018 leasing activity of Anyone Home’s single-family clients, 61.3% of prospects who booked a tour chose only a self-guided one, while 30.1% chose only a tour with an associate and 8.6% booked both tour types. Those who used self-guided tours converted to a lease at nearly twice the rate—9.3 % vs. 5%—than those who didn’t. Single-family prospects who completed a self-guided tour at any point in the leasing process..

Explaining the Breakdown of… January 11, 2021

January 4, 2021There exists a misconception that rental housing owners enjoy large margins and can continue operating in the absence of rent payments, and with so much discussion around rents during COVID-19, the National Apartment Association (NAA) has released resources that help explain the breakdown of $1 of rent. Because education is an effective way to counter harmful public policy and negative industry stereotypes, NAA offers this explanatory and companion breaking down a dollar of rent into its component parts. The apartment industry must help society understand the benefits of rent payments for all Americans, whether or not they reside in rental housing. From supporting 17.5 million jobs to the dollars reinvested into apartment communities to ensure quality living for more than 40 million residents, and through paying property taxes that finance schools, emergency services and other local needs to investor returns that include public pensions and 401(k)s, a rent payment is much more important than one might otherwise realize.

Amenities Reevaluated for Post-Pandemic… January 11, 2021

December 15, 2020The pandemic will continue to shape amenity priorities well into the future. By Doug Pike When the Covid-19 pandemic first arrived, amenity closures were among the first direct actions taken by apartment communities. The months-long process of reopening those common areas has exposed the evolving needs of residents and the lasting imprint the pandemic will undoubtedly have on multifamily. NAA’s APTvirtual session, “Amenities Reevaluated in Post-pandemic Times,” led by moderator Syd McDonald, Senior VP of Sales for Valet Living, assessed the impact that the pandemic has had on amenities and how it is shaping amenity priorities moving forward. “As an industry, our first priority was how to keep our employees and our residents safe,” said Sheri Druckman, VP of SRG Residential. “Right out of the gate, we implemented really strict sanitation guidelines and, if you hadn’t already, you immediately implemented online leasing, online rent paying and virtual tours.” Druckman said that once amenities began to reopen in phases, most properties introduced precautions such as digital reservation systems, capacity restrictions, repurposed common areas with staggered seating, mandated social distancing and virtual event alternatives. The struggle has been finding ways to retain a sense of community with so many ongoing efforts to keep residents safe and separated. “We really wanted to keep that resident connection alive, so all of the events that we typically would have done in person, we had to restructure and do virtually,” Druckman said. “You saw a lot of virtual fitness classes, movie screenings, virtual happy hours and even cooking demonstrations.”..

TAA urges state to… January 11, 2021

The Texas Apartment Association is asking the state to consider prioritizing apartment workers for the COVID-19 vaccine. Texas Apartment Association Executive Vice President Chris Newton sent a written request asking the state to consider prioritizing apartment personnel for the state’s allocation of COVID-19 vaccine. TAA notes that many apartment leasing staff and maintenance professionals must provide services but may not be able to remain physically distant while doing so. The Texas Apartment Association has formally requested that the state prioritize COVID-19 vaccines for apartment personnel. In a letter dated January 5, TAA’s Executive Vice President Chris Newton wrote Dr. John Hellerstedt, who heads the Texas Department of State Health Services. Dr. Hellerstedt has been charged by Gov. Greg Abbott with determining how the state’s allocation of vaccines will be distributed based upon the input and recommendations of a 17-member Expert Vaccine Advisory Panel. While the first two phases of vaccine allocations have been dedicated to front-line health care personnel, residents of long-term care facilities, the elderly and others with chronic health issues, it is hoped that the next round of allocations will go to workers in essential services, including onsite multifamily staff, who come into close contact with the public. In particular, the letter cited the need to help protect leasing office staff and maintenance personnel who must provide services but may not be in a position to socially distance.

Be the Next Room… January 11, 2021

Be the Next Room to Grow Ambassador: Maintenance Edition  What a great way to kick off the New Year!  I'm excited to announce that the "Be the Next Room to Grow Ambassador" video challenge is back. This year we are highlighting our maintenance professionals and we need your help in encouraging submissions. Our maintenance professionals are often the unsung heroes of the multifamily industry keeping our properties in working order, especially in times of crisis like we've had this past year. This is a great opportunity to recognize them and let them know what they mean to the success of their properties and your company. Please reach out to your teams to encourage your maintenance professionals at all levels to consider submitting their stories as part of the video challenge.   The submission process is short and simple – just visit this for more information and to submit videos. Submissions will be acceptedthrough January 26th so don't delay!A committee of industry leaders will select 3-5 finalists. Then, each finalist will be notified and announced for a public vote (share this widely with your own network as friends, family, colleagues and more can all vote) and a winner will be announced as the next Room to Grow Ambassador. The winner will receive a professional video of their story, professional photos, entry and expenses paid for the 2021 TAA ONE Conference & Expo, statewide recognition on social and print media and much more.  The "Be The Next Room to Grow Ambassador" video challenge, part of the campaign, is an internal..

Executive Summary: COVID Relief… December 31, 2020

On December 21, Congress finally passed a much-needed . The bill, which was combined with a $1.4 trillion spending bill to fund the government through next September, included several priorities for the apartment industry. Most importantly, the package will provide $25 billion for rental assistance, which NAA and NMHC have advocated tirelessly in support of for nearly 10 months. In addition to the general financial support the measure provides to Americans through additional stimulus checks and an extension of enhanced unemployment benefits, the measure also includes important tax victories for apartment firms and $284 billion for a new round of forgivable Paycheck Protection Program (PPP) loans. The primary multifamily-specific provisions are detailed below. (NAA/NMHC also summarized the tax provisions in the bill and the multifamily-related provisions in the government funding bill.) Rental Assistance The measure allocates $25 billion to the Treasury Department to create a new Emergency Rental Assistance program. NAA and NMHC’s top priority in 2020 has been securing dedicated funding for rental assistance. We are pleased that Congress elected to fund this program through the Treasury Department as we believe that will be the fastest and most efficient way to get funds to renters. Many states and localities have already established their own rental assistance programs using prior CARES Act funding, and this model will replenish those programs (with some modifications) instead of trying to create a new federal program from scratch. Under the terms of the legislation, the Treasury Department will distribute the funds to the states, with no state receiving less..