Notable strategies from owner/operators during COVID-19

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Despite a pandemic and housing affordability crisis, renters are still moving to new homes.

In the next 6–12 months, hundreds of thousands of renters across the country will be evicted for the first time. “Stable” income has been exposed as something always subject to change. People with great credit before this past March now have good, average, or even bad credit.

As an industry largely dependent on in-person interaction, much of multifamily housing has been forced online. Strangely enough, technology provides a new kind of personal touch.

Rhino partners who’d used elements of online leasing in the past (virtual tours, digitized application processes, video conferencing to address resident issues) have been able to leverage this preparedness to go above and beyond during COVID-19, using technology to do things for their residents like schedule check-ins, deliver groceries, and provide health resources. Rhino partners who’d moved rent collection online saw a dramatic difference in their ability to collect full and partial rent payments when compared to those who were forced to rely on the mail. Several partners told us that the pandemic has forced them to communicate with more residents more often than ever before, which in the beginning felt like a larger inconvenience but ended up having real ramifications on rates of rent collection and lease renewal. Adopting technology early and often proved to be an advantage for this unforeseen circumstance, and adding these personal touches helps properties set themselves apart.

COVID-19 has emphasized the importance of case-by-case considerations like never before, and it’s obvious that every property will need different solutions to protect their profitability and foster communities that renters want to live in. With that being said, technology and creative consideration of financial metrics will undoubtedly be at the foundation no matter what solutions are chosen.

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Our mission is to give renters financial alternatives to afford the homes they want.

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