This summer has been a busy one at JVM, as we’re renovating communities in three of our established markets. The impetus behind the upgrades varies. In Kansas City, for example, the improvements are a response to the abundant new multifamily development taking place in the market. On the other hand, in suburban Cleveland there has been relatively little new construction in recent years, and the renovations will enable our communities there to stand out amidst aging housing stock. Likewise, upgrades to The Aventine at Oakhurst North in suburban Chicago will give the community a competitive advantage in a submarket that has not seen much new development recently.
Midwest Multifamily Market Remains in Good Shape
In a wide-ranging interview with GlobeSt.com, JVM President and CEO Jay Madary noted that multifamily markets in the Midwest are still healthy and are poised to remain that way. “Job growth is strong, and rents are affordable for residents. We believe the pieces are in place for steady rent growth, unlike some primary, coastal markets where apartments may soon be priced out of the vast majority of people’s reach,” Madary said.
The interview also touched on equity’s current appetite for acquisitions, JVM’s renovations and our sustainability initiatives.
Read GlobeSt.com’s Q&A with Jay Madary. (Note: free subscription is required to view the interview.)
Today’s Pet Owners Require High Levels of Amenities
It’s no secret that a large percentage of today’s pet owners are simply gaga about their furry companions. That means communities have to provide a variety of pet-focused features that might have been unimaginable 20 years ago.
Mary Herrold, JVM’s vice president of marketing and innovation, weighed in on this topic recently in UNITS. “Now, more than ever, a significant percentage of residents view their pets as true members of the family,” she said. “Apartment operators have to respond accordingly.”
Expanding into New Markets Requires Careful Planning
Owner-operators can invite trouble when they suddenly decide to expand their geographic reach. That was one of the points made by JVM’s Jay Madary in a UNITS article on the due diligence apartment companies must perform before entering a new market.
“I think equity is plentiful, and sometimes there’s a lot of pressure for groups to acquire properties,” Madary said. “Maybe they will deviate from their investment criteria or their target markets because of those pressures to buy. It’s important to remain disciplined.”