August 2024 Newsletter

As it continues to evolve, technology has become ingrained in virtually every aspect of life. The resident engagement element of multifamily ownership and operation is no exception. While many areas of commercial real estate have been slow to embrace technology, multifamily professionals have recognized the importance of using the right digital tools when it comes to engaging residents and optimizing their apartment living experience. This has a profound and undeniable impact on residents’ lives and the lives of those around them.?

From virtual tours to the application process to submitting a service request to receiving information about amenities, programs and events, technology can dramatically affect resident engagement. Ideally, software can help streamline some mundane tasks involving apartment communities and residents, making transactions faster and more convenient while highlighting the development’s features and deepening connections between residents.??

Technology that fosters resident engagement can also be used to help set key standards for multifamily owners, raising the bar on quality and delivering continuous improvement that makes a real difference for residents. This is evidenced by the work of the two multifamily professionals we interviewed for this month’s newsletter: Ofo Ezeugwu , Founder and CEO of WYL , and Ariel Yarrish , Senior Manager, Account Management and ESG for Esusu . WYL, which features resident reviews in over 350 U.S. cities and review standards to help promote safety and belonging for every resident, recently began a study with significant players in the multifamily sector exploring the benefits of a standardized scoring system to measure resident experience and living conditions in the housing market. Esusu, in addition to reporting rent payments to the credit bureaus and providing a means for residents to elevate their financial stability and freedom, has introduced a new resident portal to boost engagement.??

We held an insightful discussion with Ofo and Ariel about how to use technology to drive resident engagement and why digital tools are indispensable in achieving this multifamily impact goal. I know you’ll find their perspectives both fascinating and helpful.?

We are also pleased to introduce a new section of our newsletter: Cool Stuff with Amina. Written by our Impact Investing Associate Amina Sam, this section will explore interesting emerging projects and programs MIC has the privilege of learning about and would like to share with all of you.

Wishing you an impactful and successful August as you consider technology that will help boost resident engagement at your multifamily properties.

Bob Simpson

President and CEO

Ofo Ezeugwu, Founder and CEO of WhoseYourLandlord (WYL)

Ofo Ezeugwu created WYL, "The MVP of Landlord Review Sites," according to ApartmentTherapy.com . He graduated from Temple University, where he was the VP of the student body and the youngest alumni convocation speaker in the school's history. He has received numerous recognitions for his entrepreneurship and innovation and was recently named a federal advisory committee member for the Federal Housing Finance Agency (FHFA).?

Ariel Yarrish, Senior Manager, Account Management and ESG for Esusu

Ariel directs the high-performing account management team at Esusu to drive success with enterprise clients in the tech sector. She also develops and executes social impact strategies to drive community engagement and social change. A part of Ariel’s role is strategic account management for elite clients, including 20 NMHC top 50.??

What do you see as the key ways that technology can help drive resident engagement??

Ofo: Technology touches each part of our daily lives. It’s always evolving to make it easier for people to connect 24/7, allowing us to better manage the resident experience. WYL uses machine learning and AI models to fulfill needs and analyze and produce insights for housing providers. When leveraged correctly, technology makes the process of engaging residents more expansive and efficient.??

Ariel: Leveraging technology can significantly help boost resident engagement due to the convenient, accessible platforms aimed at resident communication. The key is to leverage technology that simplifies processes, enhances communication, and adds value to residents' lives.?

Mobile apps and online portals allow residents to easily report issues, pay rent, and access community information. Plus, tapping into social media can also help provide residents with real-time property updates, and leveraging AI-powered chatbots can offer 24/7 support, addressing queries promptly to help reduce friction.??

Data analytics, while not resident-facing, can help owners, operators, and investors understand residents’ needs better and make decisions that help improve their quality of life, ultimately stabilizing portfolios and increasing NOI. Utilizing fintech solutions, like Esusu for example, help improve financial outcomes and social impact strategies for properties by prioritizing financial wellness for renters.?

How does each of your organizations utilize technology to help drive resident engagement?

Ofo: At times, technology can feel cold. WYL’s mission is to center humanity at the heart of housing. We use multilingual communications (12 languages and counting), email, text, QR codes, and more to invite and engage with residents in spaces they feel comfortable. Proactively engaging residents throughout their rental journey allows us to identify their pain points and communicate them to housing providers before they become long-term issues. These insights foster and produce better resident services, improved property conditions and higher-quality living experiences.

WYL is now applying technology to study the resident experience in a whole new way. On July 31, 2023, a group of senators sent a letter to the FHFA in response to the RFI on tenant protections, urging them to tie enterprise-backed mortgages to certain tenant protections. WYL responded to the RFI highlighting that we had already built a proprietary scoring system – the Resident Trust Index – to offer insights into how housing providers’ property sites, teams, and services were operating and affecting current and future residents. As such, in February 2024, WYL started a study to explore the benefits of a standardized scoring system for measuring resident experience and living conditions in the housing market. This research shows how some of the senators' proposed requirements could be implemented and suggests ways to scale tenant protections using a resident experience and living conditions score. The goal of this study is to demonstrate to regulators and housing financiers, such as lenders and GSEs, the advantages of using this score when deciding on tax incentives and approving financing.

The study features several well-known participants, including Berkadia, NMHC, Related Affordable, Avanath, Enterprise Community Partners, Langdon Park Capital, Nuveen, Jair Lynch, and others. The methodology includes surveying residents at properties across the U.S., ensuring a quota of responses is met at each property, providing analysis and redacted data to participating organizations, reporting findings and distilling insights, and provide recommendations. The goal is for the study's findings to lead to the creation of more mission-driven financial solutions (across the GSEs and capital providers) that help foster positive impacts on both residents and the rental housing industry at large. That includes ways to measure metrics like living conditions and outlets to report improvements on those metrics over time.

Ariel: Esusu’s automated approach allows for seamless integration into our customers’ existing property management system, lightening the workload for landlords and making it easier for them to implement rent reporting at scale.

To help increase renter engagement, we recently launched a user-friendly mobile app available for iOS or Android devices that allows residents to report their on-time rent payments to credit bureaus, apply for our 0% rent stability program, download rent payment history to share on future rent applications via the Esusu Renter’s Passport, and access a host of free financial resources, including financial coaching powered by Operation Hope. Readers who want to learn more about our resident app can register for our upcoming webinar by clicking here .

What should multifamily owners and operators avoid when considering technology as it relates to resident engagement?

Ofo: We all suffer from too many stimuli daily. Don’t blast your residents with a ton of unnecessary communications. Avoid engaging residents for their perspectives but not taking action. If you do this enough, you run the risk of turning them off to future outreach. Communicate when necessary and make it relevant to the rental journey of your residents. Respect the responsibility that comes with having your residents’ contact information, and communicate effectively, efficiently, and as swiftly as possible. Ensure the service providers you’re using are strictly adhering to aligned engagement techniques and frequency. The last thing you want is your service provider sharing contact information with outside organizations and/or spamming your residents unintentionally.?

Ariel: Multifamily owners and operators should have clear goals and objectives that align with the company's ethos and mission when determining technology solutions. Remember, one size doesn't fit all, and they should look for solutions that take into consideration their specific resident demographics and needs but also their long-term vision.?

When implementing new communications portals, for example, avoid complex systems that may alienate less tech-savvy residents, and ensure you have a clear strategy for adoption and ongoing support. When rolling out new platforms, consider hosting resident workshops to help onboard residents and answer questions before implementing it at full scale.

At Esusu, we offer property management level support through our Account Management and Customer Success team, ensuring every level of the organization is familiar with the technology and understands the benefits it brings not just to the residents but also to the company at large.??

Anything else you’d like to add?

Ofo: Technology is amazing, but remember, sometimes the best way to achieve your desired outcome is by combining technology with old-school, tried-and-true efforts. WYL prioritizes digital communication, but we also provide large-font paper surveys (also available in 12 languages) so that seniors, people with visual impairments, individuals with limited access to technology, and others can participate in the discussion. The key is to ensure you’re meeting residents where they are and inviting everyone’s voice to the table. That’s how you stay in touch with your residents.

?Ariel: Organizations in the multifamily sector are actively exploring social impact and working to determine how to measure, scale and standardize these efforts. By adopting the Multifamily Impact Council’s framework , participating in monthly meetings, and networking with peers, you can discover new technologies and strategies to improve resident engagement and drive company growth.

Last fall, students from the UChicago Harm Reduction Project (UCHRP) partnered with community organizations in Madison County, Kentucky, on naloxone distribution and overdose prevention. They found their participants’ primary barrier to addiction recovery was a lack of affordable housing and saw this as an opportunity to create more long-term change by forming the Appalseed Fund. The Appalseed Fund identifies housing-insecure individuals who would benefit from grants to cover security deposits and first month's rent for apartments.

These grants are paired with case management and ongoing assistance, such as free groceries. Last year, the collaboration successfully moved four families into affordable housing, and are beginning another fundraising cycle for their second round of implementation this September. Learn more about The Appalseed Fund by clicking here .??

Amina Sam

Impact Investing Associate

• CREA, Lument, Woodforest Provide $26M for Houston Housing Acquisition – Commercial Observer ?

• Campaign launches to enroll NYC affordable housing residents, including Baisley Park Gardens in Jamaica, in community solar – QNS ?

• Dominium Delivers Two Atlanta Affordable Housing Projects - Connect CRE ?

• Berkadia Arranges Sale of 112-Unit Seniors Housing Property in New Braunfels, Texas - REBusinessOnline ?

Company Updates

The demand for multifamily impact investing is strong, and innovative individuals and organizations like the Multifamily Impact Council are stepping up to meet this need. If you haven’t yet done so, be sure to check out MIC’s Multifamily Impact Framework? , a market-based set of standards for multifamily industry impact principles and reporting guidelines. The framework is invaluable and available to download and adopt free of charge.??

We’re proud to report that MIC recently held our Quarterly Impact Collaborative Call for Q2. The call provides an update on our members’ activity in the impact investing space and where this sector is heading. The recording of this call is now available. To receive this recording, please complete the form at https://multifamilyimpactcouncil.org/multifamily-impact-collaborative-call/ ?

Berkadia , Fairfield Residential , National Association of Affordable Housing Lenders (NAAHL) , Bridge Investment Group , and Low Income Investment Fund ?

Multifamily Impact Council | 1615 East Edgewood Road, Sioux Falls, SD 57103