Is Multi-Family Operational Management Wasting Its Time? An Analysis.

Whilst researching my single-family rental paper some three years ago now, I became interested the the dynamics of social behaviour. I was concerned that that use of the word 'community' was becoming/had become nothing more than a placeholder within any form of BTR communication. Therefore devalued from a sociological perspective. Moving on from the concept of community, and given the behavioural mores of certain cohorts, was it physically possible to bring renters together as a 'community'.

In recent years, the concept of 'curated' communities has gained significant traction within the UK multi-family residential sector. These communities are often marketed as vibrant social ecosystems, enriched by a variety of events and shared spaces designed to foster interaction and a sense of belonging among residents. However, as people age and their social priorities shift, questions arise about the authenticity and effectiveness of these curated communities, particularly in contrast to the more organic and individualistic approach seen in Single-Family Rental (SFR) properties.

My article examines the authenticity of curated communities in multi-family housing, contrasting it with the SFR model, and analyses whether multi-family operational management is perhaps overestimating the value of curated events.

?Understanding Curated Communities

?Curated communities in multi-family housing are built around the idea of providing residents with numerous opportunities for social interaction. This can include:

?1. Community Events: Regularly scheduled social gatherings such as barbecues, film nights, fitness classes, and holiday celebrations.

2. Shared Spaces: Communal areas like lounges, co-working spaces, gyms, and rooftop terraces designed to encourage spontaneous interactions.

3. Resident Services: Concierge services, communal Wi-Fi, and other amenities aimed at enhancing the living experience and fostering a community spirit.

?These initiatives are rooted in the belief that creating opportunities for social interaction will enhance resident satisfaction and retention, fostering a sense of community that differentiates multi-family living from other housing options.

?Friendship Dynamics and Age-Related Social Priorities

?Research on friendship dynamics, including insights from the study "Turnover in Close Friendships," reveals that the nature of social relationships evolves significantly with age. Here’s how:

?1. Young Adulthood (Ages 17-21): This phase is characterised by high social activity and frequent formation of new friendships. Individuals are open to exploring different social circles and engaging in numerous social events.

2. Early Adulthood (Ages 22-30): While still socially active, individuals begin to experience more stability in their core friendships. Life transitions such as starting careers, forming serious relationships, and relocating often lead to a gradual decline in peripheral friendships.

3. Early to Mid-Adulthood (Ages 30-45): By this stage, individuals prioritise family and career responsibilities. Friendships become more stable and selective, with a focus on maintaining deeper, more meaningful relationships.

4. Middle Age (Ages 45-60): Social networks stabilise further, and the emphasis shifts towards quality over quantity in relationships. There is a significant decline in the formation of new friendships, and individuals concentrate on their core support network.

?Authenticity of Curated Communities in Multi-Family Housing

?Given these dynamics, the authenticity of curated communities in multi-family housing can be called into question. While the idea of fostering community through curated events is appealing, it may not align with the natural social priorities of many residents, particularly those beyond their early twenties.

?1. Forced Interactions vs. Natural Bonds: Curated events often create environments for forced interactions, which can feel artificial and superficial. Genuine friendships typically form organically through shared interests and experiences, rather than being engineered by scheduled events.

2. Age Diversity: Multi-family housing often includes a wide age range of residents. What appeals to younger adults seeking social interaction might not resonate with older adults who prefer privacy and deeper, more selective social engagements.

3. Time Constraints: As individuals progress in their careers and start families, their capacity and desire to participate in community events diminishes. Time becomes a precious commodity, and people are more likely to invest it in established relationships rather than casual social events.

?SFR: A Contrast in Community Building

?Single-Family Rentals (SFR) offer a different approach to community and social interaction, focusing more on individual living experiences and less on curated social structures. Here’s how SFR contrasts with multi-family housing:

?1. Individuality and Privacy: SFR properties cater to residents seeking more privacy and individuality. The lack of forced social interactions aligns better with the priorities of those in mid to later stages of life who value deep, meaningful relationships over casual socialising.

2. Organic Community Formation: In SFR settings, communities form more organically based on genuine neighbourly interactions and shared local amenities, such as parks and schools, rather than through organised events.

3. Focus on Family: SFR properties often attract families who prioritise stability and long-term residency. This demographic is less interested in curated events and more focused on fostering their own social networks based on family and close friends.

?Is Multi-Family Operational Management Wasting Its Time?

?Considering the natural progression of social priorities, it’s worth questioning whether multi-family operational management is over-investing in curated events. While these events can enhance the appeal of a property for younger residents, they may not provide long-term value for a more mature and diverse resident base.

?1. Resource Allocation: The resources allocated to organising and hosting events could be redirected towards enhancing amenities that cater to all age groups, such as improved security, better maintenance services, and high-quality communal spaces.

2. Resident Feedback: Property managers should consider regular feedback from residents to understand their actual needs and preferences. This can help in designing community engagement strategies that are more aligned with the desires of the current resident demographic.

3. Flexible Engagement: Offering a mix of events that appeal to different age groups and allowing for organic social interactions can create a more authentic and satisfying community experience.

?While the concept of curated communities in multi-family housing is innovative and attractive, its authenticity and long-term effectiveness can be questioned, particularly for residents beyond their early twenties. As people age, their social priorities shift towards maintaining deep, meaningful relationships and prioritising family and career responsibilities. Single-Family Rentals offer a contrasting approach, focusing on individuality and organic community formation, which may better align with the needs of a mature demographic. Multi-family operational management should carefully consider these dynamics to ensure that their efforts in curating communities genuinely enhance the living experience for all residents.

Richard Berridge. June 2024

?References:

- Study on "Turnover in Close Friendships" published in Nature Scientific Reports, DOI: [10.1038/s41598-022-15070-4](https://doi.org/10.1038/s41598-022-15070-4 ).