REAL ESTATE ADVICE

Revitalizing Multifamily Communities with Impactful Resident Services

FLYNANN JANISSE | September 15, 2021

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Impactful service-enriched housing programs and onsite supportive services build a foundation for serving the unique needs of a rental community’s tenant base. Quality services that address the individual concerns of each resident help eliminate the challenges that force turnover and increased expenses for property managers. Service-enriched housing includes the incorporation of programs and services within a community that advances the social and economic skill set of tenants.

Meeting net operating income (NOI) and covering debt service obligations are key performance indicators for property managers. Tenants must be valued because they are crucial to improving the financial performance of a community or property. Without support in discovering a realistic path to self-sufficiency, these improvements made will not promote the stabilization of a tenant population.

The key outcome for a community through the implementation of service-enriched housing programs is internal revitalization. Tenants benefit socially and economically from services that support access to job readiness, education and financial growth. During this time of economic instability, our resident services coordinators help remove barriers that plague many living in rental housing communities. Through its partnership with Esusu, Rainbow has alleviated tenants’ significant economic hardship by bridging default payments with no-interest loans. Tenants can use the company’s rent reporting platform, which sends on-time rental payment data to the three major credit bureaus – allowing them to build and develop their credit scores.

Prioritizing tenant empowerment offers tangible and intangible changes in a property, leading to increased financial performance and improved tenant retention. It also reduces turnover costs for property management such as flooring, paint and reletting fees. Free programs and services also improve the marketability of a property to prospective tenants. Rainbow communities have seen a reduction in community vandalism since the implementation of youth enrichment programs that keep children engaged and supported in their education.

Quality service-enriched housing programs, such as those offered by Rainbow Housing Assistance Corporation, provide direct access to resources that support the needs of physically and mentally disabled individuals, veterans, chronically homeless, single-parent households, families and seniors. Additionally, this type of outreach attracts the interest of local city, state and federal agencies as it helps stabilize the most vulnerable communities, cutting city and government expenses on a number of levels. This type of approval can even lead to further funding and support for initiatives that will enrich the future of affordable housing services.

Key programs and resources address life skills, financial intelligence, education, employment, youth and senior programs, resources to eliminate emergency situations, and social development in a multifamily community. The implementation of a professional, service-enriched housing program with onsite staff ensures that these offerings are tailored to each community and primed for longevity. A stable tenant base will determine the solvency of a community and reposition the financial performance of an asset.
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Agostini Bacon Construction Companies

Established in 1967, Agostini Construction and Bacon Construction Companies have a proven reputation for successfully building various types of commercial, industrial and educational facilities in both the public and private sectors. Among the top 400 largest construction companies in the country, Agostini and Bacon have been awarded several honors. Whether serving as the construction manager or as a general contractor in a competitive bid or a design build situation, Agostini and Bacon have and will continue to construct the highest quality projects both on time and within or under budget. Our clients will be the first to tell you that we truly are the "Contractor of Choice".

Spotlight

Agostini Bacon Construction Companies

Established in 1967, Agostini Construction and Bacon Construction Companies have a proven reputation for successfully building various types of commercial, industrial and educational facilities in both the public and private sectors. Among the top 400 largest construction companies in the country, Agostini and Bacon have been awarded several honors. Whether serving as the construction manager or as a general contractor in a competitive bid or a design build situation, Agostini and Bacon have and will continue to construct the highest quality projects both on time and within or under budget. Our clients will be the first to tell you that we truly are the "Contractor of Choice".

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