As the market has recovered, so has the competition. Nothing proves that more than the 31 winners of the 2016 Multifamily Executive Awards.
We received a record-breaking number of nearly 400 entries this year, which attests to the amount of new developments that have hit the market in the past few years. In the face of this fierce competition, many companies have upped their game. In doing so, they’ve raised the quality of communities across the country. The difference in projects and programs between this year’s entrants and those of just a few years ago is astonishing.
So far, the market has been able to absorb most of this supply, with national occupancy and renewal rates remaining much higher than historical norms. But just beating lease-up expectations isn’t enough to win an award. A new community had to stand out.
This year, our judges looked for properties that encompassed the cutting edge of multifamily, from sustainable living and complex development solutions to trendy architecture and high-tech amenities. Here are to the people, programs and projects that flourished in an ultra-competitive environment.