Social isolation is the enemy of retention: Cobu
Turn your buildings into communities
Welcome to Issue #7 ofย(un)real estate. Each issue I shine a spotlight on one startup and how it is helping real estate operators succeed in these trying times. If you enjoy this newsletter, please share it with others.
Asset Type:ย Multifamily
The Need:ย Multifamily real estate is changing as the needs and demands of residents evolve. 'Tenant Experience' has been a big category for commercialย office for some time now, and multifamily has been following suit to provide a better experience to renters.
COVID-19 has accelerated that trend with residents being isolated, amenity spaces closed (or re-opening with capacity limitations), and many renters reconsidering living arrangements and breaking leases in cities like New York, Boston, Chicago, and San Francisco. Concessions are increasing along with turnover costs, and retention is more important than ever in this new normal.ย
However, many of the quick-fixes to improving tenant experience require costly capital improvements or are not suitable for a world of social-distancing. Todayโs startup offers landlords an out-of-the-box solution that can benefit tenants from day one.
Spotlight
Company: Cobu
Funding: Post Seed |ย Traction: Cobu is live in 16 cities and customers include Bozzuto, AEW Capital, AIG Real Estate, Boston Properties and Greystar
Description: Living in apartment buildings can be an isolating experience; Cobu powers in-building community through digital and in-person engagement. Cobu creates a customized app for each apartment building to make it easy for residents to connect with their neighbors and neighborhood, bond over shared interests and arrange in-person or Zoom meetups in and around the building. Cobu makes tenants feel more connected to each other and thereby more connected to their homes. By creating a strong sense of community, Cobu helps building managers increase resident retention by an average of 9.6%.
Pro tip: Owners also use Cobu to help get a pulse on resident feedback that helps inform value-add capex strategies, amenity space programming, new development amenity build-outs, and leasing strategies.
If you would like an introduction toย Cobuย or to any of the startups featured inย (un)real estate, I would be happy to connect you.
Miss either of our latest issues? Check them out here: Manage your vendor risk: Jones, Giving credit where credit is due: Esusu.
โWhat should young people do with their lives today? Many things, obviously. But the most daring thing is to create stable communities in which the terrible disease of loneliness can be cured.โ โย Kurt Vonnegut
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