How to land on the perfect apartment complex name

February 28, 2024

TABLE OF CONTENTS

Consider how important your name is. A name is an important part of any person’s identity. And it’s no different with an apartment complex name. The name you select for your multi-family property should not be a decision that you take lightly. 

While a great name can’t be a bandaid for a badly managed property, it can be the cherry on top of an incredible resident experience. 

Why a name matters

There are hundreds of apartments that your pool of potential residents have to choose from. It’s in your best interest to identify all of the potential ways that you can stand out from the rest. A unique, well-picked name is one of the easiest ways to stick in peoples’ heads a little longer. 

According to Forbes, a name is a valuable brand asset that:

  • Helps you create a strong identity
  • Sets you apart from the competition
  • Builds trust with your customers (or in this case, residents)
  • Boosts memorability
  • And gives you apartment a professional look (as opposed to just using the address)

Stacey Feeney, Founder & Creative Director at Zipcode Creative said of the value of a name: 

“Well, your name is like your brand's signature — it gives a glimpse into who you are. A good name can grab attention, hold onto it, and even make people think.”

Well, your name is like your brand's signature — it gives a glimpse into who you are. A good name can grab attention, hold onto it, and even make people think.

How multi-family professionals decide on the perfect apartment complex name

So given the importance of your apartment complex name, how are you supposed to know whether you’re picking the right one or not? 

In these instances, it’s a good idea to look to the experts. So we talked to people in a variety of roles in the multi-family industry — from developers to property managers to branding experts — to pull back the curtain on their decision-making process when selecting an apartment complex name. 

And what we found is that there’s no one right answer. Almost everyone takes a different approach. So we wanted to share a few below to spark some inspiration, before we share our tips to brainstorm and pick a name. 

Sherry Tompkins | Senior Business Manager, The REMM Group:

At one of Sherry’s properties, they took a collaborative approach. “We ran a company-wide contest to pick a name,” she told us. “Whatever employee came up with the best name, won a prize.”

Director of Development for a large midwest property group:

Developers prefer to take an in-depth, research-focused approach to selecting an apartment complex name. One developer told us, “As urban infill developers, we start by researching the history of the neighborhood. Building names, as well as amenities and decor decisions, pay homage to prior uses on the same site. We design and build to endure the test of time, but we also recognize that our work is a moment on the continuum of history — past, present, and future.”

As urban infill developers, we start by researching the history of the neighborhood.

Anamaria Perales | Director, Belle Harbour Management of Ohio:

Some management companies lean into certain themes that they’re passionate about and that potential residents may have a shared passion for. For example, Anamaria told us, “my boss loves soccer, so all of our properties have soccer names.”

Stacey Feeney | Founder/Creative Director at Zipcode Creative, a multi-family property marketing agency:

There’s no better person to hear from about tried-and-true tactics to select an outstanding (and lucrative) apartment complex name than someone who specializes in apartment branding. When we asked Stacey how they help their clients come up with the perfect name, she wrote to us:

"When we brainstorm names, here's what we're considering:

  • Your ideal resident profile (IRP): What are they searching for?
  • The type and class of the apartment community
  • The atmosphere of the surrounding area
  • The backstory of the town/city/area
  • The history and style of the building
  • Names of nearby streets, local plants and animals, etc.

By taking all of these factors into account, we'll find a name that not only resonates with potential residents but also pleases the SEO gods. We'll test out different sizes, lengths, and formats until we land on something truly special, with the future logo in mind, of course."

We consider all f the factors to find a name that not only resonates with potential residents, but also pleases the SEO gods.

Best practices when picking a name

Before we get into some specific strategies to come up with a great name, here are some quick best practices for you to lean on. 

1. Keep it short

Most apartment names are between 1-3 words. This makes the names snappy and easy to remember.

One reddit user mentioned that, “the trend in my area is to use single names like Blue, Lime, Elan, and Flux, to name a few.”

2. Make it active

Words that feel more active and spur images of movement or energy tend to perform well. 

For example, two of our customers have properties with the name “Pinnacle.” The strong, active, and larger than life imagery associated with this word gets potential residents excited. 

Some other great examples from our list of customers are Electra and POP. 

3. Make the spelling stand out 

One popular tactic is to use some unique spelling to make the name stick in peoples’ minds. For example, we have a customer who uses the name “Sentral” instead of Central. The word still sounds familiar, but the spelling makes a more lasting impression (plus, it can make finding an available domain name easier!)

Be careful, though, not to make it too wacky so that people don’t have a hard time remembering the spelling. 

4. Leave the pretentiousness out

There is a whole thread on Reddit about the pretentious ways that management spells their apartment complex names. Spelling like “pointe” or other “french-sounding” names, meant to give the property a sense of grandness, can often backfire as people perceive it as cringe, for lack of a better word. 

Feeling stuck? Here are some things to consider

Now that you’ve got some inspiration from some other multi-family pros and know the base-level best practices, let’s dive into some practical strategies you can use to land on the right name for your apartment complex. 

Do some research on your target residents

Market research is critical in any situation where you’re selling to other people, and picking a name to draw new residents in is no exception. 

This starts by explicitly selecting your target market. This could be based on demographic information — i.e. age, occupation, income level — or psychographic information like interests, values, and hobbies. Ideally, you’ll take both into account. Having clarity on the exact groups of residents you want to flock to your community will help you pick the perfect name that grabs their attention. 

For example, the right name for a college apartment complex, a suburban complex, an urban complex for young professionals, and a retirement community will vary greatly. 

64% of consumers develop brand loyalty because of shared values. Your brand values can boost your relatability and foster stronger connections. Consider how you can incorporate these shares values — whether that’s interests, causes, sense of humor, etc. — into your name so that you can speak directly to them. 

And this doesn’t have to (and probably shouldn’t) be based on guesswork alone. Feel free to get out and interview people in these communities, send out surveys, and even test your name ideas in a focus group.

One great example of market research clearly at play is ZEN Hollywood. They mention on their website “ZEN Hollywood is perfect for those who enjoy spending time outside living a healthy, active lifestyle, as well as for those who appreciate a home that's a retreat from the business of everyday life.” They are clearly targeting the health-conscious, peace-loving community in LA, so the word “Zen” immediately resonates. 

Decide on your brand persona

Based on your market research, you’ll want to create a brand persona that will resonate with your audience. 

In other words, you want to describe your brand as if it’s a person. What does this person care about, do, say, and how do they say it? Are they casual, professional, wacky, or cool?

Your brand persona can further inform your apartment complex name. When you have some ideas in mind just think to yourself, “would the person who represents our brand say this?”

Highlight your unique features

If you have any unique features or unique amenities, you may want to highlight them in your name.

For example, an apartment complex in Los Angeles has a unique, curved shape, so they named their building Kurve on Wilshire. (Notice they used the unique spelling tip from above, too!)

Another apartment complex in Denver, Colorado called Skyline at Highland highlights the incredible views that their residents get in their name.

Whether it’s a design feature, the best views, proximity to city centers, or best-in-class amenities, these are all great places to draw inspiration from. 

Consider geographic or cultural significance

Many developers love to incorporate some key cultural or geographic nods into their apartment complex name. Often, these aspects bring a sense of pride to your target audience.

For example, references to peaches or using the word Peachtree is extremely common in the greater Atlanta area, due to Atlanta’s history. Of course, you still have to find a way to incorporate a unique flare to help you stick out from all of the other complexes that are using the same strategy.

You can also make a nod to any local geography or landmarks, like nearby mountains, parks, or monuments. 

When one user took to the r/RealEstate Reddit thread for some help naming their apartment complex, someone replied:

“It seems like most buildings are named after a nearby park, canyon, lake, river, landmark, monument/historical event. If there is nothing local or significant that is not taken then try a generic local landform: dune, bluff, cliff, mesa, hill, terrace, valley, ridge, summit, shore, ravine, etc.

They gave some generic examples to spark some inspiration: Terrace View, Ridgeview, Summit View, Mesa Ridge, Coastline, River Walk, Green Plains, Valley Center, etc.”

Make brainstorming collaborative

Although you may have a single person or department in charge of making the ultimate decision, it’s often a good idea to get a variety of people involved in the brainstorming process. 

When you give people from all levels of marketing, design, development, and management involved, you’re introducing a variety of perspectives into the mix, which could help you find that perfect apartment complex name.

Similar to Sherry, the business manager we mentioned above, you could also make it a contest, which can incentivize people to really give it their all and build team morale. 

Check all the necessary boxes

And finally, when you have a list of great names that you’re deciding between, make sure you check all of the “boring” but important boxes. 

First and foremost, make sure that the domain is available. The sooner you can do a quick check on a site like Godaddy.com during the brainstorming process, the better. You don’t want to invest tons of time getting excited about a name only to find out there’s no concise domain name available. 

You also may want to verify that the name you select isn’t copyrighted. Once you have a few ideas in mind, plug them into the search on the US Patent Office’s directory to see if it’s still available. 

A trademarked name doesn’t automatically disqualify it, though. Consider the following scenarios:

  • If a trademark has lapsed, the name is fair game.
  • If the name is in a different industry, you’re likely okay. For example, you want to name your community Town Center Apartments. The car wash called Town Center Car Wash likely doesn’t conflict, but a retirement community called Town Center Living probably does. 

The name gets them in the door, the experience gets them to stay

An apartment complex name is a valuable marketing tactic that can help you grab peoples’ attention and get new residents in the door. But it should really just be the icing on the cake. 

As you’re just opening — or reopening — a building, you want to consider all of the factors that will contribute to a positive resident experience in the long term. 

Wanna know what these factors our? Check out our research-backed blog post about what residents really care about to make sure you’re making investments where it counts.

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BlogParking Management Software ROI

Investigating the ROI of parking management software

With parking being one of the largest drivers of ancillary revenue at multi-family properties, it's imperative to get it right. But just how much return can you expect from parking management software? Read on to find out.

Published: August 7, 2024
Hannah Michelle Lambert
Content Writer
Boosting ancillary revenue is often a major focus for property managers and owners alike.

Especially given that the baseline forecast for rent growth is slightly lower this year than average (2.5% versus 2.9%), properties are increasingly looking for ways to raise their bottom line without compromising the quality of living for their residents. 

One often overlooked but significant opportunity lies in parking. If managed well, it’s a potential treasure trove for additional revenue. But that’s only if it’s done well. 

Parking tends to be one of the biggest thorns in the side of a property manager. Because traditional systems — like spreadsheets and rentable items — are not built to handle tenant parking efficiently, teams aren't able to reap the full benefits parking has to offer as an ancillary revenue source. As soon as a team makes the decision to invest in a proper parking management system, the benefits often more than pay for themselves.

In this guide, we will explore those benefits, touching on both the financial and operational upside of a solid parking management strategy.

We’ve combed the data from all of our clients to identify the exact numbers to prove that there truly is ROI in parking management systems like Parkade. 

Understanding parking management

Before we dive into the numbers, let’s first establish a baseline of what exactly parking management entails. As any property manager will tell you, it involves much more than just hanging a tag on a resident’s car and calling it a day.

The key components of a parking management system are:

  • A system of record to track parking assignments, lease lengths, vehicle details, and parking prices, ideally integrated with your PMS.
  • An enforcement strategy that ensures parking rules are clear and establishes consequences (typically fines or towing) when someone breaks them.
  • A method to pay for parking, whether it’s bundled in with rent (which we don’t recommend) or paid for in a separate system.
  • A self-serve system for residents and guests to book long or short-term parking. 
  • If there is a gate on the property, provisioning and deprovisioning of gate entry should also be considered in the parking management strategy. 

The old-school way of addressing these needs isn’t cutting it anymore. Many properties are still using manual processes, like an Excel spreadsheet, rentable items, or even a physical piece of paper to keep track of their parking. 

And far too often, properties are relying too heavily on staff members to handle parking matters that take up a significant amount of time, like enforcement or guest parking.

Moreover, there’s one point that just can’t be ignored: If you’re still using old-school parking management systems like spreadsheets and rentable items, you’re leaving money on the table. 

So the parking management we’re discussing here that delivers positive ROI is a technology-led solution that automates all aspects of parking operations, improves resident experience, and unlocks new revenue streams.

Setting the stage: Residents value good parking

Delivering on resident expectations should be a main priority for any multifamily property, and parking is one area of the resident experience that is especially critical to consider here. 

65% of property managers cite parking as a top concern among residents. Whether it’s for existing residents or prospective residents, providing a simple, reliable, and flexible parking solution has a direct impact on the success of your property. 

Part of this is due to reputation. Properties have reported a 44% increase in their reputation scores after fixing their parking problems. And this boost in a reputation score can trickle into several different areas, boosting not only the number of new residents, but also leading to more renewals from existing residents.

But we know you want the hard dollar amounts, so let’s talk more about some real-world outcomes that Parkade's parking management software delivers. 

So, what do the numbers say about the ROI of parking management software?

Long-term net parking revenue for stabilized buildings

Once properties implement a system to help them optimize pricing and management of long-term parking, they see immediate gains in their long-term parking revenue. The average 6-month increase in net long-term parking revenue for the cohort of 7 properties we sampled was 24%, translating into thousands of extra dollars. 

Long-term net parking revenue for lease-ups

Better parking management also empowers properties to far outperform their projected revenue from long-term parking when they’re in the lease-up phase. 

On average, properties from the cohort we sampled estimated that they would bring in $15,925 on average from long-term parking revenue per month. But thanks to Parkade helping them optimize their parking strategy, better enforce their parking rules, and keep a better record of who is parking where, the average revenue from long-term parking was $23,450 on average, which is a 47.3% increase from the estimates in their pro forma. 

Total net parking revenue for stabilized buildings

For buildings that are already at full occupancy, the average increase in parking revenue sits at 31% once they implement Parkade’s parking management solution. 

Revenue metrics for lease-ups

The best time to implement new parking management systems is at the inception of the building. Getting parking right from the beginning ensures that you are maximizing total parking revenue from day one, as well as establishing a positive reputation around parking. Many properties underestimate the revenue from long-term parking and may often leave out potential short-term parking revenue altogether. 

When a few properties we worked with during this phase were estimating parking revenue at the start of their lease-up, they estimated around $35,000 on average. But the results, since they decided to go with Parkade right from the start, blew those numbers out of the water. In reality, they were able to bring in closer to $58,000 on average, which is a 66% increase from the estimates.

Short-term parking: An opportunity

The boost in revenue continues to be apparent when you zoom out to look at short-term parking, too. Short-term guest parking can be one of the most underutilized revenue streams, and represents a huge opportunity for multi-family properties to tap into. However, it's historically been very difficult or impossible for properties to see this revenue without parking management software that automates the process.

Especially in popular areas, like city centers or near shopping malls and sporting arenas, there’s often a high demand for short-term parking. When properties put a system in place to monetize this guest parking, they can unlock hundreds or even thousands of extra dollars per month. 

Automating guest parking

Without a good system in place to manage parking, many properties often leave guest parking as a free-for-all (meaning they don’t make money from it), or if they do attempt to monetize guest parking, it turns into a massive beast to handle. 

Erica, a property manager at Thrive Properties, told us about her pre-Parkade experience with guest parking, preventing them from delivering on a key resident need: “There was no world where we were doing short-term parking by the hour or even by the day because there was just no way to manage that.”

If you have a complicated or inconvenient system for guests to reserve parking, especially one where they have to walk into the office during office hours, guests are often more likely to try to get away with not paying for parking. (And if you don’t have a great system to enforce parking, they may very well get away with it).

With the right parking system, you’re able to give guests a flexible, 24/7 solution, removing any previous barriers that may have caused them to break the rules out of convenience. 
Maximizing guest parking availability

Another way that manual parking management may stand in the way of effectively monetizing guest parking is the inability to accurately track how many spots you have available for guests to reserve in the first place. 

Taylor, the property manager at Strata and Venue, shared her experience of desperately needing more guest parking and discovering they had a full 50 more open spots than they thought. 

“We actually had way more spots that we could have used for guest parking, but we didn’t know that because of the way we were using our parking system. Not to mention, we wouldn’t have the system to leverage them without a Parkade.”

When your parking management system gives you an accurate, real-time view of available spots, you can leverage guest parking to its full capacity.

Utilizing idle parking spots

A reliable parking-management system also allows you to make the most use of every single spot available. With technology that uses smart inventory management, properties can release idle or unassigned parking spots into the system for short-term use. So spots that would have otherwise been sitting empty between leases can suddenly be leveraged as an extra revenue-generating spot in the meantime. 

Net revenue for short-term guest parking

When properties have a great system to implement paid guest parking, without putting too much strain on their staff, they immediately see a boost in revenue.

They’re able to turn an operation that was perhaps bringing in no money — or some revenue, perhaps at the expense of staff time —  into a significant revenue source with little-to-no staff involvement. 

On average, Parkade customers experience a 303% increase in their guest parking revenue after Parkade fees. And there were some properties that saw almost a 400% increase.

Opex (operational expenses) savings

When handled manually, parking management can steal hours from on-site property management teams every week. Between fielding requests or complaints from residents, tracking down parking records, walking the lot to enforce rules, handling guest parking, and manually inputting rentable items, parking can quickly balloon into one of the most time-consuming tasks for staff.

Parking management software can automate away a lot of the most tedious aspects. For example, Parkade gives residents self-service access to reserve and pay for parking (while allowing for any rule sets the property wants to enforce), provides hands-off enforcement support, and even automates gate access via the app so that teams don’t have to worry about distributing or replacing clickers. 

Properties have seen that the time teams no longer spend on parking leads to a direct decrease in operational expenses. As a result, they can redistribute those team members' time to more meaningful tasks.

On average, we’ve seen properties decrease their operational expenses by $60,000-$100,000 from savings on parking operations alone. This means that they were able to save what’s equal to a full-time employee’s salary. 

Annual NOI improvement

All of the revenue metrics mentioned up until this point have been after Parkade's fees. 

When you roll everything up together — both the increase in revenue (after fees) and the opex savings — investing in parking management software has an incredibly positive impact on annual Net Operating Income (NOI).

Whether teams are looking to calculate their property value, secure financing, make operational decisions, or pitch to investors, NOI is one of the most critical numbers to boost. 

By coming at NOI from both sides, in terms of opex savings and revenue generation, parking management technology is extremely low-hanging fruit when it comes to boosting NOI. 

At the Parkade properties we surveyed, teams saw anywhere from a $66,000 to $126,000 improvement to their net operating income from parking alone. 

While parking may not seem like it deserves to be the biggest priority for many properties, the numbers tell a different story. By investing in a proper parking solution, properties are able to significantly improve upon all of their business goals, whether it’s boosting revenue, streamlining operations, improving resident experience, or all of the above. 

About Parkade

Parkade is the #1 parking management software for multi-family buildings. With our resident-facing app and staff dashboard, parking runs itself. Your team will boost revenue, reduce time spent on parking, and improve experience for residents and guests, all without lifting a finger.

Explore our features below, built for communities just like yours.

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