As the multifamily and apartment industry evolves, it’s critical that property management professionals are equipped with the knowledge and tools to ensure smooth transitions for their teams. Property managers who are aware of the top trends in the multifamily and apartment industry are in the best position to implement positive management changes at their respective facilities. Here are a few of the trends to expect in 2019:
Price and location are two of renters’ top priorities.
With a desire to reduce work commutes, many renters are seeking apartments that are in good proximity to their jobs. Renters have also become more focused on living in areas that are walkable, such as villages or towns with nearby dining and retail outlets. These factors both connect with renters wanting to save money on their living and transportation expenses.
Tech disruption in the industry will continue.
In 2018, the real estate landscape underwent dramatic changes because of software focused on altering property valuation and changing the way renters can view properties. For example, there are now websites in which renters can virtually view the inside of an apartment without ever stepping foot on-site. Property managers will continue competing with ever-evolving software in terms of attracting interest of renters and changing the process in which properties are marketed to the public.
There’s a growing movement to “go green.”
As more renters seek to live an environmentally friendly lifestyle, properties are under more pressure than ever to “go green” with energy-efficient amenities. For example, many new apartment complexes have begun installing solar panels, electric car-charging stations and bike storage. Having these features can add appeal to properties that are looking to attract millennial renters focused on incorporating sustainability into their lifestyles.
These are just some of the many multifamily and apartment trends that will impact managers of all facilities in the new year. Taking note of these trends will allow your property managers to adjust their marketing and management strategies in achieving the best business development results in 2019.
Is your facility looking for new property managers in the new year?
Get in touch with The Liberty Group to find the next batch of new property managers for your business!