If you’re a property manager, you’ve probably experienced an array of changes that have altered your day-to-day tasks. Within the past couple years, property managers have been faced with many mounting challenges. These challenges continue to affect both their staff and employees. According to the National Association of Residential Property Managers (NARPM), here are three of the top issues property managers will continue to face this year:
COVID-19 pandemic response:
With the COVID-19 pandemic having a continued impact on the apartment and multifamily housing industry, property managers have been forced to make timely decisions regarding health and well-being of tenants and staff. Property managers must proactively address both employee and resident concerns regarding health and safety measures, and be readily available during times of emergency. Property managers are expected to keep navigating issues that arise as a result of the pandemic, including health regulations and vaccination requirements.
Federal and state tax incentives:
Federal and state tax policy continues to play a role in the property management arena. With federal and state tax incentives having a major impact on many underserved communities, property managers must stay informed on how these tax policies, such as the Low Income Housing Tax Credit Program, can create new opportunities to provide more affordable housing units within their complexes. Policies like this can help low-income segments of the population secure safe and affordable housing while increasing the profitability of property management companies.
As transportation costs and rising gas prices become a major concern across the U.S., property managers must be knowledge about the importance of accessible transportation for residents. Multifamily residents with reliable transportation have greater access to jobs and amenities within their communities. Property managers who support federal and state investments in affordable and convenient public transportation systems will better attract and retain tenants.