The market for multifamily properties is constantly changing, making it important for your business to stay on top of new trends to capture the attention of savvy renters. As the market continues to evolve, property owners and managers can stay competitive and grow their businesses with property improvements that reflect the latest trends in the industry.
Here are our top four multifamily property management trends and predictions:
1. Technology use continues to grow
Technology is part of nearly every facet of the modern world and the multifamily market is no different. Renters continue to crave convenience through technologies – like keyless door entry and smart Wi-Fi plugs – and the demand is fueling the implementation of a host of new technologies in apartment buildings and units. Installing smart technology like smart thermostats will help your property meet the expectations of the new-age renter and can be a significant added-value through increased flexibility and reduced energy use.
2. Secure package storage becomes a necessity
The rise of e-commerce has led to an increased demand for secure package delivery options at residential communities. As residents receive more packages, many renters will begin to expect secure 24/7 package access as a community amenity, which could be a space for self-service package lockers or shared storage for package pickup. But with the addition of a shared amenity, comes increased energy and maintenance costs. You can limit increased costs with the installation of energy-efficient lighting and lighting controls that use less energy by switching off when a room is unoccupied.
3. Supply outpaces demand
According to Freddie Mac’s Multifamily 2020 Outlook Report, the demand for multifamily rental housing is expected to remain strong this year due to population growth, increasing challenges associated with homeownership and a growing preference for renting. Although demand will stay high, a surplus in multifamily properties will result in increased competition for property owners and managers. To stand out from the competition and meet rising expectations, property managers need to embrace customer preferences to attract and retain more renters. Completing property improvements is a great way to stay ahead of the competition. Upgrades like energy-efficient heating and cooling and appliances will not only boost the appeal of your multifamily property, but they can also increase comfort and help owners and tenants save on utility bills year-round.
4. Apartments go green
Now more than ever before, people are aware of their environmental footprint and the effects their habits have on the Earth. According to a sustainable living report by multifamily developer AMLI Residential, renters are looking for more sustainable features within their home and are becoming increasingly interested in energy-efficient appliances, which can greatly influence the rental decision. Energy-efficient features not only save residents money, they also work to promote a sustainable living environment. Property owners should also consider small improvements like installing energy-saving products in each unit to reduce energy consumption and help regulate expenses for both tenants and owners.
As technology and emerging market trends continue to shape multifamily property demands, the way property owners and managers appeal to residents will also have to evolve. Making energy-efficient property improvements with Energy Trust cash incentives will help your property stand out from the competition while also realizing dramatic savings for you and your tenants.