Multifamily Housing Trends For 2021

The multifamily housing sector certainly took a hit this past year but it still managed to weather the storm and persevere in comparison to others. However, property owners still felt the loss of income and are hopeful to start moving forward these next coming years with multifamily housing trends for 2021 providing that glimpse of hope they are looking for.

Suburban Growth

Urban multifamily properties felt the greatest impact in 2020 when compared to those in the suburbs. With cities shutting down or limiting services, employees working from home and public transit becoming less desirable, many started to set their sights on moving to the suburbs where rent cost less or didn’t cost anything at all. Young adults were able to move back in with their parents or friends until the economy started to look upward and older generations left the appeal and convenience of urban life for more space and affordable living. The restrictions set because of Covid caused many to reevaluate prioritizing needs over desires. Because of this, suburban submarkets will take the lead for 2021 offering lower costs, more space and a change of scenery. This of course is not to say that urban multifamily housing units will undergo a permanent negative impact but it does mean it will take them some time to catch up with other multifamily housing sectors.

Increase In Multifamily Investment

Multifamily housing may have endured many changes in 2020 but economic rebound is already being projected for the near future with a significant rise in comparison to last year by 33%. The economy is starting to gain traction, providing greater financial security and opportunity to live independently. With many investors in 2020 deciding to hold back until they could see a foreseeable future, others continued to invest creating a higher investment demand when compared to previous recessions. As long as market conditions continue to improve, multifamily investment volume should increase. A continuance of favorable mortgage and low interest rates will help incentivize future investment.

Digital Tour Appeal

Digital has long been the ruling preference for the average consumer and with younger generations seeded in the digital world this will only continue as we press into the future. When it comes to multifamily properties, those looking to rent are expecting a personal and yet easy way to explore their options via digital tours. There is still a part to play as a property manager but what catches the interest of potential tenants is what they will first see on a screen. That along with personable interactions with the management team is how renters will be drawn towards specific properties. When multifamily housing properties can master the digital world they have a significant advantage over their competitors. Pricing and amenities of course will still play a part in whether potential tenants will be interested but getting their foot through the door is key.

Continued Safety Measures

It may have taken some time to adjust to all the safety measures that were mandated throughout the different states but the world proved its ability to adapt and now it seems that that adaptation has become a lifestyle. People now expect certain safety measures to be in place when traveling outside of their home so where others are adapting we have to learn to not only adapt with them but be one step ahead. By emphasizing an array of safety measures through community spaces tenants will feel more at home and be drawn to their personal surroundings which contributes to slower turn over rates and appeal for new renters. It also ensures the safety of staff which is just as important as those you are renting to. Building a strong sense of safety for everyone to do life creates a healthy atmosphere throughout each property that everyone will notice.

If there is anything that the previous year taught us it’s that there are no absolutes. As we forge ahead with the intention to make the best out of what the new year has to offer we have to be willing to be flexible and pivot at a moment’s notice. Fortunately, the multifamily housing market is essential as the population continues to thrive in numbers creating demand for multifamily housing.

2021 Forecast For Multifamily Properties

This year has certainly held it’s challenges but the question now presents itself, ‘ what will 2021 look like? At this point we can clearly see that 2020 will transition into the coming year but how it will transition into the new year for the multifamily industry holds its predictions. Let’s look at some highlights that may give us insight into the 2021 forecast for multifamily properties.

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Preparing Your Multifamily Housing Roof For The Winter

Depending on the area, a winter season can be long and harsh. Once the rain and snow come, getting onto a roof can be tricky and oftentimes dangerous. Preparing a multi-family housing roof for the winter is not only a precautionary step in avoiding roofing problems; it also aids in preventing accidents where roofers are concerned. Here is a list of things to winterize when preparing your multifamily housing roof for the winter.

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Multi-Family 2020 Trends To Watch

Employment growth and overall household income have always played a part in driving the economy. Since the Covid-19 pandemic, people have been laid off and as a result, the economy has been impacted. Here we will look at how the multi-family industry has been impacted, what they can expect and what multifamily 2020 trends to watch for.

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What To Know About Multi-Family Property Insurance

Multi-Family property insurance can be complicated at times because there can be so much to think about when it comes to making sure you are properly insured. The last thing anyone wants is financial loss so knowing what to look for in regards to property insurance is essential. Here are some things you will want to know about multi-family property insurance that can help when your ready to buy insurance.

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What Apartment Features Are The Most Popular For Renters?

With rental space being at an all-time high, we’re seeing more development pop up than ever before and if you haven’t noticed, the style and amenities are changing. Not everyone is looking to buy a house but there are features of a home or amenities within housing communities that some still find appealing and that’s where apartment developers are placing their attention.

Spaces And Services

Unlike before, when apartments used to seek after offering clubhouses, fitness rooms and a pool combo; development spaces are now looking to offer more in terms of space and in addition, services that those spaces include. Pools are still considered highly attractive to renters all throughout the year. Even if they don’t make use of them all year round, it’s still something they want when it comes to apartment shopping. The up factor is providing services such as water classes for residents which allow them to maximize their residential space all within living proximity.

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Tips to Build Community in your Multifamily Property

Multi-family owners and operators carry the responsibility to not only create a sense of home and safety for their tenants, but also the atmosphere and feel of the apartments community. It’s a significant task and one that owners and operators should feel honored to provide. Tenants living side by side will not always engage with one another as they go about their day to day. This is why it’s important to cultivate an atmosphere where tenants can gather and build community with one another. The following tips provide some ideas to potentially build an engaging sense of community.

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What the multi family housing industry can learn from the hotel industry

The social norms of our modern day times is like nothing we’ve seen before. Millennials are raised in a digital friendly world of the latest technological devices, offering fast paced and quickened responses. Generations of past find themselves trying to keep up with current advancements while some generations have given up trying altogether. Culturly, we are trying to meet a variance of generational lifestyles that are exclusive but still allow for interactive engagements; creating spaces where any generation can feel present and actively involved according to their own preferences. With millennials accounting for the largest percentage of the U.S. workforce the world is continually adapting in order to capture their spending power, while still remaining inclusive of other portions of the population. One particular focus is in the multifamily residential development which is learning from the hotel hospitality industry.

 

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Cost cutting tips for multifamily property owners Part 2

Property management professionals are always looking for opportunities to make adjustments and cut costs wherever they can in order to cut costs and continue to realize profits. Cutting back on expenses is never easy, but there are ways that you can save some money without having to sacrifice service or efficiency. Here are a few ways that you can start cutting costs in your property management business.

 

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Multifamily property owners can implement technology to cut costs and improve returns

The days of simply collecting rent and making sure the grass is trimmed are long gone for today’s multifamily owners and managers. To be an efficient competitor requires more skills and knowledge than in the past, especially for small property owners. Some of today’s savvier owners are improving bottom lines by leveraging technology and other resources. They are discovering that what works for top leading competitors can also work for them.

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