2020 Trends in the Multifamily Industry
- Energy-Efficient Features: Energy efficiency is key to winning tenants, especially those in Gen Z and Millennial generations. LEED-certified green buildings are a great place to attract tenants and stay with the trends.
- Curb Appeal: Curb appeal is more important than ever before. The interior of the unit is not the only important key in landing tenants anymore. The prettier and intriguing the outside is, the more willing prospects are to come tour. Also, the interior space and amenities outside of the tenant’s unit should always be stylish and stay clean.
- Kitchen Appliances: Upgraded kitchen appliances, smart kitchen technology, and unique appliances like air fryers are all the rage. Stay up to date on kitchen trends as the kitchen is always one of the essential things and first places renters will look at and decide on.
COVID-19 Related Industry Trends/Changes
The COVID-19 pandemic is unfortunate, and businesses have to adapt to stay afloat during this time. With said, the Multi-family industry has to update policies and change the way things happen. However, these changes will continue even after COVID. They allow for even more ease in the leasing and renting
process. Learn more below.
- Virtual Tours: Virtual tours have been a thing in the industry for a while. However, they are taking off more so now than ever before with social distancing in mind. There are several ways to do these tours, including; FaceTime/zoom/Skype tours, 3D tours, and pre-recorded video tours.
- Non-Contact Tours and Inspections: Non-contact tours and property inspections are a new trend that allows for safe touring, move-ins, move-outs, and routine inspections. Self-guided tours are the new way for tenants to see a property in person without risking their health or the health of your staff. Inspections can be done non-contact or by video for the same reason.
- Work from Home: How you treat your staff right now says a lot about you and your company. With that said, many property management companies have learned how to allow all staff to work from home quickly and efficiently. Allow partial remote work or even full remote work may be a trend after COVID-19.
Multi-family Tips for Evolving with the Trends
- Follow Multifamily News: Follow Multi-family news sources on LinkedIn, social media, and any other news sources. Trends change often, and following the news and changing with them is vital to keep your buildings running well.
- Network: Network with other property managers and landlords. Every state and nationally, there are plenty of networking groups to join. Learning from others and doing workshops, watching round tables, etc. is useful for learning trends and learning how to change with them.
- Technology: Technology will always be necessary for trends and keeping up with them. Online rent, portals for residents to talk, and maintenance requests have been a trend for a while. Technology and its use in the industry is ever-evolving. Always stay on top of this!