Taken as a whole, the multifamily industry isn’t exactly known for moving with lightning-fast speed to implement new technology and processes. But in 2020, operators across the country had to do just that. Managers had to turn on a dime and find new ways to serve prospects and residents.
The multifamily industry used to be lampooned as being way behind the curve when it came to technology. But in recent years, it’s been exciting to see apartment owners and operators embrace new technologies. Operators are implementing solutions that enhance the resident experience and improve operations.
The stories of the week: hidden budget items that put you in the red, helping associates grow before they quit, secure package management and resident satisfaction, CRE’s stimulus wish, recession-resilient Class B multifamily and apartment home size increases in pandemic.
This year, budget planning could have been particularly painful. Thanks to the pandemic, property managers have seen revenues decline while simultaneously incurring unanticipated expenses. Generally speaking, 2020 has done a number on most companies’ financials.
As we move into 2021, the baseline delivery volume is projected to remain 30% higher, rendering traditional package management infrastructure ineffective. A solution with the ability to scale alongside the increasing number of deliveries is a requirement moving forward in the multifamily space.
This week’s top storylines: printers are becoming a hot amenity, mixed results from NMHC quarterly market survey, smart home making life easier for operators and residents, investors 1031 exchanging in Sun Belt, the possible economic boom in 2021, and the uptick in home ownership that is not worrisome to apartment investors.
Many apartment operators have worked diligently to improve their pet-friendliness levels. And if pet friendliness wasn’t already a primary focus, it definitely should be now. New data indicates that the well-documented spike in pet adoption during the pandemic has made an impact in the apartment world.
The consumer world is driving multifamily more than ever before. Today’s residents have grown up with technology at the core of their existence, use it in every aspect of their lives and now expect a truly modern living experience – and that’s what smart home systems provide.
With more residents working from home with greater regularity, they need more than just a place to dock their laptops and take calls. They need everything that the workplace once provided, which includes copying, scanning, printing and fax capabilities.
Among this week’s top multifamily headlines: the evolution of multifamily performance metrics, developer pivots in 2021, saying goodbye to pet size restrictions, the growing single-family rental land bubble, suburban strength in 2021, and construction material price rebound.