The New Year is just getting underway, but already we can feel that things are a bit different in 2020. This year is bringing demographic and technological changes to property management and we can expect those changes to only intensify through the decade. Let’s discuss the latest property management trends and how you can keep up with them to run your property better in 2020.
1. Demographic Changes
Millennials comprise more of the tenant market than ever before. While Millennials would like to own their own home, the high prices of ownership is keeping them in the rental market. Plus, as Millennials age, they become less likely to be living with their parents, leading to a surge in the rental market.
While many Baby Boomers and Gen-Xers still rent, one study found that 51 percent of renters are now Millennials. Meeting the expectations of Millennials may be an interesting task for property managers. By and large, Millennials are looking for a great location. They overwhelmingly want access to public transit or a parking spot, as well as proximity to their work, entertainment, and shopping.
Millennials also have high standards for a property manager’s skill and response time. They expect clean and well-maintained or recently renovated apartments. They prioritize safety and want to rent from a property manager who responds promptly to their concerns. Millennials’ desire for technology is also driving our next property management trend of 2020.
2. Technology
Technology can be a great way to attract tenants. Make your property more valuable and your business easier to run. One great example is a dedicated package container. Having a lockable, dedicated partitioned space that delivery people can access will improve your property in three ways:
Your property will be more valuable and more desirable to clients;
You’ll save yourself or your property managers from dealing with package delivery issues;
Your property will be more secure and you’ll have fewer issues of theft.
There are many more smart technologies that may make sense to invest in. Smart thermostats are a great choice for those who manage single-dwelling homes.
For those who are managing larger properties, technology that lets you keep in touch with all of your clients from one platform is critical. Other valuable platforms to explore include accounting software, software that reminds you of property maintenance tasks, software that helps you keep in touch with customers, and software that keeps track of rental payments. You can find dedicated property management software out there that combines several of these features into one simple platform.
3. Building Types
As Millennials increasingly find themselves stuck in the rental market, rental demand is going through the roof. This has developers and investors looking into multi-family buildings as a way to meet demand in ever cramped cities and suburbs.
Those who delve into the world of multi-family buildings may find that they are much more work than renting out a single-family dwelling, or even a handful of homes. Multi-family buildings present their own challenges, such as shared spaces —like laundry rooms— and more property maintenance issues.
If you find you’re having trouble keeping up with these property management trends in 2020, reach out to the professionals at Central Erin Property Management and request your property management proposal today.