What’s Trending in Property Management?

What will 2021 have in store for your property management business? How about booming revenue, added staff, new property management software, fantastic new, high rise futuristic condos to manage?

Here at ManageCasa, we know the future comes fast and anything is possible.  2021 is on our doorstep.

A new number to give us a little nudge to be mindful about what’s changed, and what is just ahead. There are predictions of many property managers going out of business by 2022, swept away by technology and inefficiency, not by local market trouble. And then there’s a few who expecting a record breaking year, because after all the rental market is good.

Hopefully, the ManageCasa blog will help you understand these trends, discover the best solutions including property management apps, new smart devices, or adopt property accounting software that makes your job easy. Please bookmark and stay up do date!

It’s All About Tenants Feeling Good

Lifestyle, convenience, social, and living

The biggest trend this year will be for landlords and property managers to get to know their tenants, i.e, the new big demographic groups: those 18 to 38 and what they want. They are the lion’s share of the US rental market now.

Developers and landlords are delivering more more choice and services, and tenants have big expectations of developments and property managers.

New software apps could help you communicate, engage, delivery, streamline and capture analytics so you know what’s going on. Property management software is responding to all the trends happening.

The Top 7 2021 Trends

1. Occupancy Rates Will Fall, and Vacancies Go Up.

You might not have had issues with vacancy for a while, yet with new construction units showing up, and with existing home sales increasing, it’s certain you’ll be seeing some of your tenants leave in 2019.

See the latest rental market stats in Los Angeles, Vancouver, Toronto, Phoenix, Las Vegas, San Jose, San Francisco, or Austin to better recognize what’s coming in 2019.

Not sure how to prepare for lower revenue in 2019? See our post on reducing turnover and the research on what tenants want. Not sure how to advertise?

2. Rent Price Growth is Slowing

For most regions, price growth has flatlined, with more new construction rentals coming on market,. So if you’re counting on raising rents to generate more profit, 2019 is the year you get disappointed.

3. Interest Rates Rise

With higher financing costs and cost of living increases, you’ll need to streamline operations and get your staff to do more, and quickly. Simple, uncomplicated software saves the day.

4. Automation Adoption

Automating using property management automation software is all the rage, and this trend is only going to increase. From efficient bookkeeping and accounting right down to individual properties and units, to trouble free, reliable rent collection, bill payment, and maintenance contractor management, you’ll be doing more with less stress.

5. Even Smarter Marketing

You never had much of a need for high powered marketing and tenant recruitment. But the best tenants are harder to reach now. You’ll need to get the jump on new opportunities, and be write better rental ads to attract the specific demographic that’s renting these days.

6. Millennials and Gen Z’s are Top New Prospects

Gen Z’s seem to be trying to find a replacement for Facebook. Mysterious social media platforms such as Wechat or Instagram might be one of your new tools in 2019. And Facebook won’t go away as a place to reach renters or build your development’s brand image. Young people are more sensitive to your brand image than you think (smartphone friendly, eco-conscious, social conscience?). Time to get relevant to them.

7. More Perks and Amenities

The days of offering no perks are pretty well gone considering how high rents are. And with vacancies rising, you’ll need to incentivize your promotions to attract and retain. If your units aren’t anything special, 2019 could be a year of costly vacancies and lease terminations.

However, amenities/benefits aren’t the essence of what they need. They want to feel good, with self-esteem about their lives. Deal with this, and you might slow down a stampede out of your properties. Learn more about keeping your tenants happy and offering the amenities and benefits renters want today.

Of course, you have a unique property profile. Those in New York will see different circumstances those in Toronto, Vancouver, Las Vegas, Phoenix, Los Angeles, or San Francisco. Read up on the 2019 that Australian property managers are facing.

Check out ManageCasa professional property management platform. Meet the demands of 2019 and beyond and optimize your cash flow and ROI.

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