What Are the Biggest Changes the Multifamily Industry Will Experience Over the Next 5 Years?
Alright, let’s talk long-term changes.
I know long-term anything is really difficult to think about right now because a lot of us in this industry are trying to figure out how we’re going to survive the rest of 2020. But that’s what we thought back in March when COVID-19 launched itself into our lives and look at what we’re doing now — surviving.
So, we’ll survive.
But then what? What does property management, unit tours, apartment marketing, and leasing all look like in five years?
I feel like these are important things to discuss so we can begin to prepare and get ahead of the curve.
I definitely don’t have all the answers but here are my thoughts (feel free to comment yours down below):
Affordable Apartment Demand Will Triple
Unfortunately, it’s going to take years for our economy to bounce back from the pandemic. So many people have had a change in income and due to current job unpredictability, money isn’t as freely spent. We’ve established that renters are still renting and those who want to move are still moving, even during the pandemic.
However, I think within the next five years, the amount renters are willing (and able) to spend each month on rent will slowly decrease. The truth of this becomes even more clear when we factor in how long this pandemic could potentially last in the United States.
On top of that, due to the previously stated job unpredictability and the need to possibly move for a new job, I think th……
I know long-term anything is really difficult to think about right now because a lot of us in this industry are trying to figure out how we’re going to survive the rest of 2020. But that’s what we thought back in March when COVID-19 launched itself into our lives and look at what we’re doing now — surviving.
So, we’ll survive.
But then what? What does property management, unit tours, apartment marketing, and leasing all look like in five years?
I feel like these are important things to discuss so we can begin to prepare and get ahead of the curve.
I definitely don’t have all the answers but here are my thoughts (feel free to comment yours down below):
Affordable Apartment Demand Will Triple
Unfortunately, it’s going to take years for our economy to bounce back from the pandemic. So many people have had a change in income and due to current job unpredictability, money isn’t as freely spent. We’ve established that renters are still renting and those who want to move are still moving, even during the pandemic.
However, I think within the next five years, the amount renters are willing (and able) to spend each month on rent will slowly decrease. The truth of this becomes even more clear when we factor in how long this pandemic could potentially last in the United States.
On top of that, due to the previously stated job unpredictability and the need to possibly move for a new job, I think th……