2020 Trends to Watch in Multifamily Property Management

Looking ahead at 2020, property managers and multifamily operators certainly have their hands full with the ongoing challenges of onboarding new technology, the struggle for solid on-site talent, and streamlining package management. As the industry continues to evolve with the start of a new decade, operators can stand out and take pride in their properties with opportunities for a higher level of service, clear and frequent communication, and a foundation of personalized customer service. We’re taking a moment to explore the emerging trends shaping multifamily property management next year. Here are five trends to watch in multifamily for 2020: Performance Starts with People. Finding and retaining talent will remain a top priority for multifamily in 2020, particularly on the maintenance side. In 2019, turnover was up for nearly every role with leasing professionals and maintenance technicians topping out with a turnover rate of 20% and 22%, respectively, according to recent benchmark reports from Grace Hill. Due in part to the transient nature of the younger generation, the cost of turnover and hiring qualified teams continues to accelerate faster than inflation. Click to read more at www.multifamilyexecutive.com.