Multifamily housing trends to expect in 2024

The landscape of multifamily housing is constantly evolving. As we look towards 2024, a few key trends are emerging, driven by changing renter preferences, technological advancements, and societal shifts. For property managers and management companies, staying ahead of these trends is crucial for success and growth.

In this guide, we explore the top trends in multifamily housing for 2024, offering insights to help you adapt and thrive in this dynamic market.

The top 6 trends in multifamily housing

Understanding and adapting to multifamily housing trends is key for property managers and management companies aiming to stay relevant and competitive in the rapidly evolving market.

Here are the trends you can expect to see in 2024 for multifamily housing:

1) Increasing use of PropTech

One of the most significant trends in multifamily housing is the increasing adoption of Property Technology (PropTech), specifically multifamily property management software.

Multifamily property management software is a digital tool designed to streamline and enhance the operations of managing apartment complexes and other multifamily properties. It integrates various functions like resident screening, lease management, maintenance requests, and financial reporting into one platform. This software also often includes features for online rent payments and communication channels between property managers and tenants.

There are numerous benefits of multifamily property management software, leading to its increasing adoption by property managers. It simplifies many daily tasks, improves organizational efficiency, and can provide valuable insights into property performance. The software also aids in making data-driven decisions, keeping track of financials, and enhancing tenant relations, contributing to a more efficient property management process.

Tenants also experience significant advantages from multifamily properties that utilize this software. They enjoy more convenient and efficient interactions with property management, such as easy online rent payments, quicker responses to maintenance requests, and better communication. This enhanced level of service can lead to higher tenant satisfaction and retention rates, making multifamily property management software an asset for both property managers and residents.

2) Remote work focus

The rise in hybrid and remote work has dramatically impacted multifamily housing. Properties are now incorporating remote working amenities to cater to the growing number of remote workers seeking convenient work-from-home solutions. These include dedicated workspaces within apartments or communal areas, boosting Wi-Fi capabilities, and adding amenities like coffee bars and printing stations.

3) Use of smaller apartment spaces as housing demand rises

There is a rising demand for affordable rental housing, as seen in the Market Insights report. This trend is driven by young professionals and those seeking urban living experiences without the high costs. Multifamily housing is adapting by offering smaller, more cost-effective living spaces. These compact units are designed efficiently, making it easier for property managers to attract and retain tenants.

4) Renters are more environmentally conscious

Environmental sustainability is a growing priority among renters. Multifamily housing is responding by adopting green practices and eco-friendly designs. This trend includes energy-efficient appliances, recycling programs, smart thermostats, and the use of renewable energy sources. These features not only attract environmentally conscious renters but also contribute to more sustainable operational expenses.

5) Community is the most-desired amenity

Residents are looking for more than just a place to live; they seek a sense of belonging and connection in their residential properties. To meet this demand, multifamily properties are focusing on community-building amenities. These include shared spaces like lounges, fitness centers, and outdoor communal areas.

Property managers are also meeting this trend by organizing resident event programs. These events allow residents to interact and build relationships, enhancing their overall living experience. This is helping boost tenant satisfaction and retention rates in multifamily properties.

6) Demand for diversity and inclusion

Diversity and inclusion are becoming key considerations in multifamily housing. Properties are embracing designs and policies that cater to a diverse resident base. This includes accessible facilities for residents with disabilities, inclusive community events, and multicultural representation in marketing materials. By focusing on diversity and inclusion, multifamily properties can create welcoming and supportive environments for all residents.

Meet multifamily housing trends with Multifamily Property Management Software

Multifamily property management software stands out as a crucial tool for property managers to meet the evolving multifamily housing trends. This technology offers a comprehensive solution to meet these new demands and stay ahead in the competitive housing market.

For example, community-building efforts are supported by this software. It can be used to organize and promote community events, manage shared amenities, and foster communication among residents.

Another example is how the software plays a significant role in promoting diversity and inclusion. It ensures fair and unbiased tenant screening, allowing for a diverse tenant base. By embracing multifamily property management software, property managers can adapt to the changing landscape, offering enhanced services that align with the latest trends and resident expectations.

FAQs about Multifamily housing trends