Whenever you start a new year, it can be valuable to take a look back at the previous year to gain perspective and set your expectations for the days ahead. As we looked back on the property management headlines from 2021, it only took a hot minute to see how much the coronavirus pandemic loomed over the landscape of the rental industry.
Here’s our take on the biggest property management news stories from 2021, and what they mean for 2022.
"Apartment Property Managers Are Burning Out From the Pandemic"
Via GlobeSt.
After 18 months of pandemic disruption, professionals in the apartment industry are at the breaking point. J. Turner Research found that manager turnover is at record levels due to burnout.
The reasons include several factors:
- Increased workloads
- Lack of appreciation and acknowledgements
- Lack of hazard pay
- Overwhelming communications from corporate offices
Not only has this taken a toll on the rental management companies, but the apartment communities themselves have been hit.
- Revenue is down
- Manager turnover has damaged company reputations
- Communities experience disruptions in service
Apartment management companies will need to act quickly in 2022 to support their managers and mitigate burnout. Those who do it well will be poised to grow over the competition — and those who don’t could find themselves struggling by year’s end.
"Property Management Post-COVID-19: The Top Amenity Trends for Renters in 2021"
Via Buildium
As the pandemic altered the way we do life, it also turned many prized amenities into liabilities — while new amenities became hot-ticket items for the first time ever. Here’s a few of the top amenities in the property management industry from 2021 and going forward.
Work Trends
- In-unit office space for residents working from home
- Co-working spaces for part-time remote workers
- High-speed internet and wi-fi to give residents a consistent online experience
Health Trends
- Zero-touch tech for common areas
- Package delivery lockers to keep residents’ orders safe
- Anti-microbial surfaces in units
- In-unit laundry to attract new residents
Carry-Over Trends
- Sanitizing stations: what residents have come to expect
- Air filtration to keep residents healthy in their homes
- Online reservations for convenience
- Virtual events may or may not stick around
Living Trends
- Adaptable spaces for living flexibility
- Smart home tech to make life more convenient
- Private outdoor spaces to get outside but keep a safe distance
"Zillow Rentals Consumer Housing Trends Report 2021"
Via Zillow
Despite an early slowdown in the rental market, 2021 turned out to be a super-charged year for property managers. Rental prices started in a slump, but rebounded by summer — and then some, with a 15% increase year-over-year nationwide.
The question for 2022 is whether that growth is sustainable, and how much more can renters afford. Property managers will need to keep a close eye on developments throughout the year and be ready to adjust prices.
Check out Zillow’s report for more information on rental housing trends.
"New Research Reveals How Rental Property Owners Have Been Affected by COVID-19"
Via Buildium
Buildium surveyed rental owners, renters, and property managers throughout the pandemic to understand how the crisis has continued to impact the rental housing market. This article combines their primary research data from 2019 through 2021 to paint a picture of the financial impact COVID has had on small rental property owners and their residents.
"The Government Is Fixing the Federal Rental Aid Program, but Funds Are Still Slow to Reach Renters"
Via NBC News
The federal rental assistance program was designed to help low- and moderate-income renters to pay their rent and utilities without fear of eviction. But the payouts in many states have been slow and error-prone. Here’s a look at the impact on renters and landlords.
Also, check this out: If you’ve been impacted by slow — or non-existent — rental assistance payments, here’s some information about what you can do.
"Leasing Activity Is Up: What Trends Mean for Property Managers in 2021"
Via Tenant Turner. In early 2021, we noticed a significant increase in lead and leasing activity, especially compared to the level of active rental inventory. In fact, while the leasing “busy season” typically starts in May, it actually started in March.
We decided to dig into our user data to figure out what was happening — and what it meant for property managers who are already strapped for time. Some trends we noticed in 2021:
- Tenant leads per active rental spiked
- Monthly active rentals per customer have slowly declined since February 2020.
- Market imbalance was driving leasing activity
As your listings generate more attention (page views), and those tenant leads become more demanding on your time (due to the urgency of the supply/demand imbalance), you’re going to be more and more pressed for time. This article discusses how to handle all of those tenant leads and automate your leasing process.
"Lifting of the Eviction Moratorium — What’s Next for Property Managers?"
Via GlobeSt.
When the Supreme Court lifted the eviction moratorium, it raised new uncertainties. Property managers and their property owners were left with questions about tenants, occupancy, and operational financials. They had to take a fresh look at their tenant roster, payment delinquency, the slow availability of rescue funds from the federal government, their financials, and the immediate future. This article explores the implications of the eviction moratorium for you as we go into 2022.
If 2021 taught us anything, it’s that the pandemic continues to disrupt the rental management industry in new and unforeseeable ways. But you can equip your business for success in 2022.
