Five Multifamily Housing Trends for 2020

Every year about this time multifamily stakeholders want to know the upcoming trends, what’s hot and what’s not, and how they can ride a new wave to grow occupancy, boosts rents and sharpen the knife on ROI. If only Zoltan could make some personal appearances. A new year heightens the senses of what’s on the horizon. Emerging technology forces review of traditional processes and some old-school thinking gives way to a fresh idea or re-affirms that tried-and-true basic practices still have merit. The usual fall conferences and conversations always offer new perspectives, and 2019 was no exception. Here’s a look at what many are already talking about:    1. The Evolution of Self-guided Tours A new wrinkle in multifamily housing started gaining traction in 2019 and now it’s on a roll. Self-guided tours are being approached with cautious optimism but they appear to have an intriguing upside. Automated apartment tours through cell phone apps and other technology are offering prospects the opportunity to schedule self-guided tours of properties at their convenience. In many cases, they can tour a property and have no interference from leasing agents or staff. The 2020 NMHC/Kingsley Associates Apartment Resident Preferences Report noted that 16.7 percent of residents surveyed said that they prefer looking at a community without a leasing agent so they won’t be swayed by what they see.  The technology, which compares to travel apps that have been around for a few years, already is in use at apartment communities in Austin, Texas, Albuquerque, N.M., and Washington, D.C. Self-guided tours are also being used in student housing and single-family. According to data from NMHC’s OpTech Conference & Exposition, the way to check out an apartment holds a lot of promise. They increase lease conversions by 86 percent versus when staff is escorting a prospect. But 20 percent of self-tours happen after hours, wh...