Top 2020 multifamily industry trends

A new year means new renters, new leases and, most importantly, new trends. As we approach 2020, here are three trends you can look forward to in the multifamily housing industry in the coming year. 

1. Housing demand may decrease slightly

As the economy makes slower gains, apartment demand is projected to decrease by 20% when compared to 2019, according to CBRE’s 2020 U.S. Real Estate Market Outlook. The millennial market will transition into homeownership at a mild pace, as debt continues to be a deterrent for many. But, overall, demand within multifamily will remain stable enough to absorb the supply.

Key takeaway: As the competition begins for new renters begins to unfold, property owners and managers will need to focus on implementing more targeted, strategic and creative integrated marketing tactics to see ideal results. These efforts will likely incorporate digital efforts, like Google Ads, SEO, video and mobile.

2. Suburban communities will shine

Developments located in the suburbs are projected to outperform their urban counterparts in rent gains and ROI. According to CBRE Research, the four highest performing cities will be Austin, Atlanta, Phoenix and Boston, with Boston clearly outshining its counterparts. 

Additionally, in keeping with 2019’s trend, smaller metro communities with a population of less than 2 million will pose great opportunities for developers, as these areas embark on core revitalization activities to improve the quality of life for talent acquisition purposes. 

Key takeaway: Consumer research will be key for newer suburban developments in attracting new, out-of-town renters. These properties will need to cater key messaging to incorporate city themes, while appealing to resident desires as it relates to amenities and overall quality of life at these properties. 

3. Technology will continue to march on

Technology in the multifamily housing market will continue to make an impact. As new technology for property management and residential data analysis is released, operations within communities will become more simplified and efficient, resulting in greater satisfaction for residents. Additionally, the pressure to offer newer and more trendy amenities and services will be present as these new technologies emerge.

Key takeaway: Consumers have now been accustomed to the on-demand lifestyle. Those properties with a customer-centric focus and those who place a strong emphasis on “lifestyle” will remain at the forefront as technology/trends advance. Communities that are quick technology adopters and those that can simplify renters’ lifestyles will likely experience greater greater gains and resident satisfaction than their slow-adopting counterparts. Additionally, more streamlined operations and greater resident insight related to newly sourced data will create additional targeted marketing opportunities for communities. 

Rentbot can help.

At Rentbot, we think small properties are a big deal. With several years of multifamily industry experience under our belts, we know the industry trends and property needs of both small and larger communities. Despite your size, we can help tailor your marketing strategy to produce substantial results through our affordable and accessible website solutions and SEO packages. We’ve even been trained and certified by Google to help properties like yours manage their online advertising and grow their business. 

A new year means new gains for you! Learn how we can help you attract, convert, and retain tenants through our website and marketing services so that you can start your New Year off with a bang!


About the Author

Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising and copywriting, she has helped a multitude of clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.