Last week, the RentTrack team headed to Denver, Colorado for a week of learning and meeting property managers from around the country at NAA Apartamentalize!
During our time at the conference, we loved learning about the latest trends in the industry and what that means for the future of property management. In this blog post, we’ll share the top three that resonated with us the most.
Changing landscape of the market
From gen Z to baby boomers, the rental scene continues to evolve – no matter the market. Whether we look at it from a generational or demographic perspective, the needs for these renters continues to shift and change what property managers offer from a rental experience.
For Gen Z, for instance, Kate Good, principal, SVP of development and operations, Hunington Residential, mentioned that this generation loves to engage and connect with visuals.
On the other hand, baby boomers offer a new challenge as they downsize and seek rentals that meet their needs for a more urban living experience.
NOI, NOI, NOI
Net operating income (NOI) still rules all… and with today’s market dynamics, it can be challenging for property managers to continue to decrease costs as they focus on how they increase NOI.
One of the ways to impact your bottom line? Increasing operational efficiencies and simplifying processes internally, which opens up the opportunity for your team to streamline operations and cut costs. Offering online rent payments, for instance, simplifies your rent collection process and also incentivize your residents to pay online – giving you two factors that improve your NOI.
Competitiveness requires unique amenities
As the rental market remains competitive in much of the country, it’s more important than ever for properties to offer unique amenities to engage renters. Rent reporting, for instance, offers a solution to help your residents build their credit with their on-time rent payments (which are reported to all three credit bureaus!) while giving you the opportunity to generate ancillary revenue.
A win-win for property managers and residents!
Thanks for a great NAA Apartamentalize 2019! We look forward to seeing you in Beantown in 2020.