10 Things for Property Managers to Expect in 2020

Posted By: Jon Lowder Blog ,

So, what can property managers expect to see in the coming year? We'd be lying if we said we know for sure, but NAA has an article that identifies ten things you might see in the coming year. Here are a few:

Shift in Demographics: Many Millennials are reaching an age where they are transitioning to the suburbs and starting families. However, we will begin to see Gen Z residents enter the rental market and continue to see an increase in Baby Boomers, who are retiring and downsizing, enter the market as well. In fact, over the next 10 years, Gen Z is expected to grow from 8 million to more than 55 million. By 2030, all Baby Boomers will be 65. Therefore, we anticipate an influx in Baby Boomer and Gen Z renters during the next several years...

Unique Community Spaces: The blurred lines between the indoor and outdoor community spaces trend will continue in 2020. In 2019, we saw that renters were seeking unique community spaces where they could gather and engage with friends and family. This will continue in 2020. Property managers and apartment owners will continue to come up with unique community spaces that aid in building a sense of “home” and “community” for residents...

Concierge Services: The sheer level of concierge services that will be offered in 2020 will continue to expand. Services like dry cleaning drop-off and pick-up have evolved into dog walking, trash butlers and many other things. In 2020, we will see more and more apartment communities take a page out of the hospitality industry’s handbook by offering concierge-type services typically found in luxury and boutique hotels.