A New Look at Inflation and Multifamily
According to a recent article in GlobeSt.com, property managers are facing the challenge of maintaining asset values while meeting the needs of renters. Deferred maintainence and repair have added to the strain. From the article:
“In many cases we weren’t inside rental homes for a two-year period,” Lilley says. “That can result in serious deferred maintenance issues – and now, the world is opening up, renters are opening up their homes, and they’re asking for services. But because suppliers are backed up, we’re facing serious struggles. It requires us to rely on ongoing relationships to get work done and provide the necessary support to our residents.”
Against that backdrop, property managers will continue to play a critical role in maximizing the value of assets for owners while keeping costs in check. Lilley says rental housing providers “have gone above and beyond” doing just that since the onset of the pandemic.
“The services our residents demand are really communication, transparency, honesty, and empathy – and we’re in no short supply of that,” she says. “So while we may not be able to make a repair in the same way a renter would want because of cost increases, we’re able to effectively communicate with renters and understand where they’re coming from. And we also can’t forget about employees and suppliers; rental housing is really an ecosystem and we have to keep the whole thing going.”
Read the full article HERE