{"id":25736,"date":"2020-01-15T16:43:26","date_gmt":"2020-01-15T16:43:26","guid":{"rendered":"https:\/\/www.parcelpending.com\/blog\/multifamily-2020-outlook\/"},"modified":"2023-04-03T20:39:00","modified_gmt":"2023-04-03T20:39:00","slug":"multifamily-2020-outlook","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-ca\/blog\/multifamily-2020-outlook\/","title":{"rendered":"Multifamily 2020 Outlook"},"content":{"rendered":"

As a property manager, it is important to stay on top of trends in the rental marketplace. Responding to shifts in demand will not only help you bring in residents but will also aid you in resident retention. To that end, this article will take a look at the most common apartment trends, such as the growing need for an apartment package delivery system.
\nMultifamily Industry Growth Cooling a Bit in 2020<\/strong>
\nFor the last few years, the multifamily sector has been in a continuous state of growth. In fact, the last decade brought the development of 2.34 million new apartments.1<\/sup>
\nWith the start of the new year and a new decade, multifamily continues to be favorably positioned for growth. However, analysts expect some cooling in 2020 due to new supply outpacing demand: this year, apartment demand is projected at 240,000 units, approximately 20 percent less than 2019, yet multifamily completions are predicted to total 280,000 units, which is on par with 2019.2<\/sup>
\nNew Demographics<\/strong>
\nThe changing face of multifamily residents will impact the areas where demand is stronger. A growing number of \u201crenters by choice\u201d – individuals making more than $75,000 per year, will increase demand for luxury apartments, as will a growing trend in empty-nesters leaving the suburbs for urban apartment living. This will add pressure to multifamily properties to add more amenities that fit the needs of new resident groups.
\nThe Amenity War Continues<\/strong>
\nIn response to changing resident demographics and an updated list of \u201cmust have\u2019s\u201d, multifamily developers will be turning to amenity innovation to stay competitive. In this ever-changing world where innovation and technology are continuously pushing the bar higher for a more personalized customer experience, residents now have totally different expectations for what\u2019s in their living spaces. Instead of luxury amenities used occasionally, like hot yoga rooms, resort-style pools, or mega clubhouses; residents instead expect service-oriented amenities that enable them to easily integrate work, family time and free time.
\nResidents simply want and expect their living environment to be as on-demand as the rest of their lives. That is why parcel lockers, like those offered by Parcel Pending, will continue to be in high demand in the multifamily industry this year. Parcel lockers make the retrieval of packages quick and convenient.
\nParcel Pending\u2019s package management solution was created to ensure simple, secure delivery and retrieval of any online order. Our smart lockers offer several benefits meant to reduce the hassle and inconvenience of receiving a package:<\/p>\n