{"id":5004,"date":"2019-08-26T03:12:41","date_gmt":"2019-08-26T10:12:41","guid":{"rendered":"https:\/\/www.parcelpending.com\/?p=5004"},"modified":"2023-03-29T17:50:14","modified_gmt":"2023-03-29T17:50:14","slug":"multifamily-housing-trends-to-be-aware-of","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-us\/blog\/multifamily-housing-trends-to-be-aware-of\/","title":{"rendered":"Multifamily Housing Trends All Community Managers Should Be Aware Of"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">We live in a quicksilver world that\u2019s constantly changing and expanding. The rise of the digital age has sped up that process by significantly altering consumer behavior and shifting demand. This is especially true in the multifamily housing market of, which has continued to experience rapid growth and evolution over the past two decades. Now, renters are more demanding and pickier about the space they choose to live in than ever before. As a result, what might have worked to entice renters in the past, no longer has the same effect. <\/span><span style=\"font-weight: 400;\">So, what are some effective resident retention ideas or <\/span><a href=\"\/en-us\/blog\/property-management-tips-and-tricks\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">property management tips<\/span><\/a><span style=\"font-weight: 400;\"> you can utilize? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a property manager or <\/span><span style=\"font-weight: 400;\">multifamily building <\/span><span style=\"font-weight: 400;\">owner<\/span><span style=\"font-weight: 400;\">, you <\/span><span style=\"font-weight: 400;\">can check<\/span><span style=\"font-weight: 400;\"> multifamily housing market trends and how they could impact your property<\/span><span style=\"font-weight: 400;\"> and the future of apartment living<\/span><span style=\"font-weight: 400;\">. Failing to respond to shifts in consumer demand and the <\/span><span style=\"font-weight: 400;\">real estate <\/span><span style=\"font-weight: 400;\">market<\/span><span style=\"font-weight: 400;\"> movement could very well result in vacant rooms and lost revenue. Want to stay on top of your game? Read on and discover our <\/span><span style=\"font-weight: 400;\">multifamily <\/span><span style=\"font-weight: 400;\">trends<\/span><span style=\"font-weight: 400;\"> to watch so that you\u2019re prepared to react quickly and effectively. <\/span><\/p>\n<h3><strong>Multifamily Housing Trends to Be Aware of<\/strong><\/h3>\n<h2><strong>The Economy is Booming<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">As 2019 approaches its close, America continues to show unprecedented economic growth. Since the end of the Great Recession in 2009, economic expansion has continued for a decade now. This recently broke the record for the longest expansion without a recession in American history. While experts warn of an impending slowdown, President Trump\u2019s economy has continued to surprise, leading to benefits for Americans of all socioeconomic status.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some statistics that illustrate just how good this economy is include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Employment has grown for <\/span><a href=\"https:\/\/www.nytimes.com\/2019\/05\/03\/business\/economy\/jobs-report-april.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">100 straight months, resulting in 20,000,000 new jobs<\/span><\/a><span style=\"font-weight: 400;\"> created.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In May, <\/span><a href=\"https:\/\/www.washingtonpost.com\/business\/2019\/05\/03\/us-economy-added-jobs-april-unemployment-fell-percent-lowest-since\/?utm_term=.39d6af9c60c9\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">unemployment fell to 3.6%,<\/span><\/a><span style=\"font-weight: 400;\"> hitting the lowest figure since 1969 and reaching what is considered to be full employment.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.cnbc.com\/2018\/12\/07\/black-unemployment-rate-falls-to-5point9percent-ties-record-low-hit-this-year.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Black and Hispanic unemployment<\/span><\/a><span style=\"font-weight: 400;\"> are the lowest they\u2019ve ever been.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.wsj.com\/articles\/wages-rise-at-fastest-rate-in-nearly-a-decade-as-hiring-jumps-in-october-1541161920\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Wages are rising at the fastest rate<\/span><\/a><span style=\"font-weight: 400;\"> in nearly a decade with an annual increase of 3% to 4%<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For property managers, the booming economy is a great thing. More money in everyone\u2019s pocket means more people are looking to rent, especially in that all-important 20- to 34-year-old demographic, <\/span><a href=\"https:\/\/www.bls.gov\/web\/empsit\/cpsee_e16.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">who currently sit at 4.5% unemployment<\/span><\/a><span style=\"font-weight: 400;\">. Since more than 2 out 3 of men and women within this age range rent, this prosperity will lead to increased apartment demand. With that in mind, it also means that there\u2019ll likely be more competition in the rental<\/span> <span style=\"font-weight: 400;\">market with increasing numbers of parties interested in joining the apartment owning scrum in order to make money off the increased number of people searching for places.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Increased wages typically correspond with a willingness to spend more on a <\/span><span style=\"font-weight: 400;\">multifamily unit<\/span><span style=\"font-weight: 400;\">. As a result, renters are able and prepared to pay higher rent for better features. The millennial generation especially is willing to spend more on apartments that come with luxurious amenities or additional conveniences. With so much competition in the multifamily <\/span><span style=\"font-weight: 400;\">rental<\/span><span style=\"font-weight: 400;\"> market<\/span><span style=\"font-weight: 400;\">, it\u2019s essential that you do everything in your power to help distinguish your apartment units from others. <\/span><\/p>\n<h2><strong>Don\u2019t Worry About Oversupply of Multifamily Housing Units<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Although rising wages and job growth have encouraged more builders and apartment owners to enter the fray, experts forecast that the supply of multifamily housing units won\u2019t outpace the demand for such units. According to <\/span><a href=\"https:\/\/www.reuters.com\/article\/us-usa-property-apartment\/us-apartment-vacancy-rate-flat-at-48-percent-in-first-quarter-reis-idUSKCN1RA0AD\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Reuters<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">U.S. apartment vacancy rate was flat in the first quarter, with vacancy rising in only 15 of 79 metros, real estate research firm Reis Inc said on Thursday. The national vacancy rate was 4.8 percent, unchanged from the fourth quarter and marginally up from 4.7 percent a year earlier\u2026 Net absorption fell about 21.6 percent to 37,159 units in the first quarter from a year earlier, while new construction dropped 40.6 percent to 33,276 units.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It seems that we\u2019ve reached the turndown point in apartment market growth, which has seen record numbers over the past 5 years. This is likely due to several factors, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Decreased construction permit volume.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Harder to build new apartments because of increased construction inputs and labor costs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Construction labor shortage.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Despite the fact that there are on average 245,000 units absorbed yearly and that rent has risen 4% to 5%, it seems that there hasn\u2019t been any serious impact on the underlying demand for units. As a result, oversupply shouldn\u2019t pose any serious issue over the next 4 to 5 years.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><strong>Renters Demand Modern Amenities<\/strong>\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">One critical trend that property managers should be aware of is that young people are renting more frequently and for longer periods of time than ever before. They care less about homeownership and more about investing in a place that manages a balance between affordability and amenities. Further, they are more willing to relocate to an apartment complex that offers <a href=\"\/en-us\/apartment-features-list-to-attract-young-renters\" target=\"_blank\" rel=\"noopener noreferrer\">additional features<\/a> or conveniences.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The PwC and Urban Land Institute <\/span><a href=\"https:\/\/www.pwc.com\/us\/en\/asset-management\/real-estate\/assets\/pwc-emerging-trends-in-real-estate-2019.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">issued a report on emerging real estate trends in 2019<\/span><\/a><span style=\"font-weight: 400;\">. One of their biggest takeaways is that there is a serious increased demand for amenities. The report states:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The chief strategist for one major developer reports that, \u2018tenants continue to push for a robust amenities package\u201d in new office buildings and that multifamily assets have gone well beyond the fitness center and recreational areas to include pet care and even a curated garden growing fresh fruits and vegetables. Every year it is something new. We\u2019ve gone from a \u2018package room\u2019 to accommodate all-day deliveries, to lockers, to refrigerated spaces for food\u2014both grocery and prepared foods\u2014that need to be kept fresh.\u2019 For some, this extends to concierges with keys to the unit, who will do the last steps in individualized convenience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order to entice new renters into your building, it\u2019s essential that you create a space that is inviting and goes beyond simply providing them with a drab room. The trend of more people working from home has resulted in an increased demand for communal and coworking spaces. These days, common amenities of apartment units include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Smart-home Tech<\/b><span style=\"font-weight: 400;\"> \u2013 Young people especially have embraced the modernizing of the home. Consider adding features such as:<\/span><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Smart Lights<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Smart detectors<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Automated doorbells and security systems\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Alexa or Google Home speaker integration\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><span style=\"font-weight: 400;\">Keyless entry<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Parcel Lockers <\/b><span style=\"font-weight: 400;\">\u2013 Today, a significant majority of Americans do the plurality of their shopping online. As is illustrated by the absurd growth of Amazon over the last decade, people, particularly younger people, regularly do both their personal and grocery shopping digitally. This has resulted in a massive influx of packages that either have to be delivered to their door or that complexes need to manage. Naturally, this has resulted in an increased outbreak of package theft.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Seeing this rise in both deliveries and thievery, many apartment complexes have made the smart investment to install <\/span><a href=\"\/en-us\/markets\/multifamily-parcel-lockers\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">smart electronic lockers<\/span><\/a><span style=\"font-weight: 400;\"> in order to eliminate their <\/span><span style=\"font-weight: 400;\">tenant<\/span><span style=\"font-weight: 400;\">s\u2019<\/span><span style=\"font-weight: 400;\"> concerns about their packages being delivered safely. Parcel Pending also offers <\/span><span style=\"font-weight: 400;\">a range of <\/span><a href=\"\/en-us\/about-parcel-lockers\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">parcel locker<\/span><\/a><span style=\"font-weight: 400;\"> options like<\/span> <a href=\"\/en-us\/markets\/multifamily-parcel-lockers\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">apartment package lockers<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"\/en-us\/locker-solutions\/locker-lite\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Lite Lockers<\/span><\/a><span style=\"font-weight: 400;\">, a solution for smaller apartment communities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such modern luxuries provide the following benefits:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Infrared scanning and categorization for easy sorting and storage.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Refrigerated lockers so groceries and pharmaceuticals can be kept safe and cooled at the proper temperature.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cloud-based 24\/7 video surveillance and security.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><span style=\"font-weight: 400; padding-bottom: 16px;\">Deliverability via any courier service.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Communal Spaces and Time Savers<\/b><span style=\"font-weight: 400;\"> \u2013 Prospective renters want flexible work and gathering areas as well as luxurious communal occupational spaces. They don\u2019t want just a space to sleep, they want a space to live in. Renters desire a sense of community and the opportunity to build relationships with other tenants in the area.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This could include:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pool\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Coffee shop<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Spa<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Conference rooms<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pool rooms<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Gym<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pet cleaning stations<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Park areas<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; padding-bottom: 16px;\">Dry cleaning services<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">All of these spaces can be placed in the pros column when a person is weighing their living options. As they compare and contrast spaces, conveniences such as these could be the deciding factor. It\u2019s one less extra thing they have to pay for or drive to. As a complex manager, your goal should be to turn your <a href=\"\/en-us\/multifamily-renovation-considerations\" target=\"_blank\" rel=\"noopener noreferrer\">multifamily housing unit<\/a> into an oasis that tenants don\u2019t ever have to leave unless they want to.\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>High-End Security<\/b><span style=\"font-weight: 400;\"> \u2013 Despite decreased crime rates, security is a rising concern for renters. They desire vigilant protection and safety in order to have peace of mind and feel like the complex is their home. Ways to protect the community include:<\/span><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">24\/7 security and monitoring.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Regular security guard patrolling.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Gates and fences around the complex and parking areas.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cameras set up on the premises.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; padding-bottom: 16px;\">Electronic fobs with auto-locked entrances and exits.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><strong>Curb Appeal Matters More Than Ever<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">What may have always worked in the past world of multifamily housing no longer does. Prior to the new millennia, you used to be able to get away with simply build a drab and undistinguishable apartment complex without needing to be overly concerned about how it looked. An apartment was a place to live, nothing more. Now, that soviet, central planning, cinderblock style of design will no longer work; renters are more discerning and have increased options at their disposal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These days, new apartments are constructed with curb appeal and luxury in mind. The outside matters as much as the inside, particularly for long-term renters that want to live in a place they are proud of and that feels like home. According to the <\/span><a href=\"https:\/\/www.aia.org\/articles\/212456-meeting-modern-trends-in-multifamily-constr\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">American Institute of Architects<\/span><\/a><span style=\"font-weight: 400;\">, this multifamily housing trend design is known as Urban Elegance, which is defined as, \u201cClean, sleek aesthetics continue to adorn multifamily buildings across urban skylines nationwide. Large expanses of glass, with seamless transitions between floors (and from interior to exterior spaces) are often used to achieve this desired appearance.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, if you\u2019re planning on building a new multifamily housing complex, it\u2019s critical that you keep outward appearances in mind. You could have the nicest rooms ever made, but if the outside of the building looks like a dive, you\u2019ll have an incredibly difficult time convincing prospective tenants to even tour the building. Unfortunately, people often judge the book by its cover.\u00a0<\/span><\/p>\n<h2><strong>Apartment Complexes are Going Green\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Today, new multifamily units have sustainability and ecological impact at the forefront of their design. Nearly every unit will include some sort of green features. As a result, an increasing amount of older buildings are being retrofit or redone to incorporate green tech into their current design. Millennials and Gen Z\u2019ers especially care about their footprint on the environment and want to live in a place that echoes their concerns.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">According to the <\/span><a href=\"https:\/\/www.nmhc.org\/research-insight\/research-report\/2017-nmhc-kingsley-apartment-renter-preferences-report\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">2017 NMHC\/Kingsley Renter Preferences Report<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Approximately two-thirds, 61%, of renters said that they were \u201cinterested\u201d or \u201cvery interested\u201d in living in apartment buildings that have earned a certification for energy efficiency or sustainable design.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; padding-bottom: 16px;\">Approximately three-quarters, 76%, of renters were \u201cinterested\u201d or \u201cvery interested\u201d in living in apartment buildings that recycle and have sustainability initiatives.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The modern renter doesn\u2019t just want green living, they expect it. Tenants reported that they are <\/span><a href=\"https:\/\/www.bdcnetwork.com\/many-markets-green-features-are-more-requirement-apartment-renters\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">willing to pay an extra $27.21 a month<\/span><\/a><span style=\"font-weight: 400;\"> to live in a building that has green certifications. They demand features such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Healthy indoor air<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clean water<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Decreased waste<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Energy efficiency<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; padding-bottom: 16px;\">Solar panels.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With this in mind, it\u2019s critical that you keep this consumer demand for green living in mind, particularly if you operate in large, liberal, coastal cities such as Los Angeles, San Francisco or New York City. Failure to respond to this could instantly turn off many potential tenants.<\/span><\/p>\n<h2><strong>Moving into 2020<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">As 2019 multifamily housing trends indicate, the modern renter plans to rent for longer than ever. Accordingly, they desire an apartment that feels like home. As a complex manager or <\/span><span style=\"font-weight: 400;\">property <\/span><span style=\"font-weight: 400;\">owner<\/span><span style=\"font-weight: 400;\">, it\u2019s your job to act on these demographic shifts in order to attract new renters. By keeping such factors in mind, you can ensure that both your current residents are happy and that prospective tenants compete to land one of your units.\u00a0 <\/span><\/p>\n<p><b>Sources:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Schwartz, N. New York Times. <\/span><i><span style=\"font-weight: 400;\">Job Growth Underscores Economy\u2019s Vigor; Unemployment at Half-Century Low. <\/span><\/i><span style=\"font-weight: 400;\">(2019). <\/span><a href=\"https:\/\/www.nytimes.com\/2019\/05\/03\/business\/economy\/jobs-report-april.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.nytimes.com\/2019\/05\/03\/business\/economy\/jobs-report-april.html<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Long, H. Washington Post. U.S. Unemployment Fell to 3.6 Percent, Lowest Since 1969. (2019). <\/span><a href=\"https:\/\/www.washingtonpost.com\/business\/2019\/05\/03\/us-economy-added-jobs-april-unemployment-fell-percent-lowest-since\/?utm_term=.f28c1d34fc8f\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.washingtonpost.com\/business\/2019\/05\/03\/us-economy-added-jobs-april-unemployment-fell-percent-lowest-since\/?utm_term=.f28c1d34fc8f<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Rooney, K. CNBC. <\/span><i><span style=\"font-weight: 400;\">Black Unemployment Rate Falls to 5.9%, Ties Record Low Hit Earlier This Year.<\/span><\/i><span style=\"font-weight: 400;\"> (2018). <\/span><a href=\"https:\/\/www.cnbc.com\/2018\/12\/07\/black-unemployment-rate-falls-to-5point9percent-ties-record-low-hit-this-year.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.cnbc.com\/2018\/12\/07\/black-unemployment-rate-falls-to-5point9percent-ties-record-low-hit-this-year.html<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Morath, E. Wall Street Journal. <\/span><i><span style=\"font-weight: 400;\">Wages Rise at Fastest Rate in Nearly a Decade as Hiring Jumps.<\/span><\/i><span style=\"font-weight: 400;\"> (2018). <\/span><a href=\"https:\/\/www.wsj.com\/articles\/wages-rise-at-fastest-rate-in-nearly-a-decade-as-hiring-jumps-in-october-1541161920\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.wsj.com\/articles\/wages-rise-at-fastest-rate-in-nearly-a-decade-as-hiring-jumps-in-october-1541161920<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Bureau of Labor Statistics. Labor Force Statistics from the Current Population. <\/span><a href=\"https:\/\/www.bls.gov\/web\/empsit\/cpsee_e16.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.bls.gov\/web\/empsit\/cpsee_e16.htm<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Reuters. <\/span><i><span style=\"font-weight: 400;\">U.S. Apartment Vacancy Rate Flat at 4.8 percent in First Quarter.<\/span><\/i><span style=\"font-weight: 400;\"> (2019). <\/span><a href=\"https:\/\/www.reuters.com\/article\/us-usa-property-apartment\/us-apartment-vacancy-rate-flat-at-48-percent-in-first-quarter-reis-idUSKCN1RA0AD\"><span style=\"font-weight: 400;\">https:\/\/www.reuters.com\/article\/us-usa-property-apartment\/us-apartment-vacancy-rate-flat-at-48-percent-in-first-quarter-reis-idUSKCN1RA0AD<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">PWC. Emerging Trends in Real Estate. (2019). <\/span><a href=\"https:\/\/www.pwc.com\/us\/en\/asset-management\/real-estate\/assets\/pwc-emerging-trends-in-real-estate-2019.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.pwc.com\/us\/en\/asset-management\/real-estate\/assets\/pwc-emerging-trends-in-real-estate-2019.pdf<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Kawneer. American Institute of Architects. Meeting Modern Trends in Multifamily Construction. (2018). <\/span><a href=\"https:\/\/www.aia.org\/articles\/212456-meeting-modern-trends-in-multifamily-constr\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.aia.org\/articles\/212456-meeting-modern-trends-in-multifamily-constr<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">National Multifamily Housing Council. 2017 NMHC\/ Kingsley Apartment Renter Preferences Report. <\/span><a href=\"https:\/\/www.nmhc.org\/research-insight\/research-report\/2017-nmhc-kingsley-apartment-renter-preferences-report\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.nmhc.org\/research-insight\/research-report\/2017-nmhc-kingsley-apartment-renter-preferences-report\/<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Building Design + Construction. <\/span><i><span style=\"font-weight: 400;\">In Many Markets, Green Features are More of a Requirement for Apartment Renters.<\/span><\/i><span style=\"font-weight: 400;\"> (2018). <\/span><a href=\"https:\/\/www.bdcnetwork.com\/many-markets-green-features-are-more-requirement-apartment-renters\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.bdcnetwork.com\/many-markets-green-features-are-more-requirement-apartment-renters<\/span><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>We live in a quicksilver world that\u2019s constantly changing and expanding. The rise of the digital age has sped up that process by significantly altering consumer behavior and shifting demand. This is especially true in the multifamily housing market of, which has continued to experience rapid growth and evolution over the past two decades. Now, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-5004","post","type-post","status-publish","format-standard","hentry","category-blog-multifamily"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Multifamily Property Trends | Parcel Pending<\/title>\n<meta name=\"description\" content=\"As a property manager, it&#039;s important to consider multifamily housing trends and how they could impact your property. Read on so you are prepared for these upcoming industry shifts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.parcelpending.com\/en-us\/blog\/multifamily-housing-trends-to-be-aware-of\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multifamily Property Trends | Parcel Pending\" \/>\n<meta property=\"og:description\" content=\"As a property manager, it&#039;s important to consider multifamily housing trends and how they could impact your property. 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