PROPERTY MANAGEMENT TRENDS: APARTMENTS, VACATION RENTAL, HOMES & MORE

Keeping pace with ever-changing technologies and resident expectations is crucial for property managers to maximize occupancy and rental income. Progressing into 2024 and 2025, futurist keynote speakers, innovation consultants and trends experts have identified several all sorts of shifts set to transform the apartment and strata sector.

Smart Building Capabilities Expand

The scope of “smart building” technologies being integrated into apartments, condos and commercial real estate continues expanding. Over the next two years, property managers will likely deploy more internet-of-things solutions enabling energy efficiency, automated maintenance alerts and remote control of lighting, heating and security through apps. Consultants also foresee growth in solar panel installation, electric vehicle charging stations and touchless access systems as smart infrastructure improves sustainability and convenience.

Data Analytics Upgrade Maintenance

Industry experts such as keynote speakers and futurists highlight advanced data analytics using artificial intelligence as an accelerating trend. Sophisticated platforms can aggregate sensor, monitoring and maintenance data to reveal occupancy and amenity usage patterns plus identify areas needing proactive upkeep. As machine learning algorithms become more adept at predicting failures in plumbing, HVAC and electricals pre-issue, consultants expect maintenance efforts — and budgets — to shift substantially from reactive to preventative by 2025.

Expanded Amenities Attract Residents

Today’s renters and condo owners expect more than just the basics from shared community spaces. Consultants believe property managers will continue embellishing amenities over the next few years to gain market share. Expect upgraded fitness centers with virtual trainers, wellness spaces like spas and saunas, private work pods, drawing rooms for arts, theatres, soundproof karaoke lounges and community gardens or parks to attract new residents. High-end condos may even incorporate e-commerce package rooms with refrigeration and touchless pickup.

Sustainability Becomes the Norm

Industry experts note sustainability in design, construction and management will no longer be a value-add differentiator around 2025 — it will be the expected standard to attract eco-conscious residents and investors. Energy efficient building materials, electric appliances and waste reduction policies will become baseline offerings. Some consultancies anticipate onsite renewables like solar and shifting appliances to-as-a-service rental models will gain adoption to align owner and operator environmental incentives long-term while future-proofing costs.

Remote and Hybrid Work Spaces Expand

The remote work revolution appears here for the good. With employees splitting time between corporate offices, home and nomadic locations, consultants foresee property managers designing more flexible communal spaces to accommodate the needs of hybrid workforces. Expansions to lobbies, lounges, conference rooms and private work pods with enterprise technology integrations promise to bridge the gap.