While 2020 can still lay claim to the most chaotic year the apartment industry (and perhaps everybody else) has ever experienced, we didn’t exactly get back to business-as-usual in 2021.
Sure, some semblance of normalcy returned, but 2021 also was a year of continued adjustments, ever-changing protocols, and prolonged staff shortages—all while the industry continued to push the envelope from a technology perspective.
Here is a look at some of the major multifamily storylines from the year: continue
Artificial intelligence and automation were gradually adopted by the multifamily industry in recent years due to their assist value. While they weren’t designed to replace associates, AI and automation can handle an abundance of tedious day-to-day tasks and enable associates to concentrate on higher-level initiatives.
One of the telling side effects of the pandemic, however, has been the labor shortage—a trend that has transcended multifamily and affected virtually every industry. Now, apartment operators are leaning on AI and automation not only for their assist value, but also to help compensate for the dearth of associates.
That was one of the primary takeaways of the National Multifamily Housing Council’s OPTECH conference last month in National Harbor, Maryland. Experts at the event discussed many of the industry’s pressing issues that have arisen in an unprecedented environment for both consumers and associates.
Here is a look at some of the additional topics discussed: continue
On the business side, multifamily and single-family rentals had always been distinct entities. An operator either managed one or the other with very little crossover.
But that is changing. As the single-family market becomes increasingly popular, many of the big players in the multifamily space are beginning to develop single-family, build-to-rent divisions. A measured approach is required, however, as panelists discussed at the 2021 OPTECH session Opportunities and Risks in the Single-Family Rental Market. continue