Top Property Management Trends in 2023

Property management continues to be a vital and ever-changing industry. If you're a property manager, it's important to stay ahead of the curve and be aware of the latest trends so that you can best serve your tenants and keep your properties running smoothly.

These are the best property management trends for the new year:

Growing Shift Toward Multifamily Homes

There is a growing trend among property management companies to focus on multifamily homes. This is due to the many advantages that come with managing multiple units under one roof.

For instance, multifamily homes typically have higher occupancy rates than single-family homes, which can lead to increased profits for property managers. Additionally, multifamily homes often require less maintenance and upkeep than single-family homes, which can save property managers time and money.

With that said, property managers must be aware of the unique challenges that come with managing multifamily homes. For example, there is often more noise and foot traffic in multifamily buildings, which can be disruptive for tenants.

Additionally, multifamily buildings typically have more common areas that need to be cleaned and maintained, such as lobbies, stairwells, and laundry rooms. As a result, property managers must be prepared to put in extra effort to keep these areas clean and safe for tenants.

One of the best ways to maintain your multifamily property is to use property management software that allows you to track maintenance requests, schedule repairs, and keep track of cleaning schedules. By using property management software, like ExactEstate, you can ensure that your multifamily property is well-maintained and runs smoothly.

Expanding Property Management Portfolios

In 2023, we will see an expansion in the types of properties being managed by professional property management companies. This is being driven by several factors, including:

• The continued rise in popularity of rental properties as a viable investment option
• An increase in the number of second homeowners who are choosing to rent out their properties rather than sell them
• A growing awareness of the importance of professional property management services among both investors and homeowners

As a result of these trends, we can expect to see property management companies taking on a wider range of properties, from small rental units to large commercial complexes. This will provide investors and homeowners with greater peace of mind knowing that their property is in good hands, and it will also create opportunities for property management companies to specialize in different types of properties.

Increasing Demand for Property Management Services

Along with the expansion of property management portfolios come the challenges that arise from managing more properties. In order to meet these challenges, many property management companies are turning to technology and data for help.

One of the top trends in property management for 2023 is the increasing demand for services that can help save time and money. This includes everything from energy-saving solutions to better maintenance scheduling.

As such, it's crucial to invest in a property management system that allows you to automate as much as possible. This way, you can free up your staff to focus on more important tasks. ExactEstate offers an all-in-one solution that covers everything from accounting to marketing.

It serves as a one-stop-shop for property management companies, real estate investors, and landlords alike, and it's already helping countless businesses save time and money. So, if you're looking to stay ahead of the curve, this is the solution for you.

Rising Renter Migration to Low Tax States

As the cost of living in high tax states continues to rise, we're seeing more and more renters migrate to low tax states. This trend is especially prevalent among retirees and baby boomers who are downsizing and looking for ways to stretch their retirement savings.

Moreover, young adults are also increasingly drawn to low tax states for their job prospects and lower cost of living. This is likely to continue as more companies offer remote work options and millennials enter their peak earning years.

Low tax states include Tennessee, Texas, Nevada, Arizona, and Florida. These states offer a variety of benefits for renters, including no state income tax, lower property taxes, and a generally more affordable cost of living. There are also a number of low tax states with a strong job market, making them ideal for young adults who are just starting their careers.

The migration to low tax states is likely to continue in the coming years as the cost of living in high tax states continues to rise. This trend will have a significant impact on the property management industry, as more properties become available in these states and renters increasingly seek out lower-cost options.

Continuing Focus on Energy Efficiency

In recent years, there has been a growing focus on energy efficiency in the property management industry. This trend is expected to continue in 2023, as more and more property managers look for ways to reduce their environmental impact and save money on utility bills.

One popular way to increase energy efficiency is through the use of smart thermostats, which can be programmed to automatically adjust temperature settings based on occupancy levels.

Other energy-saving measures that are likely to gain popularity in the coming years include the use of LED lighting and solar power.

Energy efficiency is not only good for the environment; it is also good for your bottom line. By reducing your energy consumption, you can save money on your monthly utility bills. In addition, many property owners are willing to pay a premium for buildings that are environmentally friendly. As a result, investing in energy-efficient upgrades can help you attract and retain tenants.

Some ways to make your property more energy efficient:

1. Install LED lighting: LEDs use less energy than traditional incandescent bulbs and can last for many years without needing to be replaced.
2. Use solar power: Solar panels can provide a significant portion of your property’s energy needs, and the cost of installation has come down in recent years.
3. Programmable thermostats: Smart thermostats can automatically adjust the temperature based on occupancy levels, saving energy when the property is unoccupied.
4. Weatherproofing: Properly sealing and insulating your property can reduce heat loss in the winter and cool air loss in the summer, leading to lower energy bills year-round.
5. Low-flow plumbing fixtures: Low-flow showerheads and toilets can save water without sacrificing comfort.

Takeaway

These 2023 property management trends are set to make a big impact this year and beyond. Knowing this, you should start preparing your property management strategy now in order to stay ahead of the curve.

Stay efficient by investing in property management software. ExactEstate can help you with your properties by providing you with all the features and functionalities you need. Request a demo today!