Every year brings a new set of changes and challenges that property management professionals must adapt to. But after two roller-coaster years, looking ahead to the biggest property management trends of 2022 means preparing for a radically changing world.
It’s no secret that the ongoing global pandemic has thrown some curveballs to property managers, landlords, and tenants alike. As the most recent State of the Property Management Industry annual report makes clear, changing regulations and financial pressures have put property management companies on ever-shifting ground.
Top Property Management Trends for 2022
A need to keep up with the law
After endless months of changing laws and restrictions during the pandemic era, one of the biggest jobs property managers must face going forward is knowing the law. Landlords will be looking to work with management companies that can keep up with legislation.
In the wake of various eviction moratoriums on local, state, and federal levels, property owners and renters alike often have a hard time knowing just what their rights actually are. Keeping all parties informed will be a big part of property managers’ jobs in 2022.
Continued importance of virtual tours
The growing importance of virtual tours was a trend long before the pandemic. But in 2020, virtual tours stopped being merely a useful tool and quickly became an absolute necessity. It happened fast and left some property management companies scrambling to catch up.
Two years on from the start of the pandemic, virtual tours aren’t going anywhere. Prospective tenants have come to count on being able to tour a rental property from the comfort of their homes, and at the end of the day, virtual tours are time-savers for renters and property managers alike.
Demand for single-family rentals
We’ve seen a pandemic-driven shift in the types of rental properties that renters find most desirable. There will continue to be heightened demand for spacious, affordable rental properties in 2022. In many markets, that translates to renters leaving urban apartments in favor of single-family homes in the suburbs.
The increase in remote work has a lot to do with this shift. In general, renters who work from home are looking for more living space, and they no longer have to live close to the city center for work. Outdoor space has also become a high priority for more and more renters.
Dealing with labor shortages
The last year has been plagued with labor shortages and supply chain issues. This impacts property management in a very specific way. Namely, it’s made it challenging to find available vendors to handle maintenance.
Consequently, we’ve seen an uptick in the amount of time it takes to complete maintenance orders, which can lead to frustration for tenants. Management companies have had to come up with some creative solutions, like implementing video-based troubleshooting, as well as tried-and-true methods like developing good relationships with contractors.
Shifting landlord motivations
Historically, landlords who own only one or two rental units have been nicknamed “accidental landlords.” These are property owners who became landlords not by choice, but through inheritance or other circumstances. But this seems to be shifting.
Increasingly, single-family rental property owners see themselves as investors. As a result, property managers need to act, to some extent, as investment advisors. Local market expertise and an understanding of property investing will be just as important as collecting rent and overseeing maintenance.
Ready to learn more about the changing face of property management in 2022? Contact us today to learn more, and talk to our team about how landlords and property managers can adapt to an ever-changing world.