Over the past two years, the property management industry has had to rapidly adapt and evolve to continue to grow and succeed. The ongoing pandemic, uncertainty of rental payments, and changing tenant expectations have shifted and transformed the property management industry. Property Managers reported an increased need for round-the-clock information, communication, resources, and support from both owners and tenants. The need for quick communication has become essential and according to, The Buildium 2022 Property Management Industry Report, 3 in 5 property managers believed that they provided more value to their clients than ever before during the pandemic. At Peacock Properties, we have found that access to the latest technology combined with a unique team-based approach has put us in a strong position to maximize each property’s potential. While some of the effects resulting from the pandemic may be temporary, there are several trends that we expect to continue throughout this coming year and near future. 

Technology

The Peacock Properties team has always understood the value of technology and we continue to see more and more firms turning to technology to bring their capabilities online while making services more convenient for customers. As we look towards the future and a return to normalcy, our client base will expect us to continue to provide these convenient online services. Online payments, email/text communications, and online maintenance requests are now more popular than ever before. In The 2022 Industry Report, Buildium found that nearly 70% of renters would prefer to pay their rent with a credit/debit card or online payment system. The wide range of benefits through new technology enables property management companies to effectively manage properties while also improving operations. In the coming year, we expect to see further movement towards new technology through the creation of smart communities, fostering energy savings, and creating healthier environments for residents.

Source: Buildium 2022 Property Management Industry Report

Changing Relationships/Tenant Expectations

Before the pandemic, it wasn’t uncommon for residents to have minimal contact with their property management team. This dynamic has rapidly shifted over the past two years with a greater expectation for responsiveness and timely service. Whether discussing amenity closures, handling socially distanced maintenance, or rental assistance programs, increased communication has fostered greater trust between property managers and residents. Technology has allowed management companies to efficiently communicate and adapt to the changing dynamics. 

We have also seen an increase in communication between property owners who are relying more on their property manager given the financial instability and increase in regulations caused by the pandemic. Now more than ever, owners are seeking a professional partner with knowledge of the local market and changing regulations.   

There is a continued shift in tenant expectations and preferences towards unit types and amenities. The popularity of shared spaces and amenities has increased since the height of the pandemic but hasn’t yet returned to the pre-pandemic level. With more residents working from home, larger units will continue to be more in demand with increased importance placed on the health and wellness of the property. 

Boston Rental Market On the Upswing

After steady dips in average rents, Boston’s rental rates are now on the upswing with Zumper reporting the average rent for a 1-bedroom currently at $2,875 a 37% increase compared to the previous year. During the height of the pandemic, there was concern about remote work and the desire for people to leave the city and flock to the suburbs. While that trend may still be occurring across the country, Boston's strong job market, focused around the ever-growing life science hub, continues to keep people close to the city’s core. Boston’s strong multifamily development pipeline has also demonstrated developers and investors have a solid outlook on the Boston rental market’s future.