The Multifamily Real Estate Market is a growing and dynamic sector that provides housing to many people. With the increase in urbanization, more people choose to live in apartments and condos, increasing the demand for multifamily housing units. As a result, the Multifamily Real Estate Market is experiencing significant growth and presents a tremendous opportunity for real estate investors and service providers.
HVAC (Heating, Ventilation, and Air Conditioning) is essential to any multifamily housing unit. Therefore, its importance must be considered. Proper HVAC installation, maintenance, and repair ensure that residents enjoy a comfortable living environment and reduce the risk of respiratory illnesses. As such, HVAC services are a critical aspect of the Multifamily Real Estate Market.
Motili, an HVAC services provider, is well-positioned to cater to the HVAC needs of the Multifamily Real Estate Market. With years of experience and expertise, Motili provides reliable and efficient HVAC services that ensure the comfort and well-being of residents.
Growth and Trends in the Multifamily Real Estate Market
The Multifamily Real Estate Market has experienced significant growth over the years, and this trend is expected to continue. According to recent statistics, the demand for multifamily housing units is rising. As a result, developers are responding to this demand by constructing more units. In addition, there has been an increase in the number of young adults and seniors choosing to live in apartments and condos, further driving the demand for multifamily housing. Furthermore, with the pandemic, many prioritize comfortable, spacious living spaces that provide ample amenities and open-air access, which multifamily units are known to provide.
As such, the Multifamily Real Estate Market is set to continue its upward trajectory, making it an attractive sector for real estate investors and service providers like Motili.
The Multifamily Real Estate Market is a thriving sector that has experienced significant growth over the years. This trend is expected to continue.
With the increasing demand for multifamily housing units and the pandemic shifting priorities towards comfortable, spacious living spaces, developers and investors are responding by constructing more units and exploring opportunities in this sector.
In this context, let’s take a closer look at the factors driving the growth of the Multifamily Real Estate Market and why it is an attractive sector for real estate investors and service providers:
- The Multifamily Real Estate Market has experienced significant growth over the years, and this trend is expected to continue.
- Recent statistics show that the demand for multifamily housing units is rising.
- Developers are responding to this demand by constructing more units.
- The number of young adults and seniors choosing to live in apartments and condos is increasing, further driving the demand for multifamily housing.
- With the pandemic, many prioritize comfortable, spacious living spaces that provide ample amenities and open-air access, which multifamily units are known to provide.
- The Multifamily Real Estate Market is set to continue its upward trajectory, making it an attractive sector for real estate investors and service providers like Motili.
Impact of the COVID-19 Pandemic on the Multifamily Real Estate Market
The COVID-19 pandemic has significantly impacted the Multifamily Real Estate Market. With the rise of remote work and social distancing measures, people prioritize homes that provide more space, privacy, and amenities. This shift in priorities has decreased demand for small apartments and condos in dense urban areas and increased demand for larger multifamily units in suburban areas with access to open-air spaces.
Furthermore, the pandemic has caused a slowdown in new construction and forced landlords to adopt new safety measures to protect their tenants. As a result, occupancy rates have declined, and rent growth has slowed down in some markets. However, despite these challenges, the Multifamily Real Estate Market has proven to be resilient, with investors and developers adapting to the changing demands of tenants. As such, the Multifamily Real Estate Market is expected to recover and continue its growth trend in the post-pandemic era.
Virtual Tours and Remote Leasing
Heightened concerns over health safety are expected to continue long after the COVID-19 pandemic ends. Even as markets reopen and in-person apartment viewings commence, technologies adopted during the pandemic are expected to remain popular. For example, 64 percent of property owners surveyed by AppFolio said virtual showings, having spiked during the pandemic, will remain part of the industry’s new normal.
Virtual showings were trending before the coronavirus began wreaking havoc on the world, but recent shutdowns boosted that trajectory. People still needed to tour potential residences, but it wasn’t safe to be out and about.
Fortunately, companies like Forj provide virtual reality home tours, safer for prospective tenants and staff and more convenient and secure. There will be segments of the population who continue their preference for virtual tours long after the pandemic has passed. Some virtual times, like those created with Veert, are so simple to construct that they can be fully designed with a smartphone.
Likewise, leasing can be accomplished without a physical presence. Online apps like DocuSign let users securely approve, sign and send documents with an electronic signature from anywhere they have an internet connection.
Integrated Building Services
It’s expected that residents in post-pandemic multifamily communities will spend more time at home and, therefore, will have higher expectations of the properties in which they live. As a result, they will be more conscientious of customer service, reliability, and cleanliness.
Various prop-tech tools that will boost multifamily building services have emerged after the pandemic. For example, rental Heroes’ virtual assistant, “Alex,” is every property manager’s trusty sidekick. Residents need only reach out to Alex with inquiries. The assistant will answer common questions, instantly respond, automatically update other investigations, and provide tenant resources.
An efficient HVAC system will continue impacting resident satisfaction, if not more so, as more people work and attend school remotely, spending most of their time at home. Motili’s multifamily Asset Management suite of proptech products helps property managers and building operators make proactive and intelligent decisions about HVAC and hot water operations. Motili features comprehensive asset tracking to manage a property’s or community’s HVAC equipment, scheduling inspections, and regular maintenance. Hence, the system performs at its peak all year while remaining cost-effective for the property owner and operator.
As the Internet of Things continues to impact more facets of everyday living, smart buildings open endless opportunities to transform operations in multifamily and commercial properties. In most cases, however, retrofitting existing buildings with the technology needed to gather sufficient property data is still a lofty goal for most companies. LineMetrics is changing that.
With plug-and-play wireless sensors installed practically anywhere, LineMetrics can collect data concerning a building’s energy consumption, air quality, temperature, space utilization, and many other categories. This data can then be analyzed online, and building operations can be optimized accordingly.
Remotely Managed Properties
While the increases in remote work had started to gain steam in the years leading up to the COVID-19 pandemic, the new normal that will likely emerge on the other side will feature mass movements toward remote workplaces. Entire businesses will move from a traditional office to a cloud-based variety, and property management will likely be part of that group.
Thanks to various online proptech resources, a massive chunk of property management tasks – even those that historically involved face-to-face contact with tenants – can be completed from a home office.
Platforms such as Buildium help property managers rely on a single tool for practically all business operations and communication with tenants, vendors, applicants, and staff. Users can use Buildium to create a free professional website for listings and applications from initial screening to final eSignatures.
With the same resource, tenants can submit online maintenance requests and manage their rent payments. The platform even includes tools for bookkeeping, accounting, taxes, and other business operations. Other platforms, such as Rent Manager and TrueRent, offer a variety of software suites designed specifically for landlords, property owners, and professional managers.
Motili HVAC Multi-Tenant Property Managers Solutions
Motili’s platform is one of the latest innovative solutions allowing property owners and managers to efficiently manage HVAC multi-family technology projects for multiple properties like apartment communities and commercial buildings.
Sustainability, automation, and data management are core values upheld throughout the HVAC process.
The Motili solution includes a web platform that provides detailed work status and reporting, automated scheduling and contractor dispatching, text and email notifications, and a mobile app for contractors. It can easily integrate with existing client systems. Our finely-tuned process boosts efficiency, reduces cost, and can ultimately improve customer satisfaction.
Motili’s cutting-edge technology will help property owners manage their HVAC and hot water systems through technology, proactive and reactive repair, and replacement projects.
The experts at Motili possess the knowledge and tools to properly guide you through all types of HVAC projects.