We asked: What are your expectations for multifamily for the remainder of 2019?
Joe Lubeck, CEO – American Landmark
Expect to see the same or even more competition in the multifamily space through the rest of the year. There’s a high level of capital chasing limited apartment deals, which illustrates the popularity this product type has been able to maintain relative to other types of real estate investment. Additionally, continued investment in Class A- and Class B apartment communities should stay strong, which have clearly demonstrated upside potential especially throughout the Southeast and Texas.
Patrick Appleby, President – WinnResidential
The number one priority in multifamily property management remains talent retention and acquisition – finding and keeping great people, whether it’s a maintenance position, a property manager or a regional vice president. That’s the business imperative for any management company that wants to continue to be successful and grow. Like many managers, we’re focused on attracting new team members and enhancing the overall employee experience because we’re competing for the best human resources in a labor-intensive business and a tight, competitive labor market. I don’t see that changing any time soon.
That plays into the second trend that’s also likely to continue into 2020. The companies that are thriving will be able to zero-in on opportunities that represent strategic relationships with committed owners who see high quality property management services as critical to their business goals. Both sides of the equation – owners and operators – are scrutinizing each other more closely to find the right strategic match. Having great staff capabilities as a management company allows you to be more selective in pursuing high-level opportunities.
Kevin Keane, EVP/COO – The Bainbridge Companies
Bainbridge sees robust activity in the markets where we operate through the balance of 2019 in terms of delivery of new product and leasing activity. Florida and the Southeast regions have proven to be very positive in population growth, job formation and overall net inbound traffic.
