Multifamily housing refers to almost any type of building that houses more than one family at a single time. It could be anything from a duplex to a condominium to an apartment complex.
Currently, 37% of American renters live in multifamily housing apartments. This represents more than 44.1 million households.
Due to fundamental market changes—namely, the rising costs of house prices across the country, restrictions on supply, and the dwindling supply of low-cost home rentals—people across all walks of life have embraced multifamily housing. Broken down by socioeconomic status, apartment households look as follows:
Renting a unit in a multifamily housing complex has also become increasingly common across age groups and family types.
According to the Joint Center for Housing Studies of Harvard University:
Experts predict that to keep up with demand, the country will need an additional 4,600,000 units by 2030, with almost 11,7000,000 units requiring renovations. This puts significant pressure on both the apartment housing industry and the people tasked with managing the complexes.
Whether a multifamily unit accommodates four households or hundreds of families, there are countless tasks that must be overseen to ensure that the property is in order and conditions are livable—from power, to internet, to maintenance, to sanitation. Not only that, from a business standpoint, it’s essential that every available space is occupied since each vacancy represents lost revenue.
Because of these factors, multifamily management is an essential aspect of running and maintaining a successful rental investment.
A multifamily property manager has to wear several hats.
They have to play the role of supervisor, salesman, client representative, and accountant, all in one. Any of those jobs can be a challenge in and of themselves, but combined, the difficulty increases. And since they are effectively a middleman, multifamily managers must serve the needs of both tenants and the property owner, which can be a tricky balance.
Responsibilities of a Property Manager at Multifamily Rental
Just consider some of the major tasks a property manager has to perform daily, including:
The tasks listed above have their constraints and costs—be they time, labor, or expertise.
For example, vacancies eat into revenue. Additionally, maintenance may require an entire team of outsourced contractors, a full-time staff member, or a mix of both, depending on demand. Not to mention there are also the costs of supplies. Then, there are property taxes to consider. And you also have to factor in elements that further impact the cost of property management, such as:
Put simply, there’s a lot to consider. And the bigger and more complex the task, the more you have to think about. This is why increasingly more property owners and investors are turning to a multifamily management company like the team at Common.
Multifamily management frees the property owner from the burden of either managing a multifamily housing unit or from hiring a property manager to handle the job.
By working with the right group, you can maximize returns on the property investment—both in the immediate term and over the long haul. Additionally, they can provide a wealth of experience and technologies that help drive further value. That could be anything from identifying areas to make improvements to increase the rent prices, or optimally servicing the needs of existing tenants.
There are dozens of tasks and challenges a multifamily management team can handle, including:
Investing in a property could be a potentially lucrative opportunity. But, as noted above, it comes with a lot of burdens and responsibilities. By working with a multifamily management company, you enjoy the benefits of all the services above, as well as:
As a residential brand and operator that designs, leases, and manages multifamily properties, Common is changing how property management is done. It’s ushering in a new age of renting—one that’s tailored to the modern world and today’s renter.
What are our focuses?
Common provides unparalleled in-house operations and technologies to an array of renters and property owners. We offer four primary value-driving services, including:
Are you ready to see what the future of multifamily management looks like? Learn more about working with Common and contact us today!