Shane Robinson

Emerging technologies will be among the top trends for apartments in 2020. Renters continue to crave convenience through technology, and the demand is fueling the implementation of a host of new technologies in apartment buildings and in units. These technologies will take center stage next year.

"The biggest trends will be related to emerging technologies," Shane Robinson, regional VP at Sunrise Management, tells GlobeSt.com. "With new competition being consistently delivered, the need to stand out will continue to grow. Each year new advances in technology—from smart home apps to mobile leasing software—streamline property operations as well as enhance the living experiences of our tenants. Today's residents are looking for convenience in addition to lifestyle, and operators will need to keep up with ever evolving technology to meet these expectations."

Along with emerging technologies, Robinson lists shifting demographics, the rise of short-term rentals and the increase in co-living to reduce rental costs as the other trends that will dominate next year. But, there are changes coming as well. "One trend that will become obsolete will be the management of the Airbnb situations," says Robinson. "Since many cities have been cracking down on this, certain saturated markets like Los Angeles saw a big change in occupancy in the fourth quarter of 2019. While some properties took upwards of a 5% vacancy due to the new enforcement, the long-term gain is communities will no longer be battling with short-term guests and can begin to manage long-term relationships once again."

Apartment property managers are looking forward to strong activity again in 2020, but Robinson also has concerns, particularly about the economy and regulatory compliance, among other things. "Unchartered or unstable markets, tenant issues, investment needs and compliance requirements are always a challenge—and in constant flux—but we have plans in place to remain competitive and informed in the ever changing landscape of our industry," says Robinson. "We are strong advocates of education, which allows us to grow both individually and as an organization. With this in mind, we will continue to work with our teams to successfully overcome the challenges of change."

With a potential recession coming next year, Robinson says that property managers will become even more integral to the success of an asset. "A good property management firm saves you money in the long run, which is especially important when the economy is unstable," he says. "Key benefits of a property management firm include being able to retain quality tenants, implementing brand/property enhancements and having the resources to mitigate liability."