MHN Executive Council: 2024’s Surprising Multifamily Trends
AI acceptance? A return to classic amenities? There was a lot that our experts did not see coming this year!
They say change is inevitable. But it’s not always expected. And 2024 had a lot that was unexpected, especially for multifamily. The MHN Executive Council shared what most surprised them this year.
AI Advancements
The trend that has most surprised me in 2024 has been the acceptance by applicants, tenants and our staff of “AI”—Artificial Intelligence. We have seen so much of a positive response to our company moving towards this that we are investigating other areas we can roll out more AI. —Michael Napovanice, President & Principal, Orion Property Group
Keeping it Old School
The return of demand for some old amenities, like car wash and repair areas. Also, interest in EV parking has declined, likely due to the general malaise of the EV market. Lastly, the rise of pet inclusivity in several product types drives several new marketing opportunities. —K David Meit, Principal, Oculus Realty
A Good Vintage
The market has unfolded as expected this year and I believe 2024 will go down as one of the best vintages for multifamily acquisitions. In particular, operations in Chicago have remained strong as robust rental demand across North Side neighborhoods, paired with extremely low new supply, has made for another strong leasing season. We’re seeing more conviction to transact among sellers with maturing loans, while buyers with healthy balance sheets are acquiring great real estate below replacement costs. As healthy as I’ve found the market to be for transacting in 2024, especially when comparing Chicago to other markets, I am surprised buyers haven’t opened the floodgates even more. — Joe Smazal, Senior Managing Partner, Interra Realty
Stay Connected
A multifamily trend that pleasantly surprised our teams in 2024 has been the shift in resident event preferences towards more activity-based experiences. Historically, happy hours dominated our event calendars, with other event types often seen as niche, drawing smaller crowds. However, we’ve noticed a significant increase in requests for structured, interactive events, which have been met with enthusiastic participation. These events include pizza-making nights, crafting and painting sessions, plant potting, flower arranging and ongoing trivia nights. Whether it’s a post-COVID desire for connection or a reflection of broader cultural trends, our teams have delighted in the opportunity to get creative and host events that truly engage our residents. —Diana Norbury, Senior Vice President, Pillar Properties
Interested in joining the MHN Executive Council and sharing your insights? Email Jessica Fiur.
