LUMA’s Leader on the Hidden Value of Property Management Expertise
After three decades in the business, Ian Mattingly believes people—residents, employees and shareholders—should be at the forefront of everything.
LUMA Residential has been providing property management services since 1984, when LumaCorp Inc. was founded. In 2020, Rockport Equity joined as co-owner, establishing LUMA Residential in its current form.
Today, the company operates in major Texas markets such as Dallas-Fort Worth and Houston, with some two dozen properties under management.
Throughout the years, LUMA’s focus has always been on the people—from those who live in its properties, to those who invest or work in them. In this conversation with Multi-Housing News, President Ian Mattingly reflects on how decades in the property management business contribute to multifamily resident satisfaction, but also to the quality of life of both its employees and shareholders.
Why is experience important in property management?
Mattingly: While experience is not everything, I do think it is a great teacher, and in property management, sometimes the only teacher available. Multifamily property management, in particular, is such a unique and special industry, with elements of B2B and B2C sales and marketing, legal and regulatory oversight, risk management and so much more. And with that highly unusual and wide-ranging set of priorities, there is no one course of study to master the business. That’s why experience is particularly important in property management. It has given me the time to gain working knowledge across many of these domains, which has, in turn, led to LUMA leaning heavily into hiring and training subject-specific experts in many of these areas.
What are some of the challenges you’re facing as a property management company operating in Texas?
Mattingly: The challenges in the rental housing industry have been widely publicized, so I’m sure it’s no surprise to hear that we are struggling to optimize occupancy, that rents are down year-over-year, and that staffing remains as difficult as ever. However, we have decided to leverage this time of market instability to rethink every part of our business, and I believe that we are coming out a stronger, better organization as a result.
Of course, with this reimagining and realignment of so many roles and responsibilities, I would say our biggest challenge is probably change management, and combating ‘innovation fatigue.’ Someone recently told me that no one likes change, which is clearly not true, because I’m a huge fan of gradual and continual evolution, but it does require a shift in mindset that is not for everyone.
What would say makes your communities stand out in the competitive Texas markets you’re in?
Mattingly: LUMA has always been a firm that punches above its weight class in many areas. The value of expertise in the effectiveness of residential property managers has grown immensely over the past three decades, a fact that many property management firms have been quick to leverage through aggressive mergers and acquisitions. LUMA has taken a different approach, working hard to be leaner and smarter, rather than simply getting bigger to have more resources to throw at the challenge of competitiveness in a crowded and highly professional market. We take time and care to create unique brand presence for each property, rather than painting with the same brush over and over.
We work to recruit and retain friendly, compassionate, caring people who want to provide meaningful elevation of resident quality of life and a true hospitality experience. We spend time and energy pouring into these folks as well, and find ways for them to advance and grow in the ways that are meaningful to them, rather than simply setting them on the same conveyor belt of learning and development. I think it is the people that make up our organization, and the mutual admiration society we maintain among them, that makes the biggest difference in attracting and retaining new residents, but also new employees and investors.
READ ALSO: New Multifamily Amenities Shaping the Resident Experience in 2025
How have the current market fundamentals impacted occupancy and renter stability across your portfolio?
Mattingly: Like every economic question, supply and demand are at the heart of the matter. We are fortunate to have decided early on to focus on what we called ‘workforce housing‘ in markets with strong job-creation engines and diversified economies. Even as we have grown our focus to include a more expansive definition of what workforce housing looks like, driven, in part, by the massive run-up in the cost of for-sale housing options over the past decade-plus, we have kept in mind that we exist to serve a critical human need. That means we have forgone some of the fancier bells and whistles and whiz-bang appeal that get so much press to focus on renter comfort, convenience, aesthetic interests and affordability.
As a result, our resident turnover has remained steady and low—well under 50 percent annually—across market cycles. And while we are subject to the same market forces of oversupply resulting in lower asking rents, we have been able to maintain NOI stability by having fewer available units we have to rent at these lower rental rates, and by making strategic investments that have helped balance the value equation for both new and existing renters.
The 424-unit Carmel Creekside in Fort Worth, Texas, includes a java bar, a clubhouse, a business center and coworking spaces, as well as a conversational firepit, among others. All images courtesy of LUMA Residential 
The java bar at Carmel Creekside 
The exterior sitting area at Carmel Creekside with a conversational fire pit, sofas and chairs.
To what extent have demographic shifts and pandemic-induced internal migration impacted your operations?
Mattingly: Our focus has always been on long-term, high growth, high job-creation markets in Texas, markets that benefitted tremendously from the pandemic-related acceleration in the long-term trends of population migration away from coastal markets and the Midwest into the Sun Belt. Many of these new residents also come with work-from-home and hybrid employment terms, so we have focused on creating amenities and resources that support these lifestyles.
READ ALSO: Renters’ Favored Amenities Revealed
What do prospects look for the most in terms of special features and amenity packages?
Mattingly: We find most renters care a lot more about affordability, in-unit laundry and a well-equipped gym than any fancy ‘wow’ features. That said, we are finding strong interest in amenities that offer additional convenience, such as smart locks, SMS and app-based maintenance and rent-related communication on-demand, and private conference and working areas to support a work-from-home or hybrid working environment. We have also seen continued interest in improved access and usability of indoor and outdoor spaces, such as private yards, and fitness centers or lounge areas that can be opened to the outside on nice days.
Tell us more about community-building at your properties. What works with residents today?
Mattingly: The art of community-building has certainly evolved, and become more difficult, post-pandemic. People generally won’t turn out for the classic pizza party by the pool anymore. However, themed and seasonal events still seem to resonate with our residents, especially when there is a take-away, such as gift-wrapping during the holidays or DIY charcuterie boards.
I know it’s been a theme in this conversation, so I’m sure it won’t surprise you when I say that the most effective community-building we can do is to find ways to bring added comfort and convenience to our residents’ lives.
Speaking of comfort and quality of life, what constitutes a lucrative relationship with residents that brings benefits to everyone involved?
Mattingly: We have a philosophy at LUMA that we must always be asking the question: Are we elevating the quality of life for one or more of our community of stakeholders, employees, residents or investors, with every decision we make?
We recognize that sometimes we have to make a decision that is not in the interest in one stakeholder, in order to elevate the quality of life for the others. That said, we have found many ways to create win-win-win, or at lease win-win situations. Ultimately, for residents, as well as for our employees, our investors have to see value in what we do, or we will not have new opportunities to reinvest and improve resident and employee quality of life. And in order for investors to see the returns and impact, our employees have to feel properly supported and resourced. There is a bit of a hierarchy to our decision-making, but we are always seeking an appropriate balance.
Bardin Oaks in Arlington, Texas, is a pet-friendly property that includes large outdoor areas, such as a playground, leash-free bark park and dining areas. All images courtesy of LUMA Residential 
The Indian Creek Apartments in Carrollton, Texas, has a swimming pool with sun decks, among other amenities. 
The two-story Towne Centre Village community in Mesquite, Texas, encompasses 188 units.
To what extent do you expect AI to impact your business in particular, but also property management at large going forward?
Mattingly: As my good friend Dave Marcinkowski at Quext is fond of saying, ‘if you aren’t racing ahead on AI, you’re not in the race.’ This new crop of AI tools is fast becoming a critical force-multiplier in multifamily operations.
It has already significantly lowered the scale requirements for property management companies, including LUMA, to achieve economies in a wide swath of important business units as varied as A/R, A/P, treasury management, resident relations, prospect lead management, training and development, business intelligence and analysis. And we are working on ways to enhance maintenance operations and renovations with AI systems, as well. I think it is well-proven at this point, that AI agents are good at many things that humans are not, which is opening up a wide and exciting variety of use cases.
READ ALSO: From Google Search to AI: How Renters Are Discovering Properties Today
How do you expect the Texas markets in which you operate to evolve over the course of this year, but also in the long run?
Mattingly: The major markets in Texas have seen record multifamily deliveries over the past three years, but we are starting to see some glimmers of light at the end of the tunnel in certain submarkets. If tariffs on steel and other construction imports fully take effect, that could kill many of the deals currently in the pipeline, as well, though the resulting contraction in economic activity could more than offset the improved supply and demand balance for existing operators, lowering new household formation and causing family incomes to decline.
There is a lot of uncertainty in the moment. That’s why we are focused on the cultural and systemic factors we can control within LUMA. We still believe in the Texas story in the long-run, but we are also diversifying out of Texas, and into a wider swath of classes of multifamily real estate, as we believe that high-earners and low-income renters are likely to drive much of the demand for the next few years, while middle-income families may struggle with the instability in the macro environment.
