AppFolio’s Second Annual Property Manager Benchmark Report Reflects Changing Dynamics of 2024 Real Estate Market
15 Febrero 2024 - 8:00AM
AppFolio, Inc. (NASDAQ: APPF), the technology leader powering the
future of the real estate industry, today released its second
annual AppFolio Property Manager Benchmark Report, offering
insights into the industry’s strategies and priorities for 2024.
Based on responses from more than 5,000 U.S. property management
professionals, this comprehensive study encompasses a diverse
cross-section of the property management sector. It reveals that
maintaining high occupancy is a top concern, due in part to rising
vacancy rates. More than one-third (35%) of respondents report
maintaining high occupancy rates as a top threat for 2024 – a 12%
increase compared to 2023.
Additionally, respondents are less likely to raise rents this
year when not also making improvements to the unit or building,
decreasing from 70% of property management professionals in 2023 to
just 42% in 2024. All signs point to a more competitive rental
market in 2024 — highlighting the need for property managers to
find new ways to attract residents, uncover cost savings, and make
their businesses more resilient.
“As we navigate a changing rental market in 2024, property
managers are looking to improve operational efficiencies to
maintain a competitive edge,” said Stacy Holden, Senior Director,
Industry Principal at AppFolio. “We believe the biggest levers they
have to address today’s challenges are adopting AI to boost
productivity, improving resident experiences through technology,
and prioritizing safe and secure processes.”
Other takeaways from the 2024 AppFolio Property Manager
Benchmark Report include:
- Property managers are turning to AI to drive
productivity and deliver a better resident experience. 21%
of property management professionals currently use AI, and 28% more
plan to adopt it. Resident communication is the most common use
case for property management professionals currently using and
planning to use AI, followed by data entry and leasing funnel
optimization.
- Property managers see flexible payment services as a
way to improve resident experience without costly building
improvements or new amenities. Property managers are
increasingly offering financial flexibility payment solutions,
including security deposit alternatives and flexible rent, to build
loyalty among residents and ease friction in the leasing process.
In 2024, 33% offered flexible rent solutions and 25% security
deposit alternatives; in 2023, 14% and 17%, respectively. The rapid
adoption of these offerings speaks to renters’ changing
expectations. In a 2023 AppFolio survey of renter preferences, 40%
stated that flexible rent is important when evaluating a new lease
and 47% stated security deposit alternatives was important.
- As more payments and operational processes move online,
data security is becoming top-of-mind for property
managers. According to our report, 22% of property
management professionals experienced security issues in 2023,
compared to 14% the year before, while 44% are more concerned about
this issue than they were a year ago.
The 2024 AppFolio Property Manager Benchmark Report reflects
today’s shifting real estate landscape. For a more in-depth look,
download the 2024 AppFolio Property Manager Benchmark Report.
Survey MethodologyAppFolio surveyed 5,350 U.S.
based property management professionals with 50 or more residential
units in their portfolio from November 16, 2023 to December 4,
2023.
About AppFolio, Inc.AppFolio is the technology
leader powering the future of the real estate industry. Our
innovative platform and trusted partnership enable our customers to
connect communities, increase operational efficiency, and grow
their business. For more information about AppFolio, visit
appfolio.com.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0c52696-fab6-4e76-9432-26597c7dde10
For more information, please contact:
Mission North for AppFolio
appfolio@missionnorth.com
AppFolio (NASDAQ:APPF)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
AppFolio (NASDAQ:APPF)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024