Discover the latest developments transforming property management

When you work in an ever-evolving industry like property management, staying ahead of the curve isn’t just beneficial—it’s essential. This year, we’re starting to see several key trends emerge that could very well reshape the landscape of property management. 

From an increased emphasis on sustainability to technological advancements that can change everything, these trends are poised to deliver just as many opportunities as they will challenges. Continue reading to explore 2024’s top property management trends.

#1: Smart technology integration

Technology integrations are accelerating within property management, with smart home technology leading the way. According to Statista, The global market for smart and connected homes is predicted to grow from 158 billion U.S. dollars in 2019 to 262 billion U.S. dollars in revenue by 2025. [1] Some popular smart home devices range from thermostats, doorbells, kitchen appliances, and security cameras. 

Related resource:
Top 4 value-add smart apartment technology devices

#2: Enhancing tenant experience

The tenant experience is quickly becoming a top priority. A place to live isn’t enough for today’s tenants – they want a sense of community and a thoughtful experience. As a property owner, the ultimate goal is to retain happy tenants for as long as possible. By understanding how to increase tenant satisfaction to improve retention rates, you can ensure the overall success of your property.  

From more proactive communication to more community-building events, property managers are providing tenants with more and more amenities and services to add value to their lives.   

#3: Sustainable energy management

Sustainability is no longer a buzzword in the property management industry. Green buildings and energy efficiency are standard expectations for tenants and investors, transforming how property managers approach every aspect of real estate management, from using energy-saving appliances, such as LED lighting and smart thermostats, to minimizing water waste to decrease their building’s environmental impact. It’s essential to regularly monitor and optimize energy usage and attract tenants who are conscious about their own. 

#4: Remote management

Due to technological advancements, remote property management is more feasible and efficient than ever. This new trend allows flexibility and greater efficiency, making it possible to manage properties effectively from any location. Here’s a list of remote management tips to help make the remote transition seamless: 

• Use online listing platforms
• Use an online rent payment system
• Host virtual property tours
• Use accounting software
• Stay in touch with tenants via email, text, or video chatting platforms
• Connect with local contractors to support any maintenance needs
• Check-in on the property (at least once a year) [2]

In our experience, remote and onsite property management is ideal for tenants and owners. We offer the convenience of online listings, online rent payment, and online service requests, but our team is local and available to provide onsite property tours, maintenance, and repairs.

Learn more:
How to manage a long-distance rental property

#5: Adoption of AI and machine learning

Artificial intelligence and machine learning have transformed every industry, and the property management industry is no exception. These emerging technologies are well-suited to take over the routine tasks of finding and screening tenants, predicting maintenance needs, and optimizing daily operations. Below is a list of the latest trends in AI and property management: 

• Predictive analytics can predict future trends, such as occupancy rates and maintenance needs.
• Smart buildings use sensors and automation to improve energy efficiency. One such feature is automatic heating and cooling based on occupancy levels, which reduces costs and enhances tenant experience.
• Virtual reality can be used to create virtual tours, allowing tenants to view properties remotely if they are moving from a different city and are not available for in-person visits. [3]

With AI and machine learning, property managers can make more informed decisions and leverage their predictive analytics capabilities.

Technology, sustainability, and tenant habits will drive the property management industry in 2024 and beyond. Property managers can use these trends to improve operations and deliver more value to residents and owners. 

Looking for an Orlando property management company? 

Rental Heroes has been managing properties across the Greater Orlando area for over 12 years. We help local, domestic, and international property owners enjoy the benefits of their real estate investment with comprehensive property management services.

At Rental Heroes, we are property investors, just like you! We understand what’s most important—a well-managed property that generates a steady, reliable source of income. Our local knowledge helps us to proudly manage hundreds of units across Central Florida, and we’re committed to doing everything we can to keep your tenants happy.

Our comprehensive property management services include: 

• Marketing and showing your property
• Tenant screening and evictions
• Leasing
• Property inspections 
• Rent collection and remittance
• Maintenance and repairs 
• Monthly financial statements
• Expert advice on how to maximize your return on investment
• Manage relationship with Homeowners Association (HOA)
• Prepare rental units for new tenants.

Ready to get started?
Get your Free Rental Analysis today!

Sources: 
1: Statista | Smart and connected home market revenue worldwide in 2019 and forecast for 2025
2: Turno | Top 6 Tips to Manage Your Rental Property Remotely
3: Property Management Insider | How AI is Revolutionizing Property Management: Opportunities and Challenges