Asset Living, a Houston-based third-party property management company ranked fifth largest on NMHC’s Top 50 List for multi-family living in 2021, attended the annual InterFace Multi-Family Texas Conference last week in San Antonio, TX. Asset Living’s Hugh Cobb and Jake Beck attended the conference and Tyler Johnson, Executive Vice President of Multi-Family Operations, spoke on a panel about leasing and management operations. Following the one-day event in San Antonio, TX, the team compiled six insights that recap what they learned from the conference.
Rent growth leads to new opportunities for multi-family and build-to-rent sectors.
Conference attendees shared how the rent growth seen in Texas emerging from the pandemic is the highest the industry has ever seen. Whether it be the low interest rates fueling increased purchasing of houses or the migration of people from high cost of living states to Texas, the single-family housing shortage is presenting massive opportunities in new sectors within multifamily and the build-to-rent category.
Adults are likely to rent longer in the future.
While the U.S. is experiencing rapid inflation, with interest rates expected to increase in the coming years, it was an ongoing topic of discussion how this may not affect the multifamily sector as it could turn adults into longer term renters. This outcome could decrease turnover at properties and increase retention and occupancy.
Managers and operators are focusing on lease trade out and expense control.
A topic discussed was how lease trade outs push rental rates and capture a high variance between new and those who were previously contracted to rent. Also, a focus on expense control, such as supply chain constraints and shortages have led to skyrocketing prices on chlorine, freon, and appliances among all other things. As such, conference attendees discussed the focus on procurement to bid the best pricing in an effort to control costs as well.
Single-Family Rentals are a focus within the multi-family industry.
At the conference, industry experts discussed a focus on the single-family rental space. At Asset Living, our experts are well-versed and uniquely poised to expand in this area. With a number of opportunities and deals in the works, Asset has the experience to help our clients understand the operating structure within the single-family rental space. For the past 10 years, Asset Living has operated similar deals within the student housing industry and has experience operating in single family rentals and build-to-rent.
For more information on the InterFace Multi-Family Texas Conference, visit their website to read about the event. Visit Asset Living’s service page for more information around their expertise in the multi-family industry or contact us to reach the Asset Living team directly.
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