With vaccinations on the rise and pandemic protocols easing, the outlook for the multifamily market is largely positive for the remainder of 2021. Apartment owners are anticipating increased rents for the rest of 2021, while the development pipeline will remain strong. However, hiring remains challenging in many multifamily markets, especially for experienced professionals.
Rental rates are starting to rise again as business gets back to normal. Although the eviction moratorium was extended through the end of July, many landlord are starting to see increases in rent collections from existing tenants. Multifamily owners are also seeing increased interest in their properties, leading to reduced rent concessions for new tenants. Both of these factors are great news for the multifamily market, as it shifts from a strong tenant market towards an owner’s market. Many multifamily owners also adopted online rental payment options in the last year, which also increased collections.
Despite the increased material costs, multifamily development projects are still breaking ground at a rapid pace. Investors across the country are eager to pour money back into the apartment sector after pulling back in 2020. Many multifamily developers are adjusting the costing of their projects to reflect the fluctuating costs of materials. Some are adjusting their purchasing pipeline to try and time reductions in the costs of the supplies. Some value-add apartment investors have decided to postpone redevelopment projects until 2022, helping ease demand for building supplies.
Demand for new employees in the multifamily sector remains strong. Investors and owners across the country are hiring Property Managers, Maintenance Techs, Leasing Agents and more. Experienced Maintenance Techs are some of the most in-demand positions across the country. Many of our clients are trying to hire a wide range of experienced professionals. To see if we are hiring in your area, check out our Candidates page.