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Multifamily Minute Reader Reflections: What's Your Biggest Pain Point in 2023?
Our question to our 40,000 readers: What's the biggest challenge you're encountering in multifamily these days?
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!Last week, we put a question to our Multifamily Minute subscribers. What's your biggest pain point?
Owning an apartment building is never really easy, even if it's worth it. That's just as true in a booming economy as it is in an economic downturn.
So, what were the biggest areas of concern for most of our audience? Read below.
Survey Results
Rising operating costs are the number one issue across the board, with more than 40% of respondents indicating it as their biggest hurdle.
Operating expenses jumped up 5% in 2021, 7.5% in 2022, and "this year will be rough," according to Yardi Matrix's Jeff Adler.
That's because taxes and insurance costs are continuing to climb, not to mention issues presented by a relatively tight supply of labor in the multifamily operations space. At the same time, rents have been slipping in most markets (though nationally we've seen a slight month-over-month uptick in the last month).
See the full results below:
Issue | Percent of Respondents |
|---|---|
Rising operating costs | 41% |
Finding affordable financing | 23% |
Navigating local regulations or zoning ordinances | 14% |
Property management issues | 14% |
Resident turnover | 6% |
Other | 2% |
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Our Previous Survey
Week before last, we asked about how you find financing. Turns out a lot of our readers are doing a bit of shopping around, but that takes a significant time investment — and it turns out there's a better way. Read the survey results from last week.