Budget Season: How Can Apartment Operators Plan for 2024?
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It’s apartment budgeting season, and if this year feels more challenging than usual, it’s probably because it’s true. Could 2024 be a year when expenses grow faster than revenues due to the record volume of new construction hitting the market?
Despite differences across markets and property types, all rental housing leaders are challenged to balance caution and confidence when planning for rental operations in such a dynamic environment.
How should apartment executives think about budgeting for 2024? What are reasonable assumptions for rent, occupancy and revenue? Will expense pressures mitigate at all? Where are the strongest opportunities for operational efficiencies?
Join us in the latest episode of our Voices for 2023 series as we dive into best practices based on timely guidance for apartment budgeting to prepare for a new year of uncertainty.
Topics of discussion led by RealPage® market and economic experts Jay Parsons, Andrew Bowen and Carl Whitaker include:
- Setting realistic expectations for revenue & expense — & aligning goals with operational strategies
- How 2024 conditions may vary by market & asset class, plus implications for budgeting
- Top 2024 budgeting priorities for leading apartment operators
- Ideas for operating lean without cutting too much muscle & staying ready for the next cycle
- Tips on communicating changing market conditions with owners/investors as you set budgets
- Which KPIs to most closely monitor & how to ensure organizational alignment around them
Jay Parsons serves as Senior Vice President, Chief Economist for RealPage, leading the Economist and Industry Principal teams to provide deep insights on market trends and consumer behaviors. He is a frequent author and industry speaker on topics affecting multifamily apartments and single-family rentals, including rental housing investment and asset management strategy, rental housing policy issues, risk mitigation and property management.
Jay has been cited in The Wall Street Journal, Bloomberg, The Financial Times, The Economist, and The New York Times, and he has appeared on CNBC and BloombergTV. His commentaries have been published by Barron's, the Pension Real Estate Association, the Mortgage Bankers Association, the National Apartment Association, American Banker and GlobeSt.
Andrew BowenVice President & Industry Principal, RealPage, Inc.
Andrew Bowen serves RealPage customers and partners as a Vice President and Industry Principal dedicated to the Institutional and Build-to-Rent spaces. For over a decade, his focus has been on the tools that help investors and operators of multifamily real estate drive yield through better leveraging data and analytics.
Considered one of the experts on revenue management in multifamily, he is a regularly featured speaker on both the webcast and conference circuit, bringing a passion backed by over 20 years of operational experience to the conversation.
Andrew holds a Bachelor of Science in Aquatic Biology from the University of California at Santa Barbara. When not pontificating on the future of the industry, you can usually find him either in the gym or on the lake with his two grown “boys” and his wife of 25 years.
Carl WhitakerSenior Director of Research & Analysis, RealPage, Inc.
Carl Whitaker is a Real Estate Economist with RealPage’s Data Analytics division. At RealPage, Carl has specialized in creating industry presentations, market and submarket trend reports and crafting ways in which data can be more easily consumed and leveraged by clients. Carl holds degrees from the University of North Texas, including a Master of Science in Applied Geography.