Multifamily Is a Market Worth Taking Seriously
When the Market Corrects, Amenities Win
For most of the last decade, multifamily property owners operated in a seller’s market for rentals. Demand was strong, new supply was still delivering, and lease-up timelines were manageable. That window has closed. Multifamily completions reached 608,000 units in 2024, the highest annual volume since 1986, according to the National Association of Home Builders (NAHB). Properties that were built during this construction surge are now competing against each other in a market where residents have leverage and options for a resident base that has options, negotiating leverage, and rising expectations.
The result is a fundamental shift in how property management companies think about their business. Retention, not lease-up, is now the primary performance metric. According to Zego’s 2025 Resident Experience Management Report, which surveyed 600 property managers and 1,000 renters, the share of multifamily companies with retention goals above 70% has tripled since 2021. The same report found that only 15% of renters have firm plans to leave their current community, while 23% are undecided. In a compressed market, converting that undecided 23% is where the financial performance of a property is won or lost.
What Is Actually Changing in Amenity Strategy
Multifamily developers and operators spent much of the 2010s and early 2020s competing on premium amenity packages: oversized fitness centers, resort-style pools, coworking lounges. Multifamily Executive reported in January 2026 that this approach is being actively reconsidered. The direction is toward amenities that are purpose-built around actual resident usage patterns and long-term performance, rather than broad spaces that photograph well but generate low daily engagement. That recalibration is partly a response to budget discipline in a softer market, and partly a response to what the data on resident behavior actually shows.
Catalyst Capital Partners’ 2026 multifamily outlook identifies this rightsizing of amenity strategy as one of the defining investment trends of the year, describing a shift toward amenities designed around resident usage and operational sustainability rather than surface-level differentiation. For property teams under pressure to justify every capital line item, measurable resident engagement is not a preference. It is a requirement.
Jim Carbone, VP of Coffee Experience at WithMe Inc., agrees. “Residents still appreciate high-end amenities, but what tends to influence day-to-day satisfaction is reliable convenience that solves everyday needs,” he says. “Moreover, predictable performance and measurable engagement are increasingly deciding factors for ownership groups evaluating ROI and operational impact.”
This is an area where convenience services has a built-in advantage. Beyond convenience, the industry’s ability to track measurable behaviors is a win-win. Usage data that the industry already tracks — transaction volume, peak times, top-selling categories — help translate meaningful and actionable insights for property teams.
Carla Hinson, VP at MRI Software, emphasizes the broader impact: “Amenities are no longer differentiators; they’re the baseline. What sets communities apart now is experience. Renters are choosing places based on identity and belonging… curated retail plays a powerful role in shaping that identity when aligned with the lifestyle and values of the community.”
Resident Preferences and Usage Patterns
Residents increasingly value amenities that streamline daily life and reduce friction. Greystar’s 2025 Design Survey, based on over 137,000 residents, shows strong demand for secure package access, managed Wi-Fi, and tech-enabled retail options. In other words, not just high-end amenities, but perks that make life predictable and less stressful.
Supporting this trend, the National Multifamily Housing Council (NMHC) reports that 75% of residents consider amenities a key factor when deciding to rent or renew their lease.
Carbone has seen this with WithMe’s programs, including self-service printing solutions such as PrintWithMe, which complement their food and beverage offerings.
When everyday essentials like coffee, package pickup, printing, and groceries are available in a self-serve capacity, it encourages residents to stay in their building. These conveniences reduce unnecessary trips to off-site locations, increase usage of amenities and common spaces, and ultimately make the community feel more supportive of day-to-day living.”
Jim Carbone, VP of Coffee Experience at WithMe Inc.
Operational Efficiency and Revenue Opportunities
Every transaction, swipe, or scan is insight. Self-service amenities paired with rewards programs give operators a way to understand how residents use services and turn those patterns into actionable strategies.
Well-executed loyalty programs reinforce habitual use and strengthen resident perception of value. Research shows 84% of consumers are more likely to repurchase from brands offering rewards, 69% of renters already participate in point-based programs in their everyday lives, and 92% of multifamily leaders report reward programs benefit their organizations, citing higher resident satisfaction, digital adoption, and lease renewals.
“Operating a mobile app, rewards, and promotional program increases operational complexity,” CJ Recher from Five Star Breaktime Solutions shares. “It’s impactful but does not create efficiency. Success and ROI lie in a combination of product, offer, messaging, and in-store execution. Experience comes from testing, learning, and iterating.”
Loyalty systems create opportunity, although require additional coordination and oversight. They require consistent promotion, pricing strategy, and performance review, to ensure outcomes rather than just more activity.
Rise of the Renter
The resident population has changed in ways that also reframe the entire amenity conversation. Millennials and Gen Z now account for more than half of all apartment dwellers, and the median age of first-time homebuyers hit 38 in 2024, seven years older than the pre-pandemic norm, according to Viking Capital’s 2026 demand analysis.
At the other end of the age range, downsizing baby boomers are reinforcing the same demand from a different direction. CoreCast research from February 2026 notes that boomers and Gen Z frequently share multifamily buildings because of overlapping lifestyle priorities: no children at home, preference for walkable environments, and a desire for service-rich, maintenance-free living.
What both generations share is a baseline expectation for self-service and cashless, on-demand access. Both trends pair well with what convenience services can deliver.
Strategic Opportunity for Operators
Day-to-day vendor relationships in most properties are managed by property managers or community managers, who evaluate reliability, operational simplicity, and resident feedback. Regional managers typically approve changes to vendor relationships and amenity configurations across their portfolio. Capital decisions and anything that affects a property’s amenity positioning tend to escalate to asset managers or ownership groups, who evaluate ROI, resident engagement impact, and long-term retention implications. In most cases, the decision-making chain for amenities varies by portfolio size and ownership structure, but rarely sits with a single person.
However, recent analysis of property management purchasing behavior found that teams are increasingly reluctant to run pilots and are instead seeking third-party performance data upfront: transaction volume benchmarks, resident engagement rates, and documented outcomes from comparable properties. The companies that arrive with data and ROI evidence will likely shorten approval cycles.
The multifamily market is not looking for vendors right now. It is looking for partners who understand why retention has become the only metric that matters, who can demonstrate performance before the first contract is signed, and who bring a service model that makes a property manager’s job easier rather than more complicated. That description fits what this industry already does. The gap, in most cases, is knowing how to say so.
Stay Informed. Stay Ahead.
NAMA members get more than representation—they get resources. This article originally appeared in NAMA’s member-only magazine InTouch.