{"id":23215,"date":"2019-10-30T05:00:25","date_gmt":"2019-10-30T12:00:25","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=23215"},"modified":"2026-02-22T15:35:15","modified_gmt":"2026-02-22T23:35:15","slug":"downturn-ready","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/downturn-ready\/","title":{"rendered":"Downturn Ready?"},"content":{"rendered":"

At Maximize powered by NAA, the annual conference dedicated to asset and revenue management and long-term value creation for apartment portfolios, industry pros talked about how changes in the economy \u2014 including an expected downturn ahead \u2014 will impact multifamily revenue management.\"\"<\/p>\n

This year\u2019s sessions covered renovations and amenities in some detail, with panelists speaking about the importance of flexible strategies when navigating changing markets. For example, there might be less demand than anticipated for high-end renovations. Conversations also turned to smart home technology including self-showing programs, and short-term rentals as a new revenue stream that would be increasingly compelling in struggling rental markets.<\/p>\n

While some attendees have only known growth, experienced revenue managers who maneuvered through the last recession shared tactics and valuable lessons learned. Although it\u2019s unclear exactly when the next downturn will happen, the consensus at Maximize was it will happen. And the sooner you\u2019re ready for it, the better.<\/p>\n

Curveballs ahead<\/strong><\/p>\n

So how do you prepare for a downturn? Experts agree that having a well-informed revenue management strategy in place is crucial, and that means having tools to collect data to uncover trends and follow patterns in order to make smart decisions. Beyond finding the sweet spot for rental pricing, auditing your properties for other ways to boost performance is also a great idea \u2014 including assessing amenities and reducing unnecessary expenses. In addition to knowing how to price units based on inventory and market conditions, the most effective revenue managers also know every selling point of each property in their portfolio.<\/p>\n

With the advent of artificial intelligence and machine learning to guide asset management, sometimes the computer knows what\u2019s happening before people do. In times of both growth and recession, the most successful revenue managers will be using a system that helps them analyze big data<\/a>. Accessing predictive insights for property performance \u2014 with prescriptive recommendations to get desired results \u2014 can be a portfolio lifesaver especially in unstable times.<\/p>\n

Yardi\u2019s Dhar Sawh, industry principal of revenue management, moderated \u201cRevenue Management and the Recession\u201d on September 24, and was joined by panelists Trey Lane, vice president of pricing and revenue management at Progress Residential, Michael Lilly, director of revenue management at Weidner Property Management and Jessica Mills, senior consultant at D2 Demand Solutions. These revenue experts shared lessons learned as pricing managers during the last recession and discussed ways to stay ahead in the next downturn.<\/p>\n

Sawh commented, \u201cThe biggest takeaway from the panel was the importance of having a strategy going into a recession. Having an informed strategy will prepare you and your organization to handle the effects of a recession so that you can position yourself to adjust to the market in a rational, data-driven way and grow out of the recession faster.\u201d<\/p>\n

Getting ready<\/strong><\/p>\n

Are you prepared for a downturn? Learn more about Yardi Elevate<\/a> for big data-driven asset management that includes predictive analytics and join an Elevate webinar<\/a> to see it up close.<\/p>\n","protected":false},"excerpt":{"rendered":"

At Maximize powered by NAA, the annual conference dedicated to asset and revenue management and long-term value creation for apartment portfolios, industry pros talked about how changes in the economy \u2014 including an expected downturn ahead \u2014 will impact multifamily revenue management. This year\u2019s sessions covered renovations and amenities in some detail, with panelists speaking […]<\/p>\n","protected":false},"author":616,"featured_media":23216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3355,2618,4],"tags":[1800,157,1595,44,538,2420],"class_list":["post-23215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence","category-events","category-news","tag-artificial-intelligence","tag-economy","tag-maximize","tag-naa","tag-revenue-management","tag-yardi-elevate"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"At Maximize powered by NAA, the annual conference dedicated to asset and revenue management and long-term value creation for apartment portfolios,\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downturn Ready?\" \/>\n<meta property=\"og:description\" content=\"At Maximize powered by NAA, the annual conference dedicated to asset and revenue management and long-term value creation for apartment portfolios,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/downturn-ready\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-30T12:00:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-22T23:35:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2019\/10\/rsz_adobestock_291229378.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1988\" \/>\n\t<meta property=\"og:image:height\" content=\"1326\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lee Ann Stiff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lee Ann Stiff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/downturn-ready\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/downturn-ready\/\",\"name\":\"Downturn Ready? 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