“...key to tenant satisfaction and the foundation of resiliency – operational excellence.”

Vancouver consistently ranks as one of the most desirable places on earth to live, boasts a high quality of life with a competitive job market, and has one of the largest populations of individuals aged 29-44 in Canada.

These factors, together with our collective commitment to address the housing shortage, substantiate our industry's continued interest in developing purpose-built rental properties in the coming years.

While we believe the lower mainland’s fundamentals will remain strong, rent growth has slowed, provincial immigration has declined, and the region shares the same economic challenges faced by the rest of the nation due to recent US policy decisions.

Faced with this period of temporary uncertainty, we have refocused on what we can control.

 Whether you hire a third-party property manager or own and operate your rental properties, it is time to concentrate on the key to tenant satisfaction and the foundation of resiliency – operational excellence. 

• Design with the renter and the operator in mind
  Design plays a significant role in how tenants interact with each other and ultimately form a sense of community. Amenities should be designed to meet the needs of everyday living and not intended for special occasions or as a promotional tactic during lease-up. Multifunctional spaces, pet wash stations, and parcel lockers are no longer nice-to-haves — they are expected. Durable materials and finishes should be selected without sacrificing design. Prioritize key building systems that are easy to maintain and serviced to avoid downtime and operating costs.
   
• Staffing models that support services
  Tenants value responsiveness, professionalism, and a sense that “property management genuinely cares”. Our development industry tends to underestimate the cost and complexity in staffing. Staffing models should align with the scale and the efforts required to meet the growing service expectations from tenants. An arbitrary assumption in the pro forma might not support the level of tenant experience to stay competitive in the current market.
   
• Proptech that adds value
  While our demographic of renters value service and a sense of community, they also expect and appreciate certain interactions to be technology driven. The best proptech solutions are intuitive and integrated with property management, they allow tenants to pay rent, submit maintenance requests, book amenities, and communicate with property management — all from their phone.
   
• Marketing that builds community, not just leads
  Marketing for stabilized rental properties has not been a focus historically due to record low vacancies. To attract quality tenants, it is time to invest in creative strategies that tell the story of the authentic lifestyle your property offers. Highlighting resident reviews, property management practices, and tenant events will foster trust and interest. 

Operations can no longer be an afterthought. When you design for livability, staff for service, leverage smart technology, and market with authenticity, you create a place where people will stay and thrive.

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Jennifer Woolley, 
Chief Operating Officer
at Warrington PCI Management,
2024-2025 Women of UDI Committee