Seldom part of the apartment sector’s vernacular prior to 2020, the term centralization has been a prominent component of many industry conversations the past few years. So much so, in fact, that many organizations actively wonder whether they are missing out if they are not deploying it to some degree.
Like many new-school concepts in multifamily, leasing centralization had been on the industry’s “next wave” radar and became more prominent because of the pandemic. Operators learned about its potential efficiencies in 2020 and 2021, and it has since become a staple of the modern-day operations of many organizations.
Forbes defines centralization in multifamily as “any effort to move away from individual property-based leasing and operational teams and centralize them in one or multiple regional locations to improve efficiencies and cut down costs.”