A major apartment industry conference gets underway this year at a time of easing rent growth, concern about overbuilding in student housing and an overall increase in the supply of rental units.

As multifamily professionals gather this week in Philadelphia for the Apartmentalize event, discussions are focusing on how to navigate the changing trends.

The apartment rent growth that spiked in the early years of the pandemic have flattened, meaning multifamily landlords and property managers are pulling up the couch cushions to find any forgotten penny to help increase rental revenue.

For some of these industry professionals, Real Estate Business Analytics CEO Donald Davidoff said, that means taking a closer look at how apartment owners are pricing their units.

"Amenities are really important for property rental revenue," Davidoff said at an Apartmentalize panel. "Rent growth is incredibly anemic in 2024, so when you're looking for any pennies and dimes, all of a sudden things you might not have paid much attention to really matter. Going back to the basics isn't enough anymore, and with certain amenities, there are more than just pennies hiding in the couch."

That could mean increasing monthly rates for garage spaces, charging more for the corner apartments with premium views or reevaluating square footage data to make sure units are correctly priced.

"We can get stuck on one model but often don't take into account the things that consumers really care about," Carol Enoch, the CEO of multifamily real estate consulting firm Enoch & Co., said at the panel. "From a sales perspective, it's about how we can drive value. We have more than just four walls, so we have to figure out how to bring more value and either build that in or find existing value in our assets."

Building across the national student housing market has pushed competition among developments up to new highs, yet with the right combination of location and amenities, some developers are betting their projects will stand out in the pack.

The student housing market has added more supply over the past several years has as colleges and universities struggle to meet demand for on-campus dorm rooms and apartments. Private developers such as Up Campus Student Living, Harrison Street and financial giant Blackstone’s American Campus Communities have stepped in to help fill the gap, according to the Chronicle for Higher Education.

So for Up Campus Chief Operating Officer Nick Hill, that means making sure each of the firm's new developments lure in prospective tenants with the perfect mix of location and standout amenities.

"It's about figuring out what the signature amenity will be to help market the property differently," Hill said at an Apartmentalize panel. "It could be the rooftop lounge or the luxury gym, anything to differentiate

A lackluster performance in rent growth has in large part been driven by an abundance of new supply in many markets that has given renters plenty of options when choosing where to live.

While periods of free rent have long been offered to lure new residents, property managers are now returning their focus to renewals to avoid those discounts and keep empty units to a minimum.

“Renewals are critical to success and meeting revenue and occupancy goals,” said industry veteran Elizabeth Francisco. “In tough times it’s even more important, not just to succeed but to survive.”

Borrowing from lessons learned from the recent boom and bust cycle in the short-term rental industry, Francisco highlighted face-to-face resident engagement over technology as the differentiating factor in managing relationships to retain renters.