When we began in 1980, the multifamily industry looked very different than it does today. Technology was limited, the pace of development was slower, and apartment communities themselves were simpler in both design and amenities.
Yet despite the changes our industry has experienced over the past four and a half decades, many of the fundamentals that drive long-term success in multifamily real estate remain the same. As we look ahead to the coming years, it is worth reflecting on what has changed in our industry — and just as importantly, what has not.\
How It Started
The Gallina Companies began in 1980 with a straightforward approach: rehabilitating and operating apartment properties. Like many real estate businesses that began in that era, our focus was on identifying opportunities, improving properties, and managing them responsibly for residents.
Over time, that foundation expanded. What began as rehabilitation and operations grew into a broader platform that today includes:
- Development
- Construction
- Property management
- Acquisitions
- Long-term ownership and asset management
This evolution was not driven by chasing trends, but by building capabilities that allowed us to better control quality, manage costs, and deliver a consistent experience for residents. Vertical integration — from development through management — has allowed us to maintain long-term oversight of the communities we build and operate.
What Has Changed in Multifamily:
While the fundamentals of the business remain consistent, the industry itself has evolved significantly.
Technology
Perhaps the most dramatic change has been the role of technology.
Forty-five years ago, leasing offices relied on paper files, physical ledgers, and phone calls. Today, digital platforms support nearly every aspect of operations:
- Online leasing and applications
- Digital rent payments
- Automated maintenance requests
- Data-driven asset management
- Sophisticated marketing and property search platforms
Technology has improved efficiency and accessibility for both residents and operators. At the same time, it has raised expectations for responsiveness and transparency.
Please see our accompanying article on The Gallina Companies recent implementation of RealPage and Knock CRM, a strategic technology upgrade to enhance property operations, improve the leasing experience, and strengthen prospect and resident engagement.
Renter Expectations
Resident expectations have also evolved considerably.
In the early years of multifamily housing, residents primarily focused on location, price, and basic property upkeep. Today’s renters often expect a more complete living experience.
Modern apartment communities frequently incorporate:
- Fitness centers and community spaces
- Pet-friendly amenities
- Smart-home features
- Package management systems
- Enhanced outdoor spaces
Beyond physical amenities, residents increasingly expect responsive communication, professional management, and reliable maintenance service. The apartment is no longer just a place to live — it is a place people expect to feel comfortable calling home.
Development and Capital Markets
The financial and development side of the business has also grown more complex.
Interest rate cycles, construction costs, insurance pressures, and evolving lending standards all influence how and when projects move forward. Capital markets today are significantly more sophisticated than they were in the early years of the industry.
Operators must navigate:
- Tighter lending standards
- Higher capital costs
- Greater regulatory oversight
- Increased competition in many markets
Successfully managing these factors requires discipline, experience, and a long-term perspective.
What Hasn’t Changed:
Despite the many changes in the industry, the most important principles of multifamily real estate remain consistent.
At The Gallina Companies, four core values have guided our work since the beginning: Integrity. Customer Service. Quality. Teamwork. These values remain as relevant today as they were in 1980.
Integrity
Real estate is ultimately a relationship-driven business. Trust between owners, investors, lenders, vendors, and residents is built over time through consistent and transparent actions.
Integrity remains the foundation for those relationships.
Customer Service
The multifamily business is fundamentally a service business.
Residents rely on property management teams to maintain their homes, respond to concerns, and provide a comfortable living environment. Strong customer service not only improves resident satisfaction — it also drives retention and long-term operational stability.
Quality
Quality begins with thoughtful development and construction, but it continues through ongoing maintenance and property management.
Communities that are well built and well maintained tend to perform better over time, both operationally and financially.
Teamwork
Finally, success in multifamily real estate is never the result of one individual. It depends on the combined efforts of many people — from construction teams and maintenance staff to onsite management, vendors, and financial partners.
Strong teams create strong communities.
Experience Through Multiple Cycles
One of the advantages of operating in this industry for more than four decades is the perspective that comes from experiencing multiple real estate cycles.
Since 1980, the multifamily sector has navigated:
- The economic recessions of the early 1980s
- Real estate downturns in the early 1990s
- The financial crisis of 2008–2009
- The operational challenges of the COVID-19 pandemic
- The recent period of rapid interest rate increases
Each cycle has reinforced the importance of conservative underwriting, disciplined operations, and long-term ownership strategies. Markets will always experience periods of expansion and contraction. Operators who remain focused on fundamentals are better positioned to navigate both.
What’s Next
As we move through 2026 and beyond, the multifamily industry continues to evolve. New technologies, changing renter preferences, and shifting capital markets will continue to influence how properties are developed and managed.
However, the principles that drive long-term success remain remarkably consistent. Communities that emphasize service, maintain high operational standards, and build strong relationships with residents and partners will continue to perform well regardless of market cycles.
For our team, the goal remains the same as it was when we started: to develop, manage, and maintain apartment communities that people are proud to call home.
After more than 45 years in the industry, that focus continues to guide how we operate — and how we plan for the future
