2018 has been the most destructive wildfire season in
California on record. The devastating California wildfires have destroyed tens of
thousands of private homes and hundreds of commercial structures, displacing
residents across the state. As of November 19, more than 90 people have died
and nearly 700 are still missing.
How will the fires impact the multifamily apartment industry? A certified senior ecologist
and professor said the industry will not only be directly affected by the fires,
but it could feel the effects for years to come. Most natural disasters
will displace homeowners while they repair their houses, however the rate of
rebuilding is much lower with wildfires. Because the fires have wiped out
entire towns, including apartment communities, many residents may never return due
to the lack of finances needed to rebuild or to afford rental properties. For
those who remain in the state, property values may decrease because of how
scarred the industry and environment are. As a result, it can negatively impact
the quality of life in California.
Property managers will also feel the heavy weight of the fires
and not just with the physical damage and loss. The fires can also impact an
owner’s emotional state, which could stall their desire to repair and rebuild
their structures. The California Apartment Association feels it is important
for local and state governments to streamline rebuilding efforts. This includes
removing hurdles in the permit process and issuing state legislation for
Because natural disasters are often hard to predict, it’s crucial
for residents and property management to have a plan in place. This can include
creating a checklist and knowing where evacuation routes are located. A
proactive security solution can also benefit a multi-family residential
property in times like this. Remote security operators can watch properties in
real time and update managers and owners about their property’s condition,
including potential dangers and hazards.
Not only have these recent wildfires been deadly, they have
been the most destructive ones on record. Right now, the displaced California
residents need shelter and food. Eventually, they will need housing and that
will be difficult in a state that is already facing a severe shortage.
If you would like more information about proactive security
for your California multifamily apartment property, contact us here.