Gill: The primary change in Orange County multifamily has been an increase in volume. Extremely high demand for rental units throughout the county has resulted in an uptick in development throughout the year. By the end of 2017, approximately 9,134 units will be completed—a historic high for the market.

The renter demand driving this activity is built on solid market fundamentals that will likely sustain this activity for several years to come.

Orange County has an exceptionally strong job market, posting consecutive job growth for the past four years. As of October, unemployment in Orange County was at a record low of 3.3% . Further, with Orange County's median 2017 income at $83,258 and single-family home prices continuing to skyrocket, renter demand is climbing even higher. These factors continue to affect both vacancies and rents positively, and we will likely see steady rent growth along with shrinking vacancies in the years to come, in spite of new supply in the market.

GlobeSt.com: How will renter demands evolve in the coming year?

Gill: Orange County renters increasingly expect luxury living and high-quality amenities. Industry professionals know that today's residents want more than just a place to live. That said, the best multifamily owners and managers are looking beyond traditional amenities and identifying solutions that elevate convenience and take customer service to the next level.

Amenities such as resort-style pools and spas, online leasing and resident portals, modern fitness studios and large storage spaces for package delivery have become the norm in the county. Beyond these features, good managers are looking toward technological amenities that can be integrated into residents' living spaces. Up and coming technological staples for apartments include built-in high-speed Wi-Fi, USB charging ports and smart appliances.

GlobeSt.com: What is the biggest challenge multifamily property owners and managers will face in 2018?

Gill: Increased competition is the number-one challenge for multifamily in 2018. Property managers and owners must keep amenities current and cannot let service fall to the wayside. This is especially true for older properties, which will now be competing with new luxury product in the market.

Today's managers will need to ensure that residents feel they are getting a luxury experience even in an older property. To do this, the best managers will seek out innovative ways to make upgrades to amenities. Small features such as additional storage for grocery deliveries or new fitness machines can go a long way in meeting renters' needs.

The role of the property manager will also evolve in the coming year, and managers need to be prepared for this upcoming challenge. As management processes such as rent payments, maintenance requests and unit listings become increasingly digitized, property managers will need to find new ways to deliver more personalized interaction and customer service.

The ease of property-management software means residents are expecting more out of their managers. Even if a community has the best amenities in the neighborhood, property managers will have to diligently work to remain active in the lives of residents and to provide the highest-quality customer service in order to remain competitive.

GlobeSt.com: As competition among multifamily in OC increases, what are some strategies for owners and managers to remain competitive?

Gill: An easy way to stand out among other properties is to use social media in smart ways. Social platforms are powerful recruitment tools when it comes to attracting new residents.

To do this, property managers should identify their target audience and then determine the best social-media platforms to use. For example, younger renters are very active on Instagram, Snapchat and Twitter, while their Baby-Boomer and Gen-X counterparts are much more active on Facebook. By focusing on the platform that is most relevant to the target demographic, property managers can cultivate an online presence that attracts new residents.

Social media can also be used to increase resident satisfaction and create resident loyalty in multifamily communities. By providing engaging and relevant content, residents will feel connected to the apartment community and property management. Examples of social-media content that we've seen work include regular blogs, community Instagram contests, apartment-decorating ideas and important updates happening at the community.

Of course, social media cannot replace quality amenities and superior customer service, but when all three are combined, multifamily communities can stand out from the competition.