Ariel Schulman and Henry Joost are in final negotiations to return to direct Paranormal Activity 4. Also returning are Katie, Kristi, and Toby the demon.
I think it's good for this franchise to have some consistency. Seeing that everyone keeps comparing this up and coming franchise to Saw I will go ahead and do the same. By this point in the Saw franchise it had only seen two directors. James Wan directed Saw and Darren Lynn Bousman directed Saw II, Saw III, and Saw IV. That franchise didn't see a new director until Saw V when David Hackl was brought in. Although, Hackl had been involved with the franchise since Saw II serving as a production designer and a second unit director, so he wasn't really new to the franchise.
So far each Paranormal Activity film has had a different director; Oren Peli directed Paranormal Activity, Tod Williams directed Paranormal Activity 2, and Ariel Shulman & Henry Joost directed Paranormal Activity 3. I think the consistency is good because this will allow Schulman and Joost to pick up right where they left off and it will be familiar territory.