Community events and amenities that encourage social interaction used to drive renewal rates and increase resident satisfaction. The idea was if residents form relationships with one another they would be more likely to renew their lease. That isn’t the case anymore.
Amenities play a critical role in the success of a multifamily community. For current residents, they can make or break the decision to renew. Meanwhile, prospective residents will gravitate towards communities that offer amenities that cater to their varying lifestyles.
When most people think about “smart home technology,” they immediately envision smart thermostats and lighting, maybe even door locks, doorbells and motion sensors. They think hardware. But it is the software side of smart home tech that has the biggest impact on the bottom line.
Owner/operators have been told for years that the green boom was on the way. The truth, however, is that the green resident wave is already bearing down on multifamily. As environmentally conscious residents begin to dominate the leasing market, the green buildings are set to rise above the competition.
Property managers have a number of options when it comes to access control technology. But not every product fits every community, or every purpose. Operators need to consider the function and flexibility required for optimal access control, and to maintain the integrity of their property.
As the tech renaissance continues, multifamily companies are looking to not only solve current problems but adopt solutions with the capability of delivering a long-term return on investment. Knowing what to look for, and what to avoid, when sifting through the new products on the market is vital.
The multifamily industry used to be lampooned as being way behind the curve when it came to technology. But in recent years, it’s been exciting to see apartment owners and operators embrace new technologies. Operators are implementing solutions that enhance the resident experience and improve operations.
The consumer world is driving multifamily more than ever before. Today’s residents have grown up with technology at the core of their existence, use it in every aspect of their lives and now expect a truly modern living experience – and that’s what smart home systems provide.
Ever since the pandemic began, we’ve heard a lot of talk about “contactless” apartment communities. Apartment operators want to make sure their communities are as safe as possible to prevent the spread of the coronavirus and to make sure residents and visiting prospects feel safe.