While the multi-family industry has been around for decades, there have been quite a few trends in the last few years that have really begun to change what we know about the industry. It’s important to stay ahead of your competition, especially these days, where the renting population is at an all-time high. Technology helps property owners with everything from getting leases signed to keeping residents happy with new amenities and features. Opportunities to expand your company and your properties with technology are always on the rise, check out a few of the top trends to keep an eye on.
Smart Technology
You may be aware of things like smart locks, or lights and thermostats controlled with automation or through an app, but did you know that 86% of millennials and over 65% of baby boomers are willing to pay extra for an apartment that’s decked out with these amenities? Integrating smart technology in your rental homes is important in staying ahead of the curve, as this is a trend that’s here to stay. Not only does smart technology appeal to residents of all ages, but it can cut costs for residents and property owners alike.
Hospitality Technology
The hotel industry is responsible for bringing this one to the table. Apartment communities are beginning to offer services like dog-walking, house-keeping, and rideshare services to their residents. None of this would be possible without apps and technology to keep each resident’s requested services accounted for. Residents that tend to keep themselves busy with work and social lives might enjoy booking a grocery delivery online, while an active resident may be interested in signing up for a yoga class with the fitness instructor at the fitness center on the property.
Artificial Intelligence
While we’re not quite to the stage of artificial intelligence where machines can build properties by themselves, professionals think we’re not too far off from it becoming a reality. Artificial Intelligence is on the rise in the commercial real estate market, and soon predictive analytics will have a major impact on the way that multifamily properties are operated. While we’re still in the very early stages in this trend, it’s one you’ll want to look out for in the coming years.
Technology has been on the rise throughout the globe recently, helping people with everything from filing their taxes to learning languages. It’s only a matter of time before new technology begins to shape the multifamily industry even more, so staying on top of trends is important in being ahead of your competitors. Make sure you’re keeping yourself educated on what technology can do for your communities, as well as keeping track of what technology advancements your competitors are making.