Tech Trends in the Multifamily Industry

Woman controlling smart devices with a digital tablet at home

Several technology trends are changing the multifamily real estate industry, making the experience for prospective renters, residents, property managers, and operators transformative. We’ll take a look at some of these technology trends here.

Marketing

Precision marketing is changing the face of leasing multifamily units for operators and property managers. Using data analytics, marketers can effectively study rental trends, identifying needs and availability, and create intelligent marketing strategies. Big data’s contribution to the transformation of real estate is described in this article. Classic marketing, combined with top-of-the-line data, focuses on leads and increases conversions, resulting in fewer vacancies and more revenue.  

Blockchain Technology

Perhaps the most powerful technology affecting the multifamily housing industry today is blockchain technology. Simply speaking, blockchain technology brings an instantaneous digital ledger capability to record-keeping, such as leasing documents, and other bookkeeping tasks, such as payments. It allows instant and verifiable transaction recording. Residents and managers alike benefit from blockchain technology. For a primer on how blockchain technology can evolve the multifamily industry, check out this recent multifamily blog.

Communication

Prospective renters, as well as residents, benefit from the latest technology in communication. Potential renters can view units without setting foot in the spaces; augmented reality provides shoppers an idea of how furniture will fit into rooms. Communicating with residents using text, email, and push notifications is simple with technology that creates a central communication hub. Such a system can target particular residents or the entire community quickly and easily.

Smart Spaces

Many multifamily dwellers are tech-savvy and are seeking technologically advanced living spaces. The current trend is making homes a smart space, including controlling lighting, drawing blinds, and locking doors as desirable amenities. Additionally, technology in common areas improves security and adds access controls managed through apps on residents’ phones. Artificial intelligence is an emerging technology which adds more security, like facial recognition, and other welcome amenities like Alexa in everyone’s home.

The most successful multifamily communities are transforming with these emerging technologies. To stay on top of these and more trends for your community, check out our blogContact us today for more information on apartment management; we look forward to meeting you!

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