Technological innovation is changing the way every person approaches their daily lives. Wireless connectivity has allowed people all over the world to share and consume endless amounts of information like never before, and it is quickly becoming apparent that this is just the tip of the iceberg.
Smart tech solutions are now being integrated into every facet of human life, including the home. These various, enhanced technologies are now being offered by multifamily properties, transforming the renting and living experience for any busy residents.
As the pace of technological innovation increases, residents living in multifamily properties will expect more from their homes and rental experiences.
Here are five key ways smart apartment solutions are transforming multifamily communities, especially moving into the new decade.
1. Tech-Enabled Property Viewing
While the new generation of multifamily property residents expects to leverage smart technology within the home, they also anticipate using smart solutions while searching for a space to live.
Recently, there has been an emergence of tech-enabled apartment viewings that allow potential residents to take a virtual tour of potential apartment living spaces prior to visiting the property in-person. This not only provides a great deal of convenience to a busy prospective resident but can provide multifamily property managers with valuable benefits as well, including:
- Increasing the number of potential renters that a property is exposed to
- Adding an element of luxury to the space
- Enabling virtual reality to let potential residents include different types of furniture that could be placed in the home, depending on their taste
More and more multifamily property owners are leveraging technology to enable potential residents to embark on self-guided tours of properties. This can help reduce the cost of hiring staff to host an open house, while at the same time allowing potential residents to experience the property in private.
Additionally, new technological solutions like single-use key cards or automated ID-readers can protect property owners from potential security issues, while also allowing potential residents to view the property and lobby amenities at their leisure.
2. Alternative Financing and Leasing Options
One of the most complex parts of managing a multifamily property is sorting out the financing and leasing process. Up until recently, most property managers would be required to meet with new residents several times to complete the process of getting them into their new home.
However, there has been a recent emergence of third-party software companies that have simplified this process, ensuring that landlords will receive guaranteed payment throughout the lease term.
- Several companies have emerged that allow residents to securely review and sign required leasing forms, lifting the time burden on both property managers and future residents
- Notarizing documents has also become an online process, allowing both residents and property owners to complete this process at their convenience
- Financial tech companies are providing new financing options for potential residents, decreasing the initial costs associated with renting, while also providing further options in case of default
- New online tools have emerged to easily view and manage rent payments, as well as track issues with specific residents
These innovations can have a major effect on the ability of both the property owner and the resident to efficiently manage the leasing process, deposit, and rent payment throughout the leasing term.
3. Multifamily Parcel Lockers
As consumers increasingly purchase goods online, couriers and multifamily properties have been forced to adapt to meet the needs of these consumers. E-commerce represented 44.7% of market share in the US in 2019, with that number set to increase to 53.9% by 2021.
This growing volume of package deliveries is having two major effects on a property’s ability to manage the influx of resident packages.
- It requires property owners to invest in space to accepting and distribute packages
- It demands that property managers hire staff to deliver goods in a timely manner that meets the needs of busy residents
Both of these dynamics have a direct effect on the costs of operating a property. However, Parcel Pending provides a seamless solution that will both decrease operational costs and improve resident satisfaction.
Multifamily parcel lockers are becoming increasingly popular in the modern communities, as they enable residents to pick up their packages on their own, without having to worry about the hassle of missing the delivery man.
Furthermore, Parcel Pending offers refrigerated parcel lockers that enable residents to order perishable goods worry-free. As meal kit providers become more popular among busy residents, the ability to offer a refrigerated locker solution can transform the parcel receiving process and increase the chances that residents will renew their leases.
As e-commerce continues to become a part of the consumer’s day-to-day life, residents will continue to demand smarter solutions to meet their delivery needs in their home environment, while also preventing package theft.
4. The Smart Apartment Experience
The idea of a smart home is not a new concept. While most consumers are widely familiar with voice-activated products like Amazon Alexa or Google Home, myriad other new technologies are quickly hitting the market and having a drastic effect on the multifamily living experience.
These new smart apartment solutions do not just assist with controlling entertainment systems, ordering food, or setting an alarm in the morning, they provide residents with total control of their living space. Some key innovations that have recently hit the market include the following:
- Smart thermostats that allow residents to remotely control heating and cooling systems by voice or through wireless smart devices
- Smart locks and doorbells that include security cameras and can open a door by voice cue or by using smart devices
- Smart lighting systems that can be remotely adjusted throughout the house by voice cue or by using a smart device
- Security systems that can accomplish anything from locking the door to monitoring the home through security cameras while residents are away
Furthermore, we can expect to see even more technologies hit the market in the coming years that will continue to transform how we live.
- Refrigerators that identify the items inside and inform residents if they need to purchase more of a given item
- Stoves, ovens, and other cooking appliances that can be controlled remotely or by voice
- Faucets that can fill up a glass of ice water just how the user likes it
The rise of these new smart apartment solutions has increased demand for these amenities within the market. According to the National Multifamily Housing Council, 43% of renters said they would only consider a multifamily property that included voice-activated technology.
Building on this, 83% of millennials surveyed by PR Newswire stated they would willingly pay more for multifamily properties that included smart solutions, with 65% of baby boomers agreeing.
As smart homes continue to become a norm in society, further technological innovations like the emergence of 5G will enable multifamily property owners to integrate even more smart technology into their living experiences.
Smart apartment solutions are not possible without adequate wireless technology. And looking forward to the new decade, the ability to enhance that connectivity will surely increase with the emergence of 5G.
Simply put, 5G will enable more devices to function wirelessly because of enhanced network speeds, making it possible for almost any device to be integrated with smart technology installed at a multifamily community.
This cannot be accomplished currently because 4G has limited ability to handle such a large amount of connected devices. However, these limitations will not exist once 5G hits the market.
Not only will this technology enable the development of the many smart apartment solutions listed above, but it will also enable landlords to manage their properties seamlessly, from monitoring the use of water or electricity to providing residents with communal supplies on demand.
Some of the key benefits that busy millennial renters can expect once 5G becomes available include:
- Increased internet speeds that will be able to connect with a multitude of devices without compromising on network speed
- Fully-integrated, smart multifamily communities that can connect with virtually any device that is equipped to join the network
- Smart common areas including gyms, laundry rooms, recycling and garbage areas, and parcel lockers
While these benefits will, of course, depend on the price a resident is willing to pay to live in a smart residence, 5G will likely be the catalyst that makes these apartment amenities possible.
The Smart Apartment Innovation
As the modern consumers’ technological expectations shift, multifamily properties are increasingly embracing smart solutions and coming up with resident retention ideas to enhance efficiency during the leasing process, thereby decreasing costs, and enhancing resident satisfaction.
Virtual property viewing and tech-enabled financing and leasing options have made the process of getting the resident into their new home that much easier. They also enable property managers to certify that the financial requirements are in order and easy to track moving forward.
Additionally, current innovations in parcel delivery and smart home technology can drastically affect the life of a resident, enhancing the lease renewal potential. As we look toward the future of smart apartment solutions, 5G could reinvent how residents live in a multifamily community.
In any case, technological innovations have become embedded in multifamily marketing, transforming how people find and live in their homes.
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MultiFamilyBiz. Five Quickly Evolving Multifamily Housing Industry Trends to Look Out for in The New Year. https://www.multifamilybiz.com/blogs/399/five_quickly_evolving_multifamily_housing_industry…
PR Newswire. Results of Schlage’s Industry Insight Survey Reveals What Millennial Renters Want in 2017. https://www.prnewswire.com/news-releases/results-of-schlages-industry-insight-survey-reveals-what-millennial-renters-want-in-2017-300369197.html
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