Technological innovation<\/span> in <\/span>real estate<\/span> and property management<\/span> is changing the way people approach their daily lives. The advent of wireless connectivity has allowed people all over the world to quickly and easily 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.<\/span><\/p>\n Smart tech solutions are now being integrated into every facet of human life, including the home. These <\/span>multifamily technology solutions are<\/span> transforming the renting and living experience for busy residents.<\/span><\/p>\n As the rate of technological innovation continues to increase, residents living in multifamily properties will soon come to expect more from their homes and rental experiences \u2013 if they don\u2019t already. With work from home a part of many <\/span>apartment residents<\/span>\u2019 everyday lives, adapting to meet changing resident demand is crucial for <\/span>apartment managers<\/span>.\u00a0<\/span><\/p>\n Here are five key ways that smart <\/span>apartment<\/span> ideas<\/span> and proptech solutions are transforming multifamily communities.<\/span><\/p>\n 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 small space to live. Over the course of the past few years, there has been an emergence of tech-enabled apartment viewings that allow <\/span>prospective<\/span> residents to take a virtual tour of potential apartment living spaces prior to visiting the property in-person.<\/span><\/p>\n Since the start of the COVID-19 pandemic, however, demand for agent-led video tours has skyrocketed. <\/span>According to a new report<\/span> published by Redfin, agent-led video tours quadrupled in March of 2020<\/span>1<\/sup><\/span>.<\/span> Now, <\/span>67% of people <\/span>want more businesses to offer virtual tours, and customers aged 18 to 34 are 130% more likely to book a place if there is a virtual tour<\/span>2<\/sup><\/span>.<\/span><\/p>\n Virtual tours not only provide a great deal of convenience and security to busy <\/span>prospective residents<\/span> but can provide multifamily property managers with valuable benefits as well, including:<\/span><\/p>\n 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 <\/span>staff<\/span> to host an open house or property tours, while at the same time allowing potential residents to experience the property in private.<\/span><\/p>\n 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 <\/span>lobby amenities<\/span><\/a> at their leisure.<\/span><\/p>\n Smart apartment solutions like virtual <\/span>community<\/span> tours are especially important now, as many property managers are learning to do more work with fewer resources in light of budgetary changes caused by COVID-19.<\/span><\/p>\n 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.<\/span><\/p>\n However, there has been a recent emergence of third-party software companies that have simplified this process, ensuring that landlords will receive guaranteed and timely payment throughout the <\/span>lease<\/span> term.<\/span><\/p>\n As the property management industry continues to navigate the effects of the pandemic, software tools that enable operational efficiency for administrative tasks are worth consideration for properties <\/span>that haven\u2019t made an<\/span> investment<\/span> yet. These innovations can have a major effect on the ability of both the property owner and the resident to efficiently manage and navigate the leasing process, initial deposit, and rent payments throughout the leasing term.<\/span><\/p>\n Consumer needs and purchasing habits are being rapidly reshaped by new fears and social distance practices. At the beginning of the year, e-commerce market penetration was just over 15%. After the pandemic picked up steam in the United States, e-commerce penetration jumped to nearly 35% \u2013 ten years\u2019 growth in just three months<\/span>3<\/sup><\/span>. As more consumers continue to opt online for both essential and non-essential goods, couriers and multifamily properties alike are being forced to adapt to meet these new consumer needs.\u00a0<\/span><\/p>\n This growing volume of online orders has created a corresponding increase in package<\/a> deliveries to multifamily communities. Year-round holiday-like package volume has two major effects on a property\u2019s ability to effectively manage and distribute these important <\/span>resident<\/span> packages.<\/span><\/p>\n Both of these potential<\/span> property technology<\/span> solutions have a direct effect on the costs of operat<\/span>ion.<\/span> However, Parcel Pending can provide a seamless solution that will both decrease operational costs and improve resident retention and resident satisfaction.<\/span><\/p>\n Parcel lockers<\/span><\/a> in multifamily buildings are becoming increasingly popular in modern communities, as they facilitate secure package deliveries<\/a> and enable residents to pick up their packages on their own through seamless access control, without having to worry about the hassle of missing the delivery man. Now, package lockers also serve as a premium amenity, enabling current residents to retrieve packages contact-free.<\/span><\/p>\n For any property manager concerned about handling perishable deliveries, Parcel Pending offers <\/span>refrigerated parcel lockers<\/span><\/a> that enable residents to securely and safely receive food, medications, and other perishable items. As meal kit providers and grocery deliveries become more popular for busy and sometimes homebound residents, the ability to offer a refrigerated locker solution can transform the parcel receiving process for properties and increase the chances that residents will renew their leases.<\/span><\/p>\n As e-commerce continues to become a part of consumers\u2019 day-to-day life, residents will continue to demand smarter property technology solutions to meet their delivery needs in their home environment while also <\/span>preventing package theft<\/span><\/a>. Automated parcel locker systems (also known as <\/span>apartment package lockers<\/span><\/a>) are not only a premium building amenity but also a contact-free one \u2013 and one that multifamily owners and property managers should strongly consider implementing to support their package management and community safety needs.<\/span><\/p>\n The idea of a smart home is not a new concept. While most consumers are widely familiar with voice <\/span>assistant smart home<\/span> products like Amazon Alexa or Google Home, myriad other new technologies are hitting the market every year and having a drastic effect on the multifamily living experience.<\/span><\/p>\n These new smart <\/span>apartment<\/span> solutions do not just assist with controlling entertainment systems, ordering food, or setting an alarm in the morning; instead, they provide residents with total control of their <\/span>small <\/span>space. Some key innovations that have recently hit the market include:<\/span><\/p>\n Furthermore, we can expect to see more technologies <\/span>in addition to the smart camera<\/span> hit the market in the coming years that will continue to transform how we live. For instance, imagine a <\/span>resident<\/span> using the following:<\/span><\/p>\n The rise of these new smart <\/span>apartment<\/span> building<\/span> solutions has increased the demand for these amenities within the market. According to the National Multifamily Housing Council, 43% of <\/span>renters<\/span> said they would only consider a multifamily property that included voice-activated technology<\/span>4<\/sup><\/span>. And 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<\/span>5<\/sup><\/span>.<\/span><\/p>\n As smart home <\/span>devices<\/span> 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, and significantly increase the number of <\/span>satisfied residents<\/span> at their <\/span>apartment complex<\/span>.<\/span><\/p>\n Smart <\/span>apartment<\/span> ideas and <\/span>solutions are not possible without adequate wireless technology. And, as we look towards future innovations and their potential to impact the living experience at a given <\/span>community<\/span>, the ability to enhance that connectivity will surely increase with the emergence and widespread adoption of 5G.<\/span><\/p>\n Simply put, 5G will enable Iot<\/a> more devices to function wirelessly because of enhanced network speeds, making it possible for almost any smart device to be integrated with smart property management technology<\/a> installed in a multifamily <\/span>community<\/span>. This cannot be accomplished currently as 4G has limited ability and capacity to handle such a large amount of connected devices; however, these limitations will not exist once 5G reaches a point of widespread adoption.<\/span><\/p>\n Not only will this technology enable the development of the many smart <\/span>apartment<\/span> 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.<\/span><\/p>\n Some of the key benefits that busy <\/span>millennial <\/span>renters<\/span><\/a> and other residents can expect once 5G becomes available include:<\/span><\/p>\n While these benefits will depend on the price a <\/span>resident<\/span> is willing to pay to live in a smart residence, 5G will likely be the catalyst that makes all of these new <\/span>apartment<\/span> amenities<\/span><\/a> possible. Properties with the budget for premium amenities should strongly consider adopting 5G as quickly as possible for their <\/span>apartment community<\/span> to support <\/span>existing residents<\/span> as well as attract prospective ones.<\/span><\/p>\n As modern consumers\u2019 technological expectations continue to shift, multifamily properties are increasingly embracing smart solutions and coming up with <\/span>resident retention ideas<\/span><\/a> to enhance efficiency during the leasing process, decrease operational costs, and enhance <\/span>resident satisfaction<\/span>.<\/span><\/p>\n Virtual property viewing<\/span>, <\/span>tech-enabled financing<\/span>,<\/span> and leasing options have made the process of signing a lease and getting the resident into their new home that much easier. They also enable property managers to certify that all financial prerequisites and requirements are in order and to easily track things like a<\/span> tenant<\/span>\u2019s<\/span> rent payment or a maintenance request for any given unit moving forward.<\/span><\/p>\n Additionally, innovations in parcel delivery and smart home technology can drastically affect the life of a <\/span>resident<\/span>1. Tech-Enabled Property Viewing<\/h4>\n
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2. Alternative Financing and Leasing Options<\/h4>\n
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3. Parcel Lockers for Multifamily Housing<\/strong><\/h4>\n
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4.The Smart Apartment Technology Experience<\/strong><\/h4>\n
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5. 5G<\/h4>\n
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Smart Apartment Technology Innovation<\/strong><\/h4>\n