{"id":143281,"date":"2025-03-19T08:06:45","date_gmt":"2025-03-19T08:06:45","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/how-renter-preferences-and-tech-innovations-are-reshaping-multifamily-property-management\/"},"modified":"2025-03-19T08:06:45","modified_gmt":"2025-03-19T08:06:45","slug":"how-renter-preferences-and-tech-innovations-are-reshaping-multifamily-property-management","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=143281","title":{"rendered":"How Renter Preferences and Tech Innovations Are Reshaping Multifamily Property Management"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>\t\t\t\t\t\t\t\t<!-- Showing the last modified date and the author name --><\/p>\n<p style=\"margin-bottom: 0;\">Published on November 4th, 2024<br \/>By <a href=\"https:\/\/www.appfolio.com\/blog\/author\/brittany-benzappfolio-com\/\" title=\"Posts by Brittany Benz\" rel=\"author\" itemprop=\"author\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/Person\">Brittany Benz<\/a><\/p>\n<p><span style=\"font-weight: 400;\">As renter preferences continue to evolve, property managers face a critical question: How can they keep pace with these shifting demands while staying competitive?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With an influx of new apartment homes coming online, the answer lies in prioritizing resident experiences and offering innovative solutions that address the changing landscape.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On <\/span><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/020-steven-biringer-appfolio-rooms-with-ronald\/id1732127939?i=1000669270432\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">an episode of the Rooms with Ronald podcast<\/span><\/a><span style=\"font-weight: 400;\"> hosted by Ronald Harrington, Steven Beringer, VP of Strategy at AppFolio, shared valuable insights from the <\/span><a href=\"https:\/\/www.appfolio.com\/resources\/library\/renter-preferences\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2024 Renter Preferences Report<\/span><\/a><span style=\"font-weight: 400;\"> that tracks renter behaviors and priorities. Drawing from the report, Beringer outlined a strategic roadmap for property managers navigating today\u2019s increasingly complex rental market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keep reading to get highlights from their conversation, including tips for enhancing the resident experience and the transformative role of technology in multifamily leasing.<\/span><\/p>\n<h3><b>Understand Renter Preferences and Expectations<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">With nearly half a million new apartment homes expected to be delivered annually through 2025, property managers need to prioritize the resident experience to keep up with the influx.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This includes asking questions, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Why are renters moving?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What services are attracting them to units?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How do they view their relationship with their property manager?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How do their maintenance experiences affect their choices?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to Beringer, \u201c\u2026the Renter Preferences Report shows us that the relationship [residents] have through that leasing process \u2014 and the TLC that\u2019s given in that process \u2014 can materially change their perspective on choosing a place.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As vacancy rates fluctuate, property managers need insights like these to remain competitive, while offering amenities and experiences that go beyond monetary concessions.<\/span><\/p>\n<h3><b>Prioritize Positive Experiences Over Concessions<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">According to Moody\u2019s Analytics, concessions are at an all-time high. While offering financial incentives can fill vacant units, relying on concessions alone isn\u2019t a sustainable strategy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, high concessions can correlate with poor customer service. One-time price reductions might attract new renters, but maintaining a positive relationship with residents is key to long-term success.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from AppFolio\u2019s report confirms that residents who are satisfied with their property management experience are <\/span><b>30% more likely to renew their lease<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beringer states, \u201cProperty managers need to continually be thinking about how to be competitive because we don\u2019t always want to win on concessions alone\u2026We want to be able to provide differentiated experiences both in terms of the units and buildings themselves and the amenities that are provided.\u201d<\/span><\/p>\n<h3><b>Focus on Improving Maintenance Experiences<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One of the most surprising findings from the Renter Preferences Report was the high level of satisfaction renters have with maintenance. The survey found that <\/span><b>86% of renters were likely to recommend their property management company because they were satisfied with maintenance<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beringer attributes this satisfaction to low-effort experiences, where technology streamlines the process for both residents and maintenance staff. From the moment the resident submits the request to scheduling the service appointment to getting the problem resolved, how easy was the process for them to navigate? By using digital tools to help with tasks like intake or a resident portal for communications, property managers can keep residents satisfied.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not to mention, technology can play an integral role in managing vendors. Whether it\u2019s staying on top of W2s, tracking jobs, or automating make-ready boards, tech-forward maintenance solutions can simplify processes and contribute to higher satisfaction scores.<\/span><\/p>\n<h3><b>Integrate Consumer-Grade Technology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If we can learn anything from the maintenance satisfaction ratings, it\u2019s that technology has the power to transform the relationship between manager and renter. These days, technology has become an expectation for renters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Residents now demand swift, tech-savvy interactions with property managers. That means having access to technology platforms where residents can:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pay rent<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Submit work orders<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Schedule maintenance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Socialize with neighbors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Get valuable information, such as moving checklists<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This is why it\u2019s so important to go beyond \u201craw technology\u201d that managers typically use and integrate consumer-grade technology into property management.<\/span><\/p>\n<h3><b>Leverage Artificial Intelligence (AI) to Do the Heavy Lifting<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">When it comes to AI, Beringer sees it as a tool to augment \u2014 but not replace \u2014 property management jobs. One way you can use AI to make your job easier includes enhancing processes like leasing by providing real-time responses to tenant inquiries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can also utilize AI to personalize relationships. Let\u2019s say you have a walkthrough with a potential renter in a few minutes. AI technology can research that person and summarize the data for you right in the moment. That way, you can make that walkthrough personalized, while letting AI do some of the heavy lifting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As another example, Beringer references AppFolio\u2019s early integration of AI in its technology. \u201cYou can speak into your phone and say, \u2018Add a guest card.\u2019 This is the name, this is the phone number \u2014 and it will literally just say it\u2019s done\u2026AppFolio has that literally live in customer\u2019s hands today.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With AI technology advancing rapidly, it will only continue to make leasing and property management more efficient and personal.<\/span><\/p>\n<h3><b>Provide Flexible Rent Payments and Security Deposit Alternatives<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One particularly pressing trend is the growing demand for flexible rent payments and security deposit alternatives. AppFolio\u2019s report found that the demand for these services nearly doubled year-over-year, reflecting a growing need for financial flexibility among renters.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This shift highlights the importance of offering services that cater to renters\u2019 financial health, which Beringer believes will become a key differentiator for property managers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Younger renters are particularly unlikely to accept traditional payment methods, such as paper checks. Instead, they expect convenient, tech-driven options, like online payments, that align with their fast-paced, mobile-first lifestyles.<\/span><\/p>\n<h3><b>How to Select the Right Property Management Technology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If done correctly, property management technology has the potential to improve satisfaction and performance across the board. However, if it\u2019s not, it can have an adverse effect, resulting in negative experiences. Beringer offers two valuable pieces of advice for property managers looking to implement new technology solutions.<\/span><b\/><\/p>\n<p><b>Involve the Entire Team in the Selection Process<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Despite the difficulties of managing multiple opinions and perspectives, it\u2019s worth trying to get everyone on the same page before you select technology. Gathering input from the people who will be using these platforms every day is key to driving adoption.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beringer said, \u201cI personally have experienced that if you make the selection of software a group and team effort, it\u2019s more likely to succeed.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ask yourself, \u201cWho is this technology going to affect the most?\u201d For example, if you\u2019re looking at leasing software, you need input from your leasing professionals because they\u2019re going to become your subject matter experts.<\/span><\/p>\n<p><b>Be Mindful of the Timing and Speed of Implementation\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Tech fatigue is a real issue. With so many new software products on the market, companies need to be careful not to overload staff with too many new tools at once.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beringer noted, \u201cI think [property managers] are trying too many things, and then they\u2019re spreading [themselves] too thin. They\u2019re not getting real results, and it\u2019s bad data where they\u2019re making some of their decisions.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By integrating technology thoughtfully and providing adequate support during implementation, Beringer believes property managers can ensure successful adoption, and improve both resident satisfaction and operational efficiency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the data from the 2024 Renter Preferences Report is incredibly valuable in understanding how technology is reshaping the multifamily housing industry, there are so many more insights to uncover. <\/span><a href=\"https:\/\/www.appfolio.com\/resources\/library\/renter-preferences\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Read the full report<\/span><\/a><span style=\"font-weight: 400;\"> to get more information about how you can exceed renter expectations and stand out from the competition.<\/span><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Published on November 4th, 2024By Brittany Benz As renter preferences continue to evolve, property managers face a critical question: How can they keep pace with these shifting demands while staying competitive?\u00a0 With an influx of new apartment homes coming online, the answer lies in prioritizing resident experiences and offering innovative solutions that address the changing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":143282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99],"tags":[3639,5984,17653,6639,14928,13923,40470,5107],"dealstore":[],"offerexpiration":[],"class_list":["post-143281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-innovations","tag-management","tag-multifamily","tag-preferences","tag-property","tag-renter","tag-reshaping","tag-tech"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - 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