Top 5 Multifamily Technology Trends of 2024
Staying ahead of the curve on multifamily technology trends shaping the renter’s journey is crucial for effective apartment marketing.
But in a world where multifamily housing is increasingly about more than just four walls, effective marketing that attracts and retains residents is no small feat. Creating a dynamic strategy based on the latest trends might seem daunting, but leveraging new technologies in multifamily can help you stay up-to-date to meet and exceed the expectations of prospective renters.
In this post, we will explore the top tech trends in multifamily to equip you with insights and tools to elevate the experience for property owners, multifamily marketers, residents alike.
A survey from Nielsen found that 75% of Millenials are eco-conscious to the point of changing their spending habits to favor environmentally-friendly brands. Therefore, it is no surprise that renters have started looking for homes tha tare more environmentally conscious and align with their values.
Forward-thinking multifamily properties are addressing this concern and attracting more prospects by implementing carbon offset programs, allowing residents to contribute to carbon footprint reduction as part of their monthly rent.
Other ways multifamily operators can address this growing trend are to provide sustainable transportation options like bike-sharing programs, electric vehicle charging stations, and convenient access to public transportation.
Sustainability is paramount to modern renters, so including details about ESG commitments on your website and in your automated marketing nurture technology can help further communications with prospective renters looking for these kinds of eco-friendly amenities.
The rise of remote work means that many renters are not just looking for an apartment to call home — they are looking for a dedicated workspace, too.
Prospective renters from a diverse range of industries, including entrepreneurs, digital content creators, artists, and other professionals with remote positions increasingly value rental operations that cater to their need for remote workspace.
In response, some multifamily developers are including technology-focused creator spaces that can be used for podcasting, photography, and other creative endeavors to capitalize on the remote work trend.
Whether or not you have specific remote working amenities, like co-working spaces or dedicated office spaces within your property, when you use AI marketing automation on your property website, the chat capabilities can share answers to remote workspace inquiries from potential tenants. This communicates to prospects that you care about their needs and emphasizes the features and amenities of your property.
The way prospective renters explore properties has significantly transformed with the rise of the virtual property tours and augmented reality (AR). These technologies offer a dynamic and immersive way for potential tenants to experience a property without setting foot inside.
Virtual property tours provide a 360-degree view of apartments, common areas, and amenities. Prospective renters can explore these spaces from the comfort of their own homes, allowing them to narrow down their choices before scheduling in-person visits. This not only saves time for both renters and property managers but also enhances the decision-making process.
Augmented reality takes virtual property tours to the next level. With AR apps, renters can use their smartphones or tablets to overlay virtual furniture and decor onto empty rooms. This enables them to visualize how their belongings would fit into the space and make more informed decisions — easily imagining themsevles in their new home.
Property managers can leverage these technologies by investing in high-quality virtual tours and AR experiences. Integrated these features into property websites and marketing materials can attract tech-savvy renters and set your multifamily community apart from competitors.
According to a study by Shelter Realty, 72% of respondents generally turn to the Internet first when searching for an apartment. As renters seek convenience and efficiency in their apartment search, having a robust online presence has become paramount for multifamily marketers.
We found in our own data of thousands of apartment searchers that 43% visit a property website multiple times in their rental journey. With prospective renters extensively researching their future homes online before making in-person visits, making a positive first impression with your property websites is imperative. For instance, it’s now considered table stakes to utilize an AI (artificial intelligence) chat capability to provide instant answers to prospects’ questions and begin to qualify each lead for your rental team.
For forward-thinking multifamily marketers, it’s important to be thinking about taking your property websites to the next level to stay ahed of the competing apartment complex down the road. Consider adding website conversion tools to enhance the online experience for visiting apartment researchers. Website conversion tools offer modern digital experiences that impress website visitors with interactive, fun tools that educate rental prospects, prompt them to engage further, and remember them on repeat visits.
After a prospect interacts with your site, you can continue to impact the prospective renters by following up witih personalized email and SMS to nurture each lead at each stage of their journey.
In the ever-evolving landscape of multifamily technology trends, community has emerged as a highly sought-after amenity for residents. People are seeking that sense of belonging in their communities — and that includes the place they call home.
Beyond the traditional offerings, properties are taking innovative steps to foster a sense of belonging and connection among residents by promoting interest-based clubs and regular events to engage residents effectively. This dedication to unity ensures residents get to know each other better and creates a neighborly ambiance that might otherwise not exist.
Interactive website experiences help empower property teams to create a vibrant, close-knit community that caters to their residents’ diverse interests and preferences. Website conversion tools seamlessly integrate with your existing property websties, guiding visitors through an enjoyable exploration of the community offerings while gathering valuable insights into prospective renters’ needs and priorities, including their expectations from a community and desired amenities.
Additionally, a marketing automation solution like PERQ, with multilingual capabilities, ensures that all residents feel welcome and valued.
By combining these insights with the latest multifamily technology and tools available, property owners, marketers, and investors can provide exceptional multifamily living experiences in 2024 and beyond.