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4 Ways Technology is Impacting Multifamily Sales and Leasing



Once upon a time, the United States was the land of homeowners, with more people choosing to own homes than to rent. There was a hard push for homeownership, but the housing crisis and subsequent market collapse shifted the trend. Today, America seems to be more of a renter’s society and shows no signs of changing anytime soon.

Of the nearly 120 million households in the US, almost half choose to rent instead of own. Intuitively, this number grows larger among younger generations, with more than 75 percent of Millennials choosing to rent — and Gen Xers aren’t far behind.

What’s more, given the ways that technology has permeated our everyday lives, it’s no surprise to find out that technology is now impacting the ways in which we live, as well. Everything from smart buildings to wireless communication is having a huge impact on multifamily housing, changing the entire landscape to meet the ever-changing and evolving demands and preferences of tenants.

In order to stay competitive, smart multifamily owners and managers are utilizing technology to help drive their sales and leasing numbers. But how? Here, we’ll take a look at 4 ways technology is impacting the multifamily industry.

Buildings that tenants can “talk” to

Smart buildings are one of the most obvious advances in multifamily technology, and we predict they’re just the tip of the iceberg in what’s to come. Today, linking smartphones to a building’s HVAC system or wireless network is standard. Residents also want and expect a totally immersive experience in their home, with voice activation features and facial recognition technology eliminating many of their basic, everyday needs, such as making a maintenance call, door entry, payments, package delivery, and more.

Smartphones as the new concierge

Smartphones are allowing residents to enjoy the type of doorman service typically only expected from residents of big cities. Today, smartphones are the new concierge, sending alerts to residents when their packages arrive with the immediate options to allow or decline the delivery, or to let them know they have a visitor at the door. Soon, it would be no surprise if touchscreens completely replace doorbells and drones replace traditional delivery trucks.

Connected buildings and wireless technology

Connected buildings are nothing new, and is actually a must in every sector of today’s commercial real estate landscape. Certified connected buildings will be the most easily marketable of the multifamily properties, and should allow easy integration with both current and new technologies. Wireless and building connectivity will soon be as ubiquitous as coaxial cable or phone lines.

Personalized resident services driven by data

Advances in technology and CRM software are changing the game when it comes to personalizing services for residents. Today, buildings are being equipped with these kinds of technology that not only provide automated services, but that can also learn the preferences and habits of residents based on data collection (thanks to sensors and beacons) to serve up a uniquely personalized experience.





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