Technology multifamily tenants can’t live without
Tenants today are looking for more than just a place to live. They want their homes to be smart, connected, and sustainable, and they’re willing to pay for these features. As a landlord or property manager, it’s essential that you meet these multifamily housing trends to attract and retain tenants.
In this guide, we highlight the multifamily technology trends that are here to stay and why they are essential for modern residential properties.
The rise of multifamily technology
Multifamily technology is changing how properties are managed and how tenants interact with their homes. Integrating smart home devices and utilizing advanced residential property management software is now a standard expectation. This increasing adoption of technology is driven by the need for enhanced convenience, security, and efficiency.
What is multifamily technology?
Multifamily technology refers to digital tools and systems that improve the living experience in residential properties. For tenants, this includes smart home devices like thermostats, locks, and lighting systems. For landlords and property managers, it includes advanced property management software, IoT-enabled security systems, and energy management tools to streamline operations and enhance property value.
The evolution of multifamily technology as a trend
Both landlords and tenants are driving the accelerating adoption of multifamily technology. This trend is reshaping how properties are managed and lived in, offering new opportunities for efficiency and convenience.
For landlords and property managers, PropTech has transformed multifamily property management. Landlords now commonly use advanced property management software to automate tasks, manage properties more effectively, and enhance the tenant experience. This digital transformation of manual processes improves efficiency and performance, allowing for improved tenant satisfaction rates.
In a study, 35% of renters said that smart home technology was important or extremely important to them. This is driven by their need for convenience, time-saving, and enhanced security. Tenants increasingly expect technologies like smart thermostats and IoT devices to be part of their living environment, pushing landlords to integrate them.
Key trends in multifamily technology: What tenants are looking for
Modern tenants expect smart features in their homes. Incorporating residential property technology trends is now essential to set your property apart from the competition.
Here are a few of the multifamily technology trends that tenants look for when choosing between properties:
Smart home technologies for multifamily units
Smart home technologies are no longer deemed a luxury. Tenants are drawn to multifamily units with smart technologies as these features enhance their living experience and match a modern lifestyle. To meet this trend, you can invest in installing smart devices throughout your property.
Here are some multifamily smart home technology trends to consider:
Integration
Integrated smart home technology connects various devices and systems in a connected network, allowing tenants to control everything from a single app or voice assistant. This is popular amongst tenants as it simplifies their daily tasks and boosts their efficiency.
To offer integrated smart home tech, start by installing smart devices compatible with platforms like Google Home and Alexa-enabled Echo Hub. Providing tenants with a user-friendly setup and clear instructions will help them make the most of these integrated technologies.
Artificial Intelligence (AI)
AI in smart home technology uses artificial intelligence to automate and personalize various aspects of the home. Tenants generally appreciate how AI can adapt settings to their preferences over time.
One way to meet this technology trend in your multifamily property is to install AI smart thermostats. These devices automatically adjust temperatures based on tenant behavior, ensuring optimal comfort. This also helps boost energy efficiency, helping tenants save on their monthly bills.
IoT Devices
Internet of Things (IoT) devices are smart gadgets connected to the internet that can communicate with each other and be controlled remotely. These devices allow tenants to monitor and manage their homes through their smartphones or voice assistants. This is a growing trend among tenants due to the enhanced security and convenience these devices provide.
Offering IoT in property management can make your property appeal to tech-savvy tenants. You can install various IoT devices, such as smart locks for remote-controlled access and security systems with smart sensors for real-time alerts. These devices help you meet this trend whilst also increasing the value of your property.
Connectivity and coworking in multifamily properties
Remote work has increased the demand for tech-savvy living spaces. In the US, approximately 40% of employees work remotely for at least one day during the week. With 98% of employees in a recent study saying they want to work remotely at least some of the time, this is a trend that you will need to accommodate.
The best way to ensure your multifamily property meets this trend is by providing high-speed internet for connectivity. Reliable, fast internet is a crucial amenity that will appeal to remote workers.
You can also offer coworking spaces to attract a wider range of tenants and increase the value of your property. These spaces provide a dedicated area for tenants to work outside of their apartments, creating a stronger sense of community.
Sustainable multifamily technology trends
Sustainability is a major focus in the multifamily housing market. Eco-friendly tenants are looking for homes that align with their values. Sustainable multifamily technology trends are helping to meet this demand.
Technology fees in apartments and multifamily units can be a major challenge for landlords, holding you back from making these additions. However, the benefit of installing sustainable technology includes significant cost savings in the long run. Here are a few sustainable technologies you can integrate into your multifamily property to meet this trend and reduce your costs:
- Smart thermostats: These devices optimize heating and cooling, reducing energy usage and costs.
- Solar panels: Generate renewable energy on-site, decreasing reliance on non-renewable sources and reducing utility bills.
- LED lighting with smart controls: Use LED bulbs and integrate smart controls to significantly lower energy consumption and automate lighting schedules.
- Smart irrigation systems: Use sensors and automated controls to water landscaping only when necessary, reducing water waste.
- Energy management systems: Implement systems that monitor and optimize energy usage across the property to enhance efficiency.
Meet tenant expectations with MRI Software
At MRI Software, our multifamily property management software is designed to help you meet tenant expectations for a technologically driven, efficient, and convenient living environment. Manage your properties with easy-to-use, flexible solutions that give you time back in your day by automating routine tasks and providing robust data analytics. Don’t wait until your systems need updating. Stay ahead of the competition in the multifamily housing market and enhance tenant satisfaction.
Multifamily software used by the top ten NMHC managers
Take full control of the lead-to-lease process
Multifamily Tour Path Inspection Guide
Showing off your multifamily property is one of your first and best opportunities to “wow” prospective residents. As such, completing a tour path inspection is essential to a successful leasing experience. MRI Living is here to help you p…
