Currently, 34% of all occupied housing units in the US are rented, indicating a growing preference for renting. This trend is particularly pronounced in the US, where home prices outpace rental rates by 40%. With high interest rates and unattractive mortgage options, it’s becoming increasingly difficult for people to purchase homes.
This rise in renters is good news for multifamily building owners and property managers whose assets are now in high demand. Ensuring properties remain attractive to prospective residents while running as efficiently as possible is crucial for improving the resident experience and boosting retention rates.
With a wide selection of multifamily technology solutions available to property managers, choosing the most in-demand tech that makes a significant difference is important. Here is our list of top multifamily technology solutions that will meet your resident’s needs:
3 multifamily technology solutions that will boost resident retention
Smart access solutions
Everyone wants to feel safe and secure in their own homes and having smart access solutions in place that provide an extra layer of security gives residents peace of mind. Community access plans combine smart fobs, access codes, and mobile app entry to give secure and convenient access to all who live in multifamily buildings.
Maintenance teams can receive limited access codes that permit entry only to the units needing work. This eliminates the need for residents to be present to grant access, allowing them to carry on their routines as normal.
Visitors can also be granted access with unique codes, giving them entry to specific areas of a multifamily community, without the need to exchange physical keys. Smart intercom systems allow residents to communicate and let visitors in when they arrive. An audit trail of who has entered the building, with a list of smart access codes, is tracked for enhanced security.
For communities that allow video doorbells, video doorbell technology offers an option distinct from smart intercom systems. This enables residents in multifamily and build-to-rent dwellings to remotely monitor their front door through an app. With motion sensing capabilities, the doorbell automatically records and residents can access a live video feed from their cell phones, allowing them to verify guests without physically opening the door. Residents will receive a notification on their phone when someone is outside their property, and video analytics provides rapid people detection to minimize false alerts.
Some smart video doorbell solutions have infrared capabilities, allowing them to carry on recording during the night. PointCentral’s VDB750 is specifically designed to combat extreme temperatures, ensuring functionality in areas experiencing lows of -58°F or elsewhere with highs of 122°F are catered for with a solution built with their needs in mind. PointCentral’s video doorbells are fully integrated with the system, eliminating the need for residents to pay for a separate subscription or download an additional app to access recorded clips.
Smart energy-saving technology
Adopting property technology that improves the living experience while saving multifamily residents money on bills is a great way to improve resident retention rates.
Smart thermostats can save up to 23% on energy bills and are an easy to use piece of tech that allows residents to set temperature schedules in their homes. The smart thermostat personalizes the resident’s living environment and can be accessed remotely to adjust the temperature inside a property while the resident is on the go. It will also automatically adjust to reduce energy waste and save money.
Installing smart tech solutions with sustainability in mind benefits your business too. Around 80% of apartment residents believe that living in green communities is beneficial for their health, and 61% are willing to pay more each month for an eco-friendly apartment.
Smart water solutions
Leaks in water pipes are incredibly common, with the average household in the US losing over 10,000 gallons of water yearly to leaks. This can negatively impact a resident’s bills and cause maintenance problems for property managers, but smart water management technology can help.
Smart water sensors can be installed into units and automatically alert property managers if there is a leak. Once alerted, property managers can promptly direct maintenance teams to fix the problem before it escalates, saving both the property manager and resident money. This type of preventive maintenance means that work is only carried out at a property when it is needed, reducing unnecessary service calls and avoiding disruption for residents.
These multifamily property technology solutions are three examples of how adopting smart technology can not only help boost resident retention rates, but save money and streamline operations for property managers during a period of increased demand.
Want to find out more on multifamily technology? Read our article on centralizing multifamily operations in Rental Housing Journal.
