Steep competition within the multifamily market and against the cooling single-family housing market means multifamily property owners need new ways to stand apart while maximizing net operating income (NOI). Multifamily property owners are finding that they can achieve both of these goals with the right multifamily technology solutions.
Today’s tech-savvy tenants want a leasing experience that provides the same convenience afforded by technology in other areas of their life. They expect well-maintained environments that are healthy for them and the environment. And they want it all at a reasonable cost, a huge challenge at a time of massive rent increases.
With the right technology investments, property owners can provide these advantages to their tenants while minimizing the impact on their profitability.
1. More Convenient Leasing
Americans can now work remotely, grocery shop online, and even see their doctor via video chat. Why should apartment leasing be any different? Self-leasing options allow residents to follow up a virtual tour with a self-guided in-person visit. With smart access technology, leasing agents can provide entry for touring tenants at scheduled times. This multifamily technology solution allows tenants to complete the leasing process at their own pace.
Better still, meeting tenants’ expectations for convenience gives property owners several additional benefits. Automation makes it easier for managers to follow up on potential leads, reducing leasing gaps. Self-leasing also extends the time available for property visits without overburdening staff. In this way, self-leasing options are also helping multifamily property owners mitigate the staffing challenges impacting the entire industry.
2. More Sustainable Solutions
“Going green” is no longer a helpful marketing tool. It’s a way of life that is demanding changes in how multifamily properties are built and operated. For example, electric vehicle (EV) charging stations have become necessary for multifamily properties. EV sales have been trending up for some time but are expected to grow significantly due to the Inflation Reduction Act incentives for EV purchases.
Solutions like solar power arrays installed over parking lots and on rooftops not only paint a picture of a sustainability-minded company—they can also help lower operational costs. As GlobeSt.com reports, many multifamily property owners are investing in sustainable technologies to lower their energy consumption and operation costs. Solutions range from LED lighting to energy management software that can deliver powerful integrated insight into energy consumption across a multifamily portfolio.
3. Cleaner, Better-Maintained Spaces
The National Multifamily Housing Council reports that nearly 80% of apartments in the U.S. were built before 2000. In other words, most existing multifamily properties compete in a tight rental market with outdated layouts and potential maintenance issues. Tenants already frustrated with skyrocketing rental prices want evidence that properties are well-maintained and adequately cleaned. This is where multifamily technology solutions can help properties cost-effectively achieve those expectations.
Cleaning automation solutions can operate independently alongside maintenance staff, allowing employees to get more done. For example, the commercial robot vacuum Whiz, from SoftBank Robotics, autonomously completes and reports on repetitive vacuuming needs, giving staff more time to focus on other higher value tasks. At the same time, the new Scrubber 50 Pro will be able to scrub, sweep, mop, and sanitize high-traffic areas to further simplify cleaning operations. Integrating these two solutions through SoftBank Robotics’ data platform will allow a single technician to operate two distinct automated solutions while performing other deep-cleaning or maintenance tasks, or responding to tenants’ needs.
4. Smart Home Solutions
The smart home market is expected to reach $31 billion in 2022 and grow by 11% to achieve $48 billion by 2026. Renters want these connected solutions every bit as much as homeowners do. IoT solutions improve comfort and convenience for renters, from automated lighting to smart locks and intelligent thermostats – all of which can be controlled remotely via smartphone.
These connected solutions can also positively impact NOI for multifamily operations. While advantages vary, programmable solutions can help reduce energy consumption. Property owners save costs when lights turn on based on occupancy, and thermostats are programmed for lower usage when tenants aren’t home.
5. Stable Rent
Stable rent prices are the number one demand from tenants and seem impossible to offer. Fortunately, multifamily technology solutions can significantly help stabilize rents. That’s because automation and other technology solutions can strengthen operational efficiency and support a healthy NOI for multifamily property owners.
Multifamily technology solutions are available today that can give property owners better insight into their operations, helping them apply successes in one property across their entire portfolio. Energy dashboards help property owners determine which sustainability investments have the highest ROI. Solutions like data-supported cleaning tools deliver insight that can be used to optimize staff scheduling.
Get a Handle on Your Data
Tenant expectations have changed dramatically in the last five years, and multifamily property owners must take steps to adapt. Fortunately, the right technology investments will put organizations on a path to generating and analyzing more valuable data on operational performance that can drive more targeted future investments.
Data is a vital part of SoftBank Robotics’ solutions and services. We help organizations implement and scale a robotic ecosystem that integrates multiple automated solutions across a single dashboard. With deeper insight, property owners can elevate their business ecosystems. To learn more, talk to one of our experts today.