Residents are consumers searching a variety of factors to determine their next apartment home.
From the way consumers shop and work to how they eat and play, technology has heavily influenced modern consumer behavior. After some initial resistance, the multifamily housing industry is finally embracing technology to meet the needs brought about by these shifting behaviors to create a better customer experience.
Operators often think about their properties as a whole when it comes to the bottom line. But delivering a superior resident experience and maintaining a strong community begins with focusing more on what each individual customer wants and needs. Over the past few years, immediacy and personalization have become core requirements of consumers everywhere, and multifamily housing must meet those demands.
A shift in consumer behavior and expectations
Today’s consumers have made it clear — they want convenient, personalized, transparent and seamless experiences in all aspects of their lives. The digital age gave way to a “consumer awakening” of sorts that allowed people to dictate the terms of their shopping experience—and if they are left unsatisfied, there are plenty of other options.
“Consumer behaviors and expectations have shifted dramatically, including the way they search for an apartment,” said Stephanie Gonzalez, Vice President of Property and Customer Innovation at Venterra Realty. “Just like when they are shopping for any other goods and services, people looking for a home want to know exactly what they’re getting, and it is important that we as an industry develop the ability to do just that or risk losing prospective residents to the innovative community down the road.”
Traditionally, that type of competitive marketplace was reserved for everyday purchases as opposed to large ones, like buying a car or renting an apartment, but now multifamily housing operators are feeling the need to stay competitive and relevant as well. To assist them in that pursuit, they are tapping into an array of map visualization technologies.
Adapting with technology-based solutions
The industry is finally embracing advanced technology solutions to adapt to changing consumer behaviors in an effort to optimize the entire customer experience. Whether it’s a lead generation or lease renewal, consumers are now calling the shots. Operators need to provide prospective residents with the tools they need not only to increase the chances of them signing a lease, but to enhance the living experience so residents want to stay at a community.
“Embracing innovative technology solutions is no longer a choice but a necessity for multifamily to meet the evolving needs of modern consumers,” said Christy Gannon, Vice President of Marketing at Griffis Residential. “By providing potential residents with the tools they need to be in control of their housing search, operators are giving themselves a competitive advantage. Empowering consumers and giving them what they want goes a long way in this industry.”
Innovations such as data-driven map visualization have completely transformed the apartment search experience for the better. They also provided insight into what was still missing as far as meeting modern consumers’ expectations in their multifamily journey – specifically, enabling detailed unit-level searches for prospective residents.
“Enabling precise unit-level searches for prospective residents advances the entire multifamily experience,” Gonzalez said. “Encompassing a high-level of detail allows them to find the perfect fit by aligning their preferences with the available options in real-time.”
Consumers want what they want
Just like a new shirt, consumers want to “try on” the unit as best as they can, and enabling them to see the precise apartment home they’re aiming to move into— including all its contours, nuances and proximity to other areas of the community—is imperative for landing more leases and sustaining optimal occupancy rates.
“Unit-level apartment home searches offer unparalleled benefits for modern renters,” Gonzalez said. “By providing the ability to explore and select specific units within a property, potential residents gain a heightened level of control and personalization in their housing search. We’ve found that giving them the power to make informed decisions based on their unique preferences results in greater overall satisfaction, a stronger connection to their new home and even increased renewal rates.”
By leveraging innovative tools, operators are meeting the expectations of modern consumers, offering streamlined, personalized experiences entailing exactly what they want with complete transparency. As the industry continues to evolve, tech-driven solutions, like detailed interactive unit-level maps and wayfinding technology, will continue to play a crucial role in shaping the future of the rental housing industry and curating unique experiences for each resident.
Andrew Ruhland is an Account Executive and Content Writer for LinnellTaylor Marketing.