Entrata Blog

He probably wasn’t thinking about the 2024 multifamily industry when he said it, but Greek philosopher Heraclitus seemed to hit the nail on the head—the only constant in life is change. Whether it’s ever-evolving tech tools, updated regulatory measures or modified onsite processes, change is a perpetual part of the landscape for multifamily industry professionals. As such, apartment operators must have measures in place to to strategically implement and reframe how we think of change in a way that on-site teams feel empowered rather than overwhelmed, according to a panel at the 2024 Entrata Summit session From Burnout to Breakthrough: A Blueprint for Navigating Technological and Industry Changes. 

In the most recent episode of Entrata’s Resident Experts webinar series, Virginia Love, Industry Principal at Entrata sat down with Josh Goldstein, Vice President of Strategic Partnerships at Flex, to discuss the evolving landscape of resident expectations and how technology can be leveraged to create a more personalized and empowering experience. With a focus on innovation and resident-centric solutions, Goldstein highlighted the importance of flexibility, optionality, and human connection in today's multifamily market.

While AI has been a buzzword in multifamily for the better part of a decade, it remains in its infancy. Its presence can be compared to the early stages of the internet—the days when chat rooms were popular—in that people are recognizing its value but still figuring out its capabilities and large-scale ramifications. In recent years and particularly in 2024, AI has transformed from a background concept in the industry to a full-fledged trending topic. Most industry conferences, board meetings and general discussion focus upon the subject. Members of Entrata’s Product Design team discussed AI’s short- and long-term possibilities at the 2024 Entrata Summit session Humanizing AI: Leveraging the Strength of Humans and Machines. 

One applicant displayed a fake paystub. Another submitted inaccurate bank records. Yet another was using a synthetic ID. It was a heck of a day for the property management team—but unfortunately, not necessarily a rare occurrence in today’s apartment landscape. Fraudsters are becoming more sophisticated, and property teams must fight back just as fervently, according to a panel at the 2024 Entrata Summit session Fraud Detection and the Future of Risk Management. While many tools are effective in limiting certain types of fraud, a singular solution often leaves gaps in the process. Panelists agreed that a multitiered approach works best to help curtail what could turn into significant financial losses.

You find tickets for a sporting event for a reasonable $70. Enthusiasm is high. But when you proceed to the final checkout, the price has climbed to $103 a piece due to fees. Buzz kill. That’s often how it works for apartment seekers, as well. 

In today’s apartment industry, with overburdened onsite associates facing an ever-growing array of challenges and pressures, it’s imperative that operators prioritize creating an efficient and supportive work environment for them.

The famous nineteenth-century retailer John Wanamaker once reportedly said, “Half the money I spend on advertising is wasted. The trouble is, I don’t know which half.” Fortunately, with the data they have access to, today’s multifamily marketers aren’t fumbling around in the dark when it’s time to evaluate the effectiveness of advertising sources and tactics.

In today’s rental market, seemingly every property has a pool, a fitness center, or even a rooftop patio. The reality is, amenities such as these have become the standard and they don’t make a property stand out anymore.

The procure-to-pay (P2P) process in multifamily property management can be a complex and time-consuming endeavor, often burdened by high-volume, low-value tasks. However, advancements in automation and AI are transforming this critical function, offering significant efficiency gains and cost savings.

Gen Z, the generation born between 1997 and 2012, is the largest and most diverse generation in history. They are tech-savvy, socially conscious, and highly influential in shaping consumer trends. For multifamily property owners and operators, understanding how to connect with this generation is critical for attracting and retaining the next massive wave of renters.

Tenant liability risk is a significant concern for multifamily property owners and managers. With tenant liability losses reaching a staggering $120 billion in 2023, proactive risk management has become more critical now than ever before. At the “Achieving Full Liability Protection For Your Properties” session from the recent Entrata Summit event, the panel consisting of several insurance industry experts discussed key strategies and insights for mitigating tenant liability risk and ensuring full protection for your properties.

In today's competitive multifamily market, a strong digital marketing strategy is essential for attracting and converting prospective residents. The following are a few things to consider when building out your digital marketing strategy.