In recent years, the multifamily industry has dealt with widespread lockdowns, increased housing regulations and eviction moratoriums, and a fair amount of upheaval. By and large, the industry has weathered each change with resilience. Apartment communities have adapted quickly to keep residents safe and businesses secure, implementing time-saving technologies faster than ever before.
As we settle into a new dynamic “normal” across the industry, the need for speed and efficiency remain top priorities for many property professionals. And at every level, from property to portfolio, the demand for easy-to-use, secure digital transactions is growing.
Rikki Dolor, a property manager at Capano Management breaks it down like this: “With new construction we’re filling up an entire building. We could have 40 people moving in on one weekend. A 30 page lease may take an hour to complete on a good day. That’s a whole work-week right there.”
Traditional, in-person, and paper based workflows are giving way to faster, online experiences. Capano uses Entrata’s ResidentPortal and the ResidentPortal app to keep things moving quickly at lease-signing and beyond. Prospective residents begin interacting with the community online from the moment they submit a guest card, and that online relationship continues after they move in. continue
For all of the positive elements offered by the apartment world, the industry sometimes makes national headlines for dubious reasons. Most often it’s due to the issue of housing affordability, and traditional security deposits can be a major accomplice to the problem.
Paying hefty rent prices is challenging enough for many renters. And with the national average rent hovering in the $1,500 range, asking residents to pay first and last months’ rent as part of a security deposit sometimes isn’t feasible. A recent Renter Sentiment Report from Jetty indicated an even split between renters able and unable to afford a security deposit.
In the past, a security deposit was simply part of the territory if you wanted to rent an apartment. But that practice has become such a problem for both renters and operators—who lose out on many potential renters because they can’t pay the exorbitant upfront costs—that many property managers are opting to break the mold. continue
With virtually any tech innovation, a primary objective is to make it as universally accessible as possible. A cellphone provider that only has service on coastal markets or smart locks that only work with iPhones probably won’t have widespread impact.
The same holds true for property management systems. In order to be a truly comprehensive operating system, the platform can’t contain an abundance of niche features that only work in limited locales or for certain types of properties. While it’s OK to have a few niche features of the add-on variety, the primary components of a successful operating system should be more universal.
Most of the industry’s leading providers are keenly aware of this concept and diligently work to make their platforms accessible to all reaches of the U.S. But few have looked beyond our borders to expand the product internationally.
That’s what makes Entrata’s recent expansion into Canada unique, but it wasn’t done without a measured approach and, naturally, a bevy of data crunching. The pandemic reshaped living and working habits across the globe, and while many took note of the ever-shifting landscape in the U.S., Entrata also intensely analyzed Canadian renter trends. continue