Where Student Housing Meets Multifamily

For all the change multifamily has experienced over the past two decades, one thing has become increasingly clear—operating a successful property is less about the building and more about the people who live and work there.

That was a central theme of a recent Resident Experts conversation between Entrata Industry Principal Virginia Love and Jason Fort, Executive Vice President of Business Development at Asset Living. Drawing on more than two decades at Asset Living and experience spanning student housing, conventional multifamily, new development, and client partnerships, Fort shared his perspective on how resident expectations are changing and what operators should prioritize as technology continues to reshape the industry.

Here are five key takeaways from their conversation.

1. The resident experience has become the differentiator

Twenty years ago, apartment communities competed heavily on the physical asset: location, floor plans, finishes, and amenities. Those things still matter, but Fort believes the center of gravity has shifted toward the resident.

Today's experience extends well beyond the apartment itself. Residents interact with communities online, share their experiences on social media, leave reviews, and have more opportunities to influence how future renters perceive a property. As a result, the people delivering that experience have become just as important as the physical product.

For operators, that means investing in both sides of the equation. Creating a better resident experience requires technology and efficient processes, but it also requires employees who can build relationships and deliver great service.

2. Student housing offers a preview of conventional multifamily

Student housing has long been one of multifamily's best testing grounds for new technology, operating models, and resident experiences. Why? Student housing operators welcome a new generation of renters every year, giving them an early look at behaviors and expectations that eventually make their way into conventional multifamily.

Fort noted that practices Asset Living first tested in student housing have gone on to become standard operating procedures within its conventional multifamily portfolio. Today's student residents eventually become tomorrow's conventional multifamily residents, taking the expectations they developed during their first renting experiences with them.

That makes student housing an important indicator of what's coming next. Operators shouldn't assume younger renters will abandon expectations around convenience, communication, technology, wellness, or service as they get older. Those expectations are likely to follow them.

3. Technology hasn't eliminated the need for human connection

Younger renters may be comfortable with technology, but that doesn't mean they want every interaction automated. That distinction is increasingly important.

Residents appreciate the convenience of portals, digital communications, AI, and self-service tools. But when an interaction becomes personal, financial, or complicated, they may still want to talk to a person.

One example discussed during the webinar was rent increases. A student renter might be perfectly comfortable handling routine transactions digitally but expect a phone call when their rent is going up. The lesson isn't to choose between technology and people. It's to understand where each provides the most value.

Technology can remove repetitive work and make teams more efficient. That should create more opportunities for employees to focus on the interactions where empathy, context, and relationship-building matter most. As Fort explained, operators can't afford to become so reliant on automation that they forget the value of knowing a resident's name, understanding what's happening in their life, and simply having a conversation.

4. Retention starts long before the renewal offer

In a competitive rental market, operators can spend significant amounts of money attracting new residents through advertising, concessions, and other marketing efforts. But there's another potential source of occupancy already living at the property: current residents.

Fort emphasized that building a true community is an important part of retention. That comes from consistently delivering on the fundamentals, including responding to maintenance requests, creating opportunities for residents to connect, communicating proactively, and having direct conversations when something important changes. Those everyday interactions accumulate over the resident lifecycle.

The experience begins with the first inquiry and continues through move-in, maintenance, communication, community events, and eventually renewal. Each interaction is another opportunity to either strengthen or weaken the resident's relationship with the property.

For operators, retention therefore shouldn't be treated as a conversation that begins 60 or 90 days before lease expiration. It's the result of the experience delivered throughout the entire residency.

5. Stop chasing amenities and invest in what residents actually use

Multifamily has seen its share of amenity arms races. Golf simulators, ski simulators, elaborate clubhouses, and other attention-grabbing features may look impressive on a tour, but Fort encouraged operators and developers to focus more closely on how residents actually live.

In student housing, that means prioritizing spaces supporting wellness, fitness, studying, collaboration, privacy, and community. Outdoor spaces, pools, and dog parks can also deliver significant value when appropriate for the property and market. And then there's something considerably less flashy: internet connectivity.

Reliable, high-quality internet has become foundational to the resident experience. Residents depend on it for work, school, entertainment, communication, smart-home technology, and an ever-growing number of connected devices. Fort noted that when working with developers on future projects, internet infrastructure is one of the first topics he raises because so many other pieces of the resident experience increasingly depend on it.

The broader lesson is simple: invest in the things that improve residents' everyday lives rather than amenities that simply look impressive on a marketing page.

The future of multifamily is still about people

Technology will undoubtedly continue changing property management. Over the next five years, Fort expects technology to drive greater efficiencies across areas such as leasing and maintenance while better data creates opportunities for operators and owners to make more informed decisions. But efficiency alone won't determine which operators succeed.

Leadership, culture, customer service, and human relationships will remain fundamental. As Fort put it during the conversation, technology can help operators succeed, but it won't define success. That may ultimately be the biggest lesson multifamily can take from student housing.

Residents want convenience. They want fast answers. They want digital experiences that make renting easier. But they also want to know someone is there when an interaction requires empathy, judgment, or a real conversation.

The opportunity isn't to use technology to remove people from property management. It's to use technology to give people more time to do the work that technology can't replicate: build trust, create community, and make residents feel at home.