The multifamily landscape is undergoing a seismic shift, driven by the transformative power of artificial intelligence. It's no longer a question of if AI will impact your leasing process, but how deeply. AI-powered leasing solutions are not just a futuristic concept; they're a present-day necessity, offering unprecedented efficiency that improves NOI and personalization that creates better relationships with prospects and residents that traditional methods simply can't match.
The most important roles in multifamily are those on the front lines that have face-to-face interactions every day. Hiring the right people for these positions is a harbinger for success, but isn’t always the easiest thing to do.
Every owner and operator understands the value of the student housing market. These people are going to be the renters of the future, and so it’s a good place to watch for emerging trends that can be adopted in other areas within the multifamily industry. The Executive Insights on Student Housing Trends and Tech Strategies panel at Entrata Summit took a deep dive into what trends are on the horizon along with the challenges and opportunities student housing operators face when it comes to technology adoption, along with the impact AI is having and how the needs of student residents are evolving.
The affordable housing industry faces unique challenges, from navigating complex regulations to meeting the needs of a diverse resident population. Fortunately, technology for managing the many different nuances of affordable housing has improved dramatically in recent years, helping to streamline operations and ultimately provide housing to those individuals who need it most.
At Entrata Summit 2024, Mark Coffman, SVP of Tech Enabled Services at Entrata hosted a panel of multifamily and proptech veterans, including Gerry Crooks, Senior Industry Principal for Utilities at Entrata, Chris Laughman, Senior Director of Sustainability and Energy at Greystar, and Dave Bailey, Chief Revenue Officer at Correlate. The discussion centered on the increasing importance of utility data, the impact of rising energy costs and regulations, and the role of technology in mitigating risk and improving efficiency.
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As companies like Netflix and Amazon have continued to set a high bar when it comes to delivering personalized user experiences, consumers are expecting more from the brands they engage with in other areas. For renters, this includes the property they rent from. Especially as rent prices have soared over the past few years, residents are demanding more value for their money.
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This is the second in a two-part series about improving the resident experience by providing self service options that enable prospects and residents to engage with your properties on their terms and timetable.
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