The multifamily market continues to expand into new and untapped territories. Most multifamily marketers are probably scratching their heads, wondering just how apartment complexes got to where they are today.
Decades ago, multifamily marketers, property managers and developers probably couldn’t imagine that they’d be designing smart apartment units or complexes that could double as luxury resorts.
But that’s exactly what the current generation of renters (we’re looking at you, millennials) wants and of course, multifamily marketers are ready to deliver.
As we saw in 2018, luxury and smart home technologies dominated the market, but as we progress into 2019, here are the top multifamily technology trends to watch.
Imagine this: only a few years ago, it was nearly impossible for multifamily properties to meet the Passive House standard, a rigorous, yet voluntary standard for energy efficiency in a building, which reduces the building's ecological footprint. That’s simply because the technology wasn’t available to achieve it.
Fast forward to this year, and apartment complexes are now able to consider the possibility of more green technologies with an inflow of products from overseas now.
As one might expect, multifamily properties will begin adopting more green tech this year. For some, this could mean replacing and upgrading appliances that save on energy and resources. For others, it could mean eliminating or at least significantly reducing their carbon footprint.
For newer developments in 2019, we can expect to see properties focus on constructing high rises that reduce energy usage almost completely. Multifamily properties are already leveraging LED lighting, window treatments, geothermal heat pumps and water heaters, and rooftop solar panels. That’s only to name a few of the many green technologies multifamily managers are implementing.
As most marketers can attest, 2018 was the year of data (apparently, really BIG data). And multifamily companies will be no exception to this trend in 2019.
While marketers will continue to leverage big data for targeting and marketing outreach, data will also make its way into apartment units. That’s to say that more multifamily marketers will utilize lifestyle data to understand more about their residents’ energy usage, how often they use a car or public transit or where they’re spending the most time in the complex.
This kind of data gives valuable, actionable insight to marketers that can either impact the building’s footprint, or marketing efforts in general.
How the building will collect that kind of information will depend largely on the types of tech property managers are willing to invest in. For example, smart thermostat iPads can provide such data to building owners.
Multifamily tech goes beyond smart in-unit technology. Smart technology for multifamily properties in general will begin well before residents move in.
Last year, pre-leasing tools got their time in the spotlight, but they’re only about to get more advanced.
Future residents (whether they’re students or parents) don’t have the time to be scheduling in-person apartment tours. Virtual tours for apartments will become the 24/7 open house for multifamily properties to help show spaces to non-locals or adults that can’t find the time to tour the actual property.
Leasing automation will also make a big push in 2019, as more future residents crave the efficiency (as do leasing agents).
Take your multifamily smart technologies to the next level in 2019. Let us know how we can help showcase your space to future residents.