As the multifamily housing landscape grows increasingly competitive, property managers face new challenges. According to the 2024 Renter Preferences Report, nearly 500,000 new multifamily units will come to market annually in 2024 and 2025, intensifying competition for renters. With more options available, renters are raising their expectations, and property managers must adapt to keep pace.
The report shows that resident-facing technology has emerged as a key differentiator. Renters today expect more than just a place to live—they want seamless, tech-enabled experiences that make their daily lives easier. The property operators who meet these expectations with intuitive technology solutions will stand out in the crowded market.
The Growing Importance of Resident-Facing Technology
The data is clear: renters care about technology. According to the report, 81% of Gen Z renters and 77% of Millennials consider having an online resident portal or mobile app important when choosing a rental unit. The days of relying solely on phone calls or in-person visits to address resident needs are over. Renters want the ability to complete essential tasks—whether signing a lease, paying rent, or submitting a maintenance request—on their own terms, from the convenience of their mobile devices.
How Livly Is Leading the Way
Livly recognizes the critical role that resident-facing technology plays in the modern rental experience. That's why we've designed our platform to provide everything residents need at their fingertips, streamlining the entire resident journey—from the moment they inquire about a unit to move-out day. Here’s how Livly helps property management companies meet and exceed renter expectations:
1. Simplified Resident Journeys with Livly Connect
Livly Connect offers a unified resident app that covers all aspects of the rental experience. Renters can make rent payments, access their unit, and submit maintenance requests with ease. This not only boosts convenience for the resident but also saves your team valuable time. Property managers can automate routine tasks, reduce the time to resolve issues, and focus on creating an exceptional living experience.
As the Renter Preferences Report highlights, 89% of renters consider their initial experience with the property team important when evaluating a rental. Livly ensures that first impression is smooth, professional, and tech-enabled. It also improves ongoing communication, which 87% of renters cite as crucial for recommending a property management company. With Livly’s platform, clear communication becomes the norm, not the exception.
2. Livly Events: Community Building, Simplified
Resident engagement is a critical driver of retention. According to the report, residents who feel engaged and satisfied with their community are far more likely to renew their lease. Livly Events, powered by Circuit, allows property managers to easily plan, market, and execute events, ensuring residents feel connected to their community.
From booking spaces to managing RSVPs, Livly Events streamlines the process. This not only enhances the resident experience but also gives property managers a powerful tool for fostering stronger community bonds—one of the top reasons renters cite for staying in their current property.
3. Boosting Retention with On-Demand Services
The Renter Preferences Report shows that renters expect quick responses from their property management teams, with 76% anticipating a reply within 24 hours of contacting the owner or property manager. With Livly’s resident app, property managers can offer the on-demand service renters expect. Maintenance requests are streamlined with Livly’s AI-powered assistant, ensuring that residents are informed at every step and issues are resolved efficiently.
The platform also provides real-time visibility into maintenance progress, which the report found is a significant factor in renter satisfaction. Livly’s tools help property managers reduce response times and keep residents happy, ultimately increasing retention rates.
Stand Out in a Competitive Market with Livly
As competition in the multifamily market intensifies, leveraging resident-facing technology is no longer optional—it’s essential. Livly’s platform offers the comprehensive tools you need to meet and exceed the expectations of today’s tech-savvy renters.
By providing an all-in-one app for everything from rent payments to community engagement, Livly helps you streamline operations, increase renter satisfaction, and ultimately improve retention. In a world where 60% of renters renew their lease because they’re satisfied with their unit and community, offering a seamless, tech-enabled experience can make all the difference.
Ready to elevate your resident experience? Explore how Livly can help you stay ahead in the evolving rental landscape.
Source
AppFolio. 2024 Renter Preferences Report: Resident-Facing Technology Emerges as a Competitive Advantage. AppFolio, 2024.
Comments