Technology, Services Drive Apartment Tenant Retention

Integrating smart technology and services into apartment communities will help ensure better tenant retention.

New technologies and community gathering spaces are the necessities for apartment buildings today. Properties appropriately leveraging technology, including smart home features, and integrating community gathering spaces and events, are seeing better tenant retention and faster lease times.

“Today’s renters are demanding service-based amenities,” Max Sharkansky, managing partner at Trion Properties, tells GlobeSt.com. “In 2019 for example, one emerging trend is the prioritization of health and wellness amenities within communities. Residents have a choice in the current market, and they will select communities with upgraded gym equipment, fitness classes with trainers, and other wellness-focused offerings.”

The most in-demand services help to simplify residents’ lives. By delivering in-demand, service-based amenities, we are saving them time and money, while simultaneously increasing the likelihood that they will renew their lease with us,” says Sharkansky.

In addition to services, technology is also providing an amenity that helps to ease tenants lives and drive leasing activity. “Technology is a tremendous tool for resident retention, and property management firms that are leveraging the right tools are benefitting,” says Sharkansky. “Nest thermostats, Bluetooth door locks, and package lockers are upgrades that continue to ease the lives of residents and result in positive feedback to management.”

Trion has incorporated many of these features into its properties. “Recently, we’ve introduced peloton bikes at a few of our properties’ fitness centers,” which has noticeably played a role in retention,” explains Sharkansky. “Another advancement we’ve begun adding is the Carson Living app, essentially a virtual doorman, which has provided benefits for both management and residents by being able to view visitors, receive on time deliveries through notifications, and communicate with residents instantly.”

It isn’t only residents leveraging technology. Property managers are also incorporating technology to better serve tenants. “Over the past few years, many property management-specific software options and apps have been released, such as AppFolio Property Manager, which allow for simplified rent collection online as well as resident screenings for an easier approval process on our end,” says Sharkansky. “By implementing the right technology, we are able to deepen our reporting, giving owners the insights they need, while also making residents’ lives easier, which contributes to continued strength in renewal rates.”

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