Improved apartment connectivity has had the biggest impact on revolutionizing multifamily living to take advantage of innovative services and solutions found in today’s apartment communities.
By Andrew Ruhland
The multifamily industry has undergone significant changes in just a few short years. Driven by necessity and long-overdue progress, operators have recognized the importance of adapting to the digital era, embracing innovation and technology at an unprecedented rate.
However, it is essential to understand that innovation in this industry is only as good as its foundation – which is fundamental to transforming the community living experience.
The apartment connectivity experience impacts everyone – prospective renters, residents, onsite teams, vendors and visitors.
From enhancing self-service leasing and streamlining communication to optimizing smart home technology, operators have implemented various technologies to make the rental experience more enjoyable and productive for all stakeholders. While apartment living has certainly become more enjoyable over the years, things can quickly go sideways when tech doesn’t work the way it’s supposed to. By setting a connectivity foundation to sync all of their technologies, operators are improving the community experience and realizing even greater NOI.
In order to cultivate and sustain a successful community in today’s tech-centric climate, operators must comprehend the unique connectivity needs at every property, the necessity of a robust digital infrastructure and how it maximizes the innovation that powers the resident experience.
Yesterday’s Connectivity Foundation
Technology can be your best friend— until it stops working properly.
No matter which technologies operators have implemented in their communities, these new tools require a consistent, strong, community-wide connection to optimize functionality.
This foundation can make or break the resident experience. The physical foundations and infrastructures the industry has come to rely on are no longer cutting it. A growing number of operators are beginning to realize that the key to optimizing the vast array of innovative services and solutions found in today’s communities is by enhancing the digital infrastructure in which those products depend on.
“We’re always looking at ways to enhance our properties,” said Jeremy Woldert, vice president of asset management for Knightvest Capital. “In order to do that and thrive in this rapidly changing digital landscape, we must adapt and embrace innovation with a clear focus on improving the community experience. The only guaranteed way to do that is by laying a reliable foundation that can shoulder a wide-array of evolving technology.”
Why a Robust Connectivity Foundation is Necessary
A strong digital infrastructure is the enabler that allows operators to harness the full potential of innovative technology and elevate operational efficiency, resident satisfaction and the overall community experience.
As the industry continues to make progress, the importance of investing in a robust connectivity foundation cannot be overstated.
“We knew it would be an investment in the future of our communities,” Woldert said. “Offering property-wide connectivity is directly tied to creating an experience that leads to long-term residents and greater NOI. We also get to keep the equipment when our agreement expires, which is a very attractive feature of bringing on a managed WiFi service provider.”
The shift towards a tech-based environment has brought about numerous advancements and opportunities for operators. But outside of the countless smart home features and virtual leasing solutions, improved connectivity has had the biggest impact on revolutionizing multifamily living.
Maximize Connectivity, Transform the Community Experience
By streamlining operations and automating manual tasks, operators can greatly refine the resident experience.
Tasks like online rent collection, maintenance requests and resident communication can all be optimized through a well-established digital infrastructure. This not only saves time and resources but also minimizes the potential for errors, leading to a better all-around experience.
In today’s digital landscape, residents expect seamlessness and convenience at every turn of their journey. Offering in-demand services that depend on a comprehensive connectivity foundation, such as digital payment options, virtual property tours and rapid response times to maintenance requests, can improve resident satisfaction and retention rates. Residents are more likely to stay in a community that meets their expectations and provides them with the features they desire and add value to their lives, such as smart home tech and seamless streaming capabilities.
Data-driven decision-making is another critical advantage of a strong digital infrastructure. With access to data analytics, operators can make informed decisions based on resident preferences, maintenance needs and market trends. A data-centric approach allows for proactive strategies that can significantly improve the community experience and boost NOI by enabling operators to adapt quickly to changing market conditions and resident needs.
“By improving our connectivity foundation, we were able to realize the full potential of our smart technology and modern amenity offerings that contribute to a quality living experience,” Woldert said. “Additionally, optimizing the features of our apartment homes and overall property not only presents immediate benefits for both ourselves and residents, but sets our communities up for sustainability.”
The Role of Apartment Connectivity Going Forward
Innovative products and services are propelling the industry into the future, but without a solid apartment connectivity foundation and best-in-class customer care team to support them and their residents, operators may be selling themselves short.
“The multifamily industry is becoming increasingly dependent on tech-centric features and amenities, and those fully rely on property-wide connectivity based on a foundation designed to adapt with ever-changing digital needs and advancements,” Woldert said. “To remain relevant and get the most out of our investments by improving the residents’ living experience, nothing supersedes a robust digital infrastructure.”
As the industry continues to evolve in this tech-centric era, operators must prioritize property-wide connectivity to ensure that their communities not only adapt accordingly, but fully thrive in the digital age. Operators that have built a connectivity foundation to harmonize their technology will have the best chance to create a superior community experience and increased NOI.
About the author:
Andrew Ruhland is an account executive and content writer for LinnellTaylor Marketing, which focuses exclusively on the rental housing industry, its trends and technology innovations.