“I think it can be a struggle sometimes for those on the owner or property management side, keeping up with technology as well as managing that change,” says Will Curtis, CPM, IREM faculty member and managing director of Phyllis Browning Commercial. “We need to make sure we’re giving residents what they really want while not creating so much work that we can’t keep up, or we’re just changing for change’s sake.”
Smart Home Technologies, a New Standard
Smart thermostats, lighting systems, and security features are becoming must-have amenities. But implementing these technologies often comes with challenges. Property managers need to ensure systems are compatible across platforms, and that staff receives proper training to assist residents when needed.
As Curtis points out, security is also a key concern. “From a property manager’s perspective, we need to sit down and make sure we have the right policies and procedures. For example, when reusing systems, they must be consistently reset properly to make sure a previous tenant doesn’t still have access. We need to mitigate liability.”
The Rise of Electric Vehicle Charging Stations
As electric vehicle (EV) adoption grows, charging stations are becoming a sought-after amenity in multifamily properties, especially in markets with high EV ownership.
A National Multifamily Housing Council survey found that 34% of renters view EV charging stations as an important amenity. “When you’ve got nearly a third of renters willing to pay more, this starts to show real ROI for amenities,” says Curtis.
However, he notes the challenge lies in finding the right balance, which means installing enough stations to meet demand without overspending and reducing potential returns.
Digital Payment Systems and Convenience
Nearly half of Americans haven’t written a check in the past year, according to a recent survey. This finding underscores the reality that many residents, especially those from younger generations, are eager for digital options and convenience.
Curtis points out that although tenants and property managers agree on the benefits, one thing that often stands in their way is transaction fees. Properties that absorb the cost of ACH transactions experienced roughly 85% resident opt-in while those passing fees along only had 47% participation.
Properties that want to support this convenience may consider absorbing transaction fees or building them into the rental price, suggests Curtis.
Creating a System for Change Management
Whether it’s digital payments, EV charging stations or smart technologies, Curtis says one thing is certain about the future: “It’s really important to have a good process to implement new systems and ongoing education for staff and residents.”
As technology evolves, staying informed through industry associations and networks helps multifamily properties keep up with resident expectations, evaluate the pros and cons, and identify investments with the best possible return.
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