Evolving Resident Expectations: The New Face of Multifamily

The multifamily landscape is undergoing a significant transformation as resident expectations evolve. Today's residents demand a lifestyle that caters to their needs, preferences, and desires. To thrive in this new era, property managers must adapt to these changing expectations.

Understanding the Modern Resident

Today's multifamily residents are a diverse group with unique preferences and expectations. While Millennials and Gen Z are shaping the rental market, especially in urban areas, Baby Boomers and Gen X remain significant contributors, particularly in suburban or high-end rental markets.

• Gen Z? (born between 1997 and 2012): Becoming an increasingly important demographic for multifamily. Prioritizes affordability, and flexible living arrangements, with a focus on technology integration and community amenities.
• Millennials (born between 1981 and 1996): Have been a dominant force in the rental market for several years. Values convenience, community, and work-life balance. Renting is common due to factors such as financial constraints, lifestyle preferences, or delaying homeownership.
• Gen X (born between 1965 and 1980): Seeks multifamily rentals due to life transitions such as downsizing, relocating for work, or finding flexible housing options as their children leave home. Desires convenience, quality, privacy, and comfortable living arrangements.
• Boomers (born between 1946 and 1964): Growing demographic for multifamily, especially in suburban areas and active adult communities. Emphasizes comfort, convenience, accessibility, and community-oriented amenities.

While Millennials and Gen Z prioritize convenience and cutting-edge technology to accommodate their fast-paced lifestyles, these tech preferences are also valued among older residents.?

Regardless of generation, residents expect efficient communication channels with property management. Mobile apps and online portals that facilitate easy communication and hassle-free experiences have become a baseline expectation.

Properties that adapt to these evolving needs are better positioned to attract and retain satisfied residents, ultimately boosting loyalty and reducing turnover.

The Role of Technology in Enhancing the Resident Experience

Technology is crucial for delivering an exceptional resident experience. By integrating smart technology solutions, property managers can alleviate common pain points and enhance convenience.

Here are three areas where technology plays a vital role in enhancing the resident experience.

• Offsite Package Management: While traditional package management systems once offered a viable solution, the explosion of e-commerce has changed the game, and savvy onsite property managers have begun using improved, innovative solutions to meet the growing demand. A third-party package delivery service works directly with residents for package scheduling, providing residents with convenience and security and removing the burden and liability from onsite teams.
• Mobile Apps: Mobile apps are powerful tools that can elevate the resident experience, facilitating real-time communication between residents and property management that allows for instant notifications and feedback collection. This level of connectivity ensures residents feel informed and engaged and fosters a sense of community and belonging.
• Smart Home Amenities: Incorporating popular smart home amenities like keyless entry systems, energy-efficient thermostats, and automated lighting can further enhance the resident experience. These technologies offer convenience and promote a modern and eco-friendly living environment with widespread appeal.

Technology is no longer just a luxury; it's a vital component in meeting the evolving expectations of modern residents and ensuring their long-term satisfaction.

Strategies for Improving Resident Satisfaction and Retention

To enhance resident satisfaction and retention, focus on proactive and responsive strategies. Start by consistently collecting resident feedback through surveys, which can provide valuable insights. However, if you ask for input, be prepared to act.?

While you won’t be able to accommodate every request, you will find easy wins where you can tailor services and amenities that resonate with residents, such as extending gym hours or adding more community events.?

Here are five proven strategies to help improve resident satisfaction and retention.

1. Enhance Maintenance Services: Implement a digital system for maintenance requests and ensure prompt responses. Quick and efficient responses to maintenance requests demonstrate a commitment to resident well-being. Consider a digital system where residents can easily submit and track maintenance requests, ensuring transparency and prompt resolutions.

2. Invest in Package Management: Investing in a robust offsite package management system can significantly reduce frustration related to deliveries and transform package delivery into a premium amenity residents will love.??

No more worrying about stolen packages, overwhelmed staff, or overflowing package rooms. With offsite package management, you provide residents (and staff) with unmatched convenience and security, letting residents schedule deliveries directly to their doors with a user-friendly app. No more waiting around for office hours or wrestling with bulky packages.?

3. Foster Community: Organize social events, encourage resident-led initiatives, and utilize social media. When people feel like they belong, they are more likely to stay. This not only builds a stronger community but also increases loyalty and retention.

4. Communicate Transparently and Effectively: Keep residents informed about changes, improvements, and upcoming events through regular newsletters, emails, or mobile app notifications. This open line of communication ensures residents feel valued and heard.

5. Personalize the Resident Experience: Offer personalized gestures and incentives to make residents feel appreciated. Things like welcome packages for new residents or birthday acknowledgments can go a long way in making residents feel appreciated.

How Crown Residential Associates Adapted to Changing Resident Demands

The case of Crown Residential Associates highlights the success achieved by properties that adapt to changing resident demands. Before implementing Fetch, onsite staff at Crown's communities were burdened with managing a growing volume of packages.

This consumed valuable time and led to security concerns with packages left unattended. Fetch's offsite solution alleviated these issues by providing a secure and convenient package delivery system. Crown converted the freed-up space into resident-desired amenities, further enhancing the overall resident experience.?

Residents appreciate the convenience and security offered by Fetch, which eliminates the hassle of missed deliveries or package theft. This shift towards resident-centric solutions led to a significant increase in resident satisfaction at Crown properties.?

Additionally, their repurposed space now allows residents to connect and collaborate in a comfortable setting, fostering a stronger sense of community within the property. Crown's success is a testament to the power of adapting to evolving resident needs.?

The multifamily landscape is evolving, and property managers must adapt to meet changing resident expectations. By understanding resident needs, implementing technology solutions, fostering community engagement, and prioritizing exceptional service, you can create a satisfying living environment that enhances resident satisfaction, improves retention rates, and increases overall property value.

Learn how Fetch can help you. Request a demo today!

How is your community evolving to meet changing resident needs? Drop a comment below, and let’s discuss!