Meet the Modern Resident: Adapting Your Property for Changing Demands
The multifamily landscape is undergoing a significant transformation where focus on the resident experience has become a necessity. As the multifamily industry evolves, so do the expectations of residents. Today’s residents demand a lifestyle that caters to their needs, preferences, and desires.
With evolving expectations surrounding convenience, technology, and community, property managers must adapt. By understanding these changes and implementing effective strategies, multifamily property managers can significantly enhance resident satisfaction, improve retention rates, and increase overall property value.
This blog post explores the new face of multifamily amid evolving resident expectations and offers strategies for onsite managers and owners to adapt and thrive in this new era.
Understanding the Modern Resident: Demographics, Preferences, And Expectations
Today’s multifamily residents encompass a diverse range of demographics, each bringing unique preferences and expectations to their living environments. While together, Millennials and Gen Z are indeed shaping the multifamily rental market, it’s a dominance most pronounced in urban areas and among more budget-conscious rental properties. However, Baby Boomers and Gen X still contribute significantly, particularly in more suburban or high-end rental markets.
A Generational Overview
Here’s a brief overview to help understand each generation as it relates to their multifamily renter preferences.
Gen Z (born between 1997 and 2012)
Gen Z is now entering the rental market in significant numbers. This generation, currently in their early 20s to mid-20s, is increasingly becoming a key demographic for multifamily rentals, especially in urban areas and college towns. Their preferences often lean towards more affordable, flexible living arrangements, with a focus on technology integration and community amenities.
Millennials (born between 1981 and 1996)
Millennials have been the dominant force in the rental market for several years. Many Millennials (now in their late 20s to early 40s) are in an age range where renting is common due to various factors such as financial constraints, lifestyle preferences, or delaying homeownership.
Gen X (born between 1965 and 1980)
The Gen X generation has been a stable presence in the rental market for many years. This generation, currently in their mid-40s to late 50s, often seeks multifamily rentals due to life transitions such as downsizing, relocating for work, or finding flexible housing options as their children leave home. Their preferences typically lean towards more spacious, comfortable living arrangements with a focus on quality, privacy, and convenience, often in suburban or quieter urban neighborhoods.
Boomer (born between 1946 and 1964)
Those of the Boomer generation are increasingly active in the rental market, particularly as they downsize or seek low-maintenance living options. This generation, currently in their late 50s to mid-70s, is becoming a growing demographic for multifamily rentals, especially in suburban areas and active adult communities. Their preferences often lean toward spacious, comfortable living arrangements with a focus on convenience, accessibility, and community-oriented amenities.
Millennials and Gen Z prioritize convenience and cutting-edge technology, seeking seamless living experiences that integrate high-speed internet, smart home features, and advanced package management systems to accommodate their fast-paced lifestyles.
But interestingly, these tech-savvy preferences aren’t confined to younger generations. Many retirees are also embracing the shift towards maintenance-free living and social connectivity. As a result, they’re looking for communities that offer amenities catering to their desire for hassle-free living, such as responsive maintenance services and vibrant social opportunities.
However, regardless of generational stage, today’s residents expect efficient communication channels with property management. The ability to quickly and easily report issues, pay rent online, and receive updates is a baseline expectation. Mobile apps and online portals that facilitate these interactions and support their desire for convenience not only meet these expectations but also enhance the overall resident experience.
Recognizing and addressing these diverse preferences helps create a tailored living environment that appeals to a broader spectrum of residents. 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 plays a pivotal role in delivering an exceptional resident experience. Residents increasingly expect seamless digital interactions for everyday tasks. By integrating smart technology solutions, property managers can alleviate common pain points and significantly enhance convenience for residents.
One area where technology can make a profound impact is package management. The rise of online shopping has led to an influx of deliveries, often overwhelming property staff and creating frustration for residents.
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.
By implementing a third-party, offsite package delivery service that works directly with residents to schedule delivery, property owners and managers gain tangible benefits:
- Provide residents with convenience and peace of mind.
- Remove the responsibility of package management from their teams, which can save around 30 hours per week.
- Allow onsite team members to focus on their primary roles — attending to the resident experience to ensure satisfaction.
The role of smart technology can significantly enhance resident engagement and satisfaction. For example, 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, fostering a sense of community and belonging.
Incorporating popular smart home amenities like keyless entry systems, energy-efficient thermostats, and automated lighting can further enhance the resident experience. These technologies not only offer convenience but also promote a modern and eco-friendly living environment that appeals to a wide range of residents.
By embracing these technological advancements, property managers can create a more efficient, responsive, and appealing living environment. 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.
The Importance of Community Building and Resident Engagement
In multifamily, fostering a sense of community goes a long way toward enhancing resident satisfaction. Residents today aren’t just looking for a place to live; they want a vibrant community where they feel connected and engaged. Strategic community-building initiatives and resident engagement activities can cultivate this sense of belonging.
Here are some strategies to foster resident engagement:
- Host Resident Events: Organize social events like pool parties, movie nights, or game nights to encourage interaction among residents.
- Create Resident-Led Initiatives: Empower residents to organize events or clubs, fostering a sense of ownership and community spirit.
- Utilize Social Media: Create a resident-only social media group to facilitate communication and encourage interaction.
Organizing regular social events that bring residents together is an effective method for building community and resident engagement. Activities such as monthly gatherings, fitness classes, workshops, and cultural events provide opportunities for residents to interact and develop relationships, making the community feel more like a home and less like just another rental property.
Communal spaces also play a crucial role in resident engagement. Well-designed lounges, rooftop gardens, and coworking areas encourage casual interactions and foster a sense of camaraderie among residents. By investing in attractive and functional communal areas, property managers can facilitate organic connections that strengthen the community fabric.
Resident-driven initiatives are another excellent way to boost engagement. Empowering residents to lead clubs, organize events and volunteer drives, or suggest improvements gives them a stake in the community. This involvement enhances their sense of belonging and ensures the activities and amenities offered align with their interests and needs.
Effective communication is key to maintaining a strong community. Keeping residents informed about upcoming events, new amenities, and community guidelines through newsletters, social media, or mobile apps fosters transparency and trust. It helps residents feel valued and connected to the property management team.
Strategies for Improving Resident Satisfaction and Retention
To enhance resident satisfaction and retention, multifamily property managers should 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, you must also 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 truly resonate with your residents, such as extending gym hours or adding more community events.
Here are a few proven strategies to help improve resident satisfaction and retention.
Strategy #1: Enhance your maintenance services.
Quick and efficient responses to maintenance requests demonstrate a commitment to resident well-being. Consider implementing a digital system where residents can easily submit and track maintenance requests, ensuring transparency and prompt resolutions.
Strategy #2: Invest in a robust package management system.
Investing in a robust package management system can significantly reduce frustration related to deliveries and transform package delivery into a premium amenity residents will love. With offsite package management, you provide residents (and staff) with unmatched convenience and security.
No more worrying about stolen packages, overwhelmed staff, or overflowing package rooms. A third-party package delivery system lets residents schedule deliveries directly to their doors with a user-friendly app. No more waiting around for office hours or wrestling with bulky packages. Win-win!
Strategy #3: Foster a sense of community.
“Community is not about people who know each other; it’s about people who care for each other.” – Hugh MacLeod
When people feel like they belong, they are more likely to stay. Organize social events, fitness classes, and other gatherings to help residents feel connected and engaged. This not only builds a stronger community but also increases loyalty and retention.
Strategy #4: Be transparent with your communication to build trust.
Keep residents informed about any changes, improvements, or upcoming events through regular newsletters, emails, or mobile app notifications. This open line of communication ensures residents feel valued and heard.
Strategy #5: Personalize the resident experience.
Personalized gestures like welcome packages for new residents or birthday acknowledgments can also go a long way in making residents feel appreciated. Additionally, you can consider offering incentives for lease renewals, such as discounts on rent or upgrades to their living spaces.
By implementing these strategies, you can encourage retention and foster a thriving living environment that meets the evolving needs of modern residents.
In Real Life: How Successful Properties Are Adapting to Changing Resident Demands
The case of Crown Residential Associates exemplifies 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 was able to convert the freed-up space into resident-desired amenities like coworking spaces and lounge areas, 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, the 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. By prioritizing convenience, security, and community building, properties can achieve higher resident satisfaction and, ultimately, increased property value.
Meeting Resident Expectations: One Step Forward. No Steps Back.
Resident expectations are evolving, and to be successful in today’s multifamily environment, property owners and managers must be willing to adapt. Modern residents want a lifestyle experience that resonates with their needs, preferences, and desires.
By understanding the evolving needs of residents, implementing technology solutions, fostering community engagement, and prioritizing exceptional service, multifamily property managers can create a more satisfying living environment.
The result: increased resident satisfaction, improved retention rates, and higher property value.
Are you ready to up your competitive edge? Fetch can transform your package delivery system in just a few weeks. Residents gain a premium amenity they will love, and your onsite teams will thank you!
What are you waiting for? Get started today!
