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Multifamily Innovations

By on Dec 9, 2019 in News

Toronto recently hosted its very first Yardi Executive Briefing exclusively for multifamily clients. Participants explored the latest innovations in RentCafe and smart home technology. Below, we’ve highlighted the latest and greatest multifamily technology that you’ve got to have.

Re-imaging Real Estate through Innovation

Seven technologies are changing the future of multifamily housing:

  1. Untethered Connectivity: Voice-activated digital assistants handle everything from rent payments, maintenance requests, and adjusting the thermostat in a unit. Renters love the convenience, which adds to a unit’s perceived value.
  2. Smart Home Accessibility: Artificial intelligence and wireless connection unite to make smart home technology accessible to renters on the go. Via machine learning, apps within a smart car can determine when users are heading home. They can adjust the thermostat and fulfill other user preferences.
  3. Broadband Rules: Broadband connectivity is replacing cable as users complain of high cable prices and obnoxious bundled services. Begin negotiation with local broadband providers to offer services to your renters.
  4. Virtual Fitness: Don’t scrap your rarely used fitness center. Instead, give it a makeover by adding virtual fitness services. Renters value the option to have a virtual coach help them through workouts.
  5. Sleek + Chic: Renters appreciate smart home technology but don’t want bulky hardware interrupting their interior design. Technology needs to work on demand while blending functionality with interior design.
  6. Welcome the Robots: Drones for package delivery are a hot trend in metropolitan areas. If you haven’t already, plan and implement a concierge service to handle package deliveries. While you’re at it, designated parking spots and charging stations for autonomous vehicles may soon be a necessity.
  7. Modular Building is Cool Again: Unlike the first wave of prefab buildings in the 1930s, today’s modular homes are durable and highly customizable. Units can easily convert based on current needs and altered as your needs change. Users can add or remove square footage. Transitioning from multifamily to commercial applications is also an option.

Not all technologies are appropriate for all multifamily firms and their properties. Learn more about the possibilities for your assets on our Technology page.