The Future of the Multifamily Housing Industry: More Technology & Personalization

The multifamily housing sector is booming. In fact, 4.6 million apartments will have to be built by 2030 just to keep up with demand.¹
So, what will the multifamily housing industry look like in 12 years? Well, according to the National Multifamily Housing Council’s 2018 Disruption Report, we’re going to see more technology and personalization in apartment living:

• Technology will be at the core of multifamily housing.

• • By 2020, technology research firm Gartner predicts, 26 billion devices will be connected through the cloud-based Internet of Things (IoT). Additionally, 90% of the U.S. population will connect to the grid via smartphones by 2023.

You can’t expect to succeed in 2030 (or even now!) without tapping the power and innovation of technology. Instead of being an add-on accessory, technology will become the focal point of the multifamily housing industry. Technology will become the main tactic utilized by multifamily housing communities to enrich their resident’s experiences.

• Apartment Living Will Exude Personalization.

• • 63% of respondents to the NMHC 2018 Consumer Housing Insights Survey said their lives are so hectic that they look for ways to make things easier.
  • 72% of consumers and 89% of business buyers expect companies to understand their unique needs and expectations, according to the 2017 State of the Connected Customer survey by Salesforce.com.

Today’s consumers are accustomed to on-demand delivery of goods and services and this trend will only continue to increase. As real-time and personalized purchasing experiences become the norm, we will see a shift towards more lifestyle focused, flexible and highly personalized apartment living. This will become as important as location and layout.
As the report notes, technology and personalization are two trends that can’t be ignored when it comes to the multifamily housing industry. One of the ways your property can stay ahead of the curve is by utilizing the technology and personalization of parcel lockers.
Parcel lockers enrich the resident experience by making it quick and convenient for them to retrieve their packages at a time that works for their schedules. Additionally, they also add much-needed resident personalization by making their lives easier since they no longer have to rush home to pick up a delivery from their management office during business hours.
Learn more about how parcel lockers can improve your community here.
What do you think the future holds for the multifamily housing industry? Comment below.
 
1 Hoyt Advisory Services, Dinn Focused Marketing, Inc., “U.S. Apartment Demand–A Forward Look,” (June 2017)