Revolutionizing Multifamily Housing: Top 5 Technology Trends Reshaping the Industry in 2022

# **5 Multifamily Technology Trends to Watch in 2022**

Technology plays a crucial role in any business, and multifamily operations are no exception. With the constant advancement of technology, it’s essential to stay up to date with the latest trends that can reshape the future of the industry. In this blog post, we’ll explore 5 multifamily technology trends that are predicted to shape the industry in 2022.

## **1. Smart Home Solutions**
Smart homes are becoming increasingly popular among renters. The ability to control appliances, lighting, and security through a smartphone app or voice command is a significant attraction to tenants. Multifamily properties with smart home solutions are likely to experience higher occupancy rates and increased rental prices. Property managers can remotely monitor energy consumption levels, water usage, and other related factors, providing them with the data and insights to optimize property operations and reduce costs.

## **2. Artificial Intelligence-powered Leasing**
Artificial intelligence (AI) is revolutionizing the way in which multifamily leasing is conducted. AI-powered leasing tools process and analyze massive amounts of data from property websites, communication channels, and social media platforms to engage with prospective tenants. The use of AI technology allows for a more efficient and personalized interaction with each potential renter, resulting in a higher conversion rate and faster leasing process. This new leasing process has become an essential tool for property management companies and owners who want to optimize their leasing process through seamless and efficient communication.

## **3. Virtual/Augmented Reality (VR/AR) Tours**
In-person tours are not always practical or possible, especially during the pandemic. Implementing virtual tours that can mimic a live tour experience enhances the renters’ decision-making process by providing a clear picture of living spaces, property amenities, and other essential aspects of the property. VR/AR technology is an innovative way of allowing interested parties to view properties even before they are built.

## **4. Predictive Maintenance**
Predictive maintenance is another multifamily technology trend that is gaining popularity. Property managers can use predictive analytics to detect potential maintenance issues that would have otherwise gone unnoticed. These analytics employ machine learning and artificial intelligence algorithms to monitor the performance of building systems and predict potential maintenance issues, allowing maintenance teams to address the problem before they become severe. Predictive maintenance reduces maintenance costs by identifying potential problems before they result in a major issue.

## **5. Internet of Things (IoT)**
IoT technology allows devices to communicate with each other and the internet, providing building management with real-time data on systems and equipment. The use of IoT sensors provides valuable data on energy consumption, water usage, temperature control, and occupancy levels. IoT technology also enables property managers to optimize their energy efficiency and equipment maintenance programs, reducing costs in the long term.

In summary, staying aware of and incorporating these 5 multifamily technology trends can revolutionize the way in which multifamily properties are run moving forward. Implementing smart home solutions, implementing AI-powered leasing tools, offering VR/AR tours, adopting predictive maintenance processes, and using IoT devices can enhance an organization’s efficiency, reduce operating costs, and provide an overall improved experience for prospective renters.

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