Not long ago, when looking for their next rental, prospects used to rely on advertisements in newspapers. Can anyone remember how slow and tedious this process was?
Fast forward a few decades and technology is playing an increasingly important role in powering potential future and current resident touch points.
Now, before the lease is even signed, technology assists potential residents making their rental journey more convenient, responsive and connected.
Technology supports the resident journey
Providing the right touch points along the rental journey is essential, especially considering that renting is becoming an overall preference, with 52 per cent of respondents to the simplydbs 2024 Canadian Multi-Residential Satisfaction Study (CMRS) indicating their preference to rent rather than own their home.
Data collected from the 2024 CMRS study shows that, when looking for a place to call home, in-person tours remain essential. Although virtual tours are in demand with an overall preference of 89 per cent, only 35 per cent said it was essential in assisting them in their housing search. In-person tours however, are preferred by 97 per cent of respondents and are essential to 80 per cent.
Among specific demographics the difference between in-person and virtual preferences fluctuate. For example; 43 per cent of full-time students say virtual tours are essential but consistently, prospects need to touch and feel the space they want to eventually call home.
Property-specific websites play a key role in the decision-making process of future residents. CMRS data shows property-specific websites are a more important touchpoint when compared to internet listing sites such as Kijiji, Craigslist, Facebook Marketplace etc. Over half of those surveyed said a property-specific website was essential in their next home search, compared to just under a third for an internet listing site.
Prospective residents look for detailed and current information on property-specific websites to help them make informed choices. With overall preference ratings of over 90 per cent, the most in-demand features on these sites include photos, amenities listings, floor plans and unit availability, and resident feedback.
Ratings and reviews provide insights that inform prospective residents’ decisions and are a preferred feature on a property-specific website compared to social media links.
In fact they have almost double the demand at 91 per cent overall preference for reviews versus 55 per cent for social media. In the essential category, the difference is even more pronounced: with 52 per cent of respondents saying ratings and reviews on a property-specific website are essential compared to 15 per cent for social media links.
It’s hard to dispute that technology can improve the overall efficiency of renting a new home. Features such as the ability to view photos of suite models and amenities on a property-specific website are highly valued, with 92 per cent of prospective residents valuing this option. In addition, 89 per cent appreciate the convenience of being able to schedule appointments online with property managers.
These features help streamline the resident journey.
Technology within the building community
Digital communication channels via app and community portals are valued by survey respondents and play a key role in enhancing the living experience. Residents value being able to create and track maintenance requests, make or schedule automatic payments and receive property announcements – to name a few.
Technology that improves safety and promotes green initiatives are also in-demand for residents who do not already have them. For example, 72 per cent want to view the front door remotely. Smart home technologies that allow residents to monitor energy usage or control their heat via an app or community portal are desired by over half of respondents.
The timeliness in which maintenance requests are handled constitutes an important part of resident satisfaction. Over a third of those who responded to the CMRS survey expect immediate responses to maintenance issues, something that is increasingly possible with the aid of technology.
In addition, CMRS data demonstrates the desire for 24-hour feedback portals. Approximately, two-thirds of survey respondents who do not have access to this kind of system expressed a desire for it, showing immediate connection capabilities are becoming an expectation among renters.
Next-generation technologies, such as artificial intelligence (AI), are beginning to make their way into the rental space. This year, 1-in-5 renters stated they feel comfortable using AI to exclusively guide them to their next home.
We are monitoring this number closely as AI grows in usage, but for now, prospective residents are demonstrating a cautious approach to this technology, even though it has the potential to improve the rental search journey.
CMRS data shows an overwhelming desire among residents for digital communication and touch points. This presents a strong case for housing providers to keep investing in these platforms.
Technology within rental communities is here to stay; will arguably grow over time, will support relationships between current and future residents and will enhance operational efficiencies.
Our job at simplydbs is to keep updating the market on which products and services are both in-demand and subsequently valued once integrated into the operations of a property. This will help inform decision makers as they look at overall strategy and investment.
This article includes insights from the simplydbs 2024 Canadian Multi-Residential Satisfaction Study (CMRS), powered by over 24,000 responses by residents surveyed between May and July of this year. Diving into the data gives housing providers a better understanding of what residents want now and also sheds light into their preferences over time. If you would like to participate in the 2025 study contact info@simplydbs.com
