Consumers are using technology in every step of the rental process - by searching online to find the right place, along with looking for amenities associated with high speed access. Developers and operators can look at the data that their process provides to develop designs that meet their demands.
Deconstructing consumer behavior really comes down to one thing – perception of value.
Unfortunately, that one thing is more complicated than it sounds. There are an endless number of perceptions from a seemingly endless variety of prospective renters and residents. That’s why apartment owners and operators who navigate the consumer behavior maze most effectively and efficiently win residents at higher rents and for longer lease terms than their competitors.
“Consumers are driving our industry in ways that we have never seen before,” said Bob Pinnegar, President and CEO, NAA, during the Deconstructing Human Behavior panel at the 2017 Entrata Summit in Park City, Utah.
And they’re driving a pace of technology adoption that has never been seen before in multifamily.
In fact, according to a 2017 Satisfacts study of consumer behavior, the age demographic most concerned with having Wi-Fi in apartment communities is seniors. That’s partially because younger generations expect it, according to Lia Smith, Vice President of Education and Performance for Satisfacts.
“Residents are the new disrupter in our industry,” she said. “Technology is a huge factor and it’s across the board now with every demographic.”
