Keeping up with technology… Greystar CEO says it’s a top priority.
If anyone has to study the market and stay on top of trends, it's Greystar. After all, it is the largest manager of apartments for the sixth consecutive year. And, the top executive there, Bob Faith, is speaking with Multihousing News about what it is going to take to stay ahead of the competition. It's probably no surprise that he's zeroed in on Millennials and how they are changing the rental industry.
In the past, we’ve seen people “age out,” so-to-say, of renting apartments, but this segment of the population has an increasing propensity to remain urban as well as want more flexibility as a renter versus owner.
This fact aside, Faith says that the single most important factor influencing continued growth for Greystar is technology.
Whether it’s what technologies residents are looking for in their homes, what our clients need to better communicate with us or how we internally use technology to become more efficient and utilize data to predict trends—we have to remain really open to being innovative and constantly bring new initiatives to the table.
MHN reported earlier this year that "Millennials are marked by many trends, but that technology is first and foremost." And, just how much is technology in the forefront? The National Multifamily Housing Council recently reported that when they asked 120,000 renters about their preference for 70 different amenities, a staggering 94 percent were focused on high-speed Internet access.
Streaming video, tablets, smartphones and even telecommuting are all placing a burden on bandwidth at home, and that’s just the tip of the iceberg. Many residents and property managers are also interested in so-called smart home technologies—which encompass everything from thermostats to refrigerators—all on the same network, competing for bandwidth.
Faith agrees, noting the increased demand of smart homes and also calling out the apps that are changing the way renters are finding apartments and identifying what is available. He says, "technological advances literally impact every single aspect of our industry. To stay on top of it is vital to our advancement."
So, what are you doing to stay on top of the technological advances at your community? At Elauwit, we pride ourselves on creating an experience for your residents where technology includes but extends beyond bandwidth and television. In addition to those primary services, we also assist property owners with energy-saving solutions, staff-to-resident communication tools, and other value-added services that will attract and retain Millennials, and appeal to their tech-savvy worldview.
If you're interested in learning more about what we can do for your property, please give us a call at 800-948-5874 or email us at firstname.lastname@example.org!