How to navigate the Evolving Rental Landscape

Earlier this summer NAA hosted Apartmentalize 2024. The conference was a hub of innovations and insights for the property management industry. While there were many hot topics being discussed, there were two that really stood out to us at Entrata: the rise of AI and an increasing emphasis being placed on operational efficiency and the resident experience.

AI is Everywhere

AI was a hot topic at the conference, with vendors showcasing its potential to streamline operations and enhance the resident experience. Here at Entrata, we’ve integrated AI into our platform, enabling users to draft emails, respond to reviews, create blog posts, and translate in-bound maintenance requests from English and Spanish. The recently launched solution known as ELI (Entrata Layered Intelligence)is designed to save time and improve communication.

Efficiency is Key

With rising expenses and softening rent growth, operational efficiency has become more critical than ever. Entrata offers a range of automations that can help property managers streamline tasks such as lead-to-lease conversions, renewals, and delinquency management. By automating these processes, property managers can free up time to focus on building relationships and creating a sense of community.

Resident Experience Matters

The pandemic has underscored the importance of community and connection. Residents are increasingly seeking a sense of belonging in their apartment communities, and technology can play a key role in fostering this. Entrata's resident portal enables property managers to create events, facilitate communication, and collect payments, all in one convenient location.

Optimizing Existing Tech Solutions

While AI and other new technologies are exciting, it's important to remember that many existing solutions can be optimized to improve efficiency and enhance the resident experience. Entrata's mobile app, for example, allows maintenance teams to create and update work orders on the go, streamlining communication and reducing downtime for residents.

Conclusion

At the end of the day, property management companies and owners and operators should ensure they are leveraging technology correctly to navigate the evolving rental landscape, which can be difficult with so many new solutions coming online every year. However, when partnering with technology providers or choosing a property management solution, it’s imperative that those solutions are purpose built with AI, operational efficiency and resident experience baked in as they are all critical factors for running successful properties now and into the future. Doing so will ensure that you create thriving communities that maximize net operating income.

Learn more

To learn more about the trends discussed at Apartmentalize, check out this webinar.