This year, we journeyed to Philadelphia, the City of Brotherly Love, to connect with multifamily industry leaders at the National Apartment Association’s annual conference, Apartmentalize. The event provided a rich platform for engaging with customers, partners, and industry experts about the state and future of the multifamily industry. Read on to hear about our experience and top takeaways from Apartmentalize 2024.
Key Trends and Learnings from Apartmentalize
With a wide range of sessions featured at Apartmentalize, there was an abundance of information and opportunity to dive deeper into today’s opportunities, what keeps multifamily leaders up at night, and the direction they see the industry headed.
The Power of Human Connection in an Automated World
One of the central themes at this year’s conference was the delicate balance between automation and human connection. In the “Surviving Centralization: Unlock the Power of Human Connection” session, experts highlighted the importance of building trust and rapport with residents while leveraging technology to enhance efficiency.
They noted that modern renters, particularly younger generations, prefer technology-driven communication channels. According to a RealPage 2023 study, 79% of renters prefer handling everything via direct message, text, chat, or app, avoiding office visits. This highlights the need to utilize user-friendly, technology-driven communication channels without losing the personal touch that makes residents feel valued and recognized.
Centralization in Property Management
Centralization continues to be top of mind within the multifamily industry, with discussions on its potential benefits and challenges. In the session “Where Have Controllable Expenses Gone? Innovations in Rental Housing Financials,” speakers mentioned that finding vendor partners that reduce costs by handling multiple tasks is crucial.
Multifamily leaders are looking to partner with scalable vendors capable of handling multiple tasks and use cases to streamline operations and reduce reliance on multiple apps or point solutions. Additionally, smart technology, such as mobile access control, offers significant advantages by enhancing security and convenience for residents while simplifying management tasks.
Using Technology Effectively and Enhancing Resident Experience
The importance of effectively utilizing technology and maintaining a thoughtful approach when selecting technology and operations partners was a recurring theme. Selecting technology that genuinely improves operations without adding complexity is crucial.
The recent burst of technology solutions has allowed property managers and owners to meet residents where they are—on their phones—and save money. Integrating various services into a single property app can enhance a building’s experience and increase retention by delivering the ease and community residents seek today. Speakers highlighted the need to adopt a hospitality-oriented approach to property management. Turnover is costly—providing a seamless living experience that not only improves overall property performance but also keeps residents satisfied and retained is critical now more than ever.
VTS Activate Multifamily in Action
Amid these industry discussions, we re-introduced VTS Activate Multifamily (formerly VTS Rise) with an interactive booth experience. VTS Activate Multifamily is designed to meet the specific needs of residents and multifamily properties with a centralized platform to connect management, staff, and residents with everything properties have to offer.
By integrating technology that facilitates seamless communication and management, VTS helps property managers enhance operational efficiency and keep renewals coming.
What VTS Activate Multifamily Offers:
- Consolidate systems to create operational excellence and savings
- Modern digital access for residents and visitors
- Build community with a personalized resident experience
- Increase awareness and use of building features and amenities
- Insights to empower your team
Celebrating Our Customers and Partners
A highlight of our time in Philadelphia was the dinner we hosted for some of our longest-standing customers and partners. This intimate gathering provided a unique opportunity to express our gratitude and strengthen our relationships with those who have been integral to our journey. The dinner not only celebrated past achievements but also set the stage for continued collaboration and innovation in the multifamily sector.
Conclusion
Apartmentalize 2024 provided invaluable insights into the multifamily sector’s future, highlighting the importance of balancing technology and human connection, centralization, and using technology to enhance the resident experience.
Learn more about VTS Activate Multifamily and how it helps property managers, maintenance staff, concierges, residents, and more to simplify and automate frequent, functional tasks and uplevel operations in one easy-to-use dashboard and resident app.
Managing Director, Multifamily