Research shows that convenient digital solutions adopted by property managers and landlords influence residential rental decisions.
Tech Drives Rental Decisions for 73% of Tenants as Landlords Adapt to Shifting Demands
Landlords across industries must adapt as rising costs eat into profits and drive renters to reconsider their rental options altogether. Prioritizing tenant satisfaction through modern customer experiences and technology is the new gold standard.
According to Capterra’s 2024 Tenant Experience Survey, nearly three-quarters of tenants agree that the use of advanced technology like smart appliances and keyless entry can influence whether a tenant signs a rental agreement or walks.
The global survey of 4,800 tenants shows those based in the U.S. have a higher tech adoption rate. Over half of U.S. tenants (53%) have access to online payment portals with their current rental property, while 46% can access online document portals and online maintenance request portals. Still, more than a third of property owners (35%) don’t offer renters convenient technology, which can negatively impact both parties.
Upgraded tech can lead to tangible results, like positive reviews
The top benefits reported by businesses with enhanced tech include convenience, efficiency, and security. Tenant satisfaction can directly impact property managers’ online reputation as well. A majority (82%) of surveyed tenants would write a positive review if they were to provide an online assessment of their current rental property.
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Tenants prefer nearly instant communication via SMS text messages or messaging apps
One property management digital tool, a dedicated communication portal, is not the most important property management digital tool for tenants surveyed globally. Instead, tenants primarily communicate via SMS text messaging or messaging apps (32%) and email (22%).
“Growing businesses in the rental market express their greatest satisfaction when their needs for convenience and swift communication are met,” says Capterra analyst Eduardo Rodriguez. “Landlords and property managers who identify this competitive advantage and make the investment in digital tools can capitalize on the opportunity for mutually beneficial relationships.”
Landlords should leverage property management software and provide the features tenants demand the most
As rental property management continues to evolve, embracing digital transformation and upgrading premises to leverage these technologies is imperative for staying competitive and meeting tenant expectations. The use of advanced technology, including physical upgrades such as smart appliances and keyless entry, can also influence whether a tenant signs a rental agreement.
By deploying digital tools like property management software to collect rental payments, track expenses, and engage tenants with online communities, and providing smart security tools, property managers can strategically enhance tenant satisfaction.
Source: BusinessWire
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