Apartment operators have frequently used the phrase "meeting renters where they're at" over the past few years. For the most part, they've been referring to leasing, touring, marketing, and resident communications.
The industry has made notable strides to better accommodate modern renters while streamlining the leasing journey and sales process. However, there are some areas throughout the entire resident lifecycle where operators can cater to residents and reap more benefits.
One area that can significantly impact NOI and the asset value is the collections process. While renters' behaviors and preferences have evolved, so have the ways in which they get paid. The gig economy was already on the rise before the pandemic, but remote work and technology expedited this growing workforce, and many renters have volatile incomes.
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