With multifamily unit completions reaching a near 40-year high, property management companies are facing a market under pressure. Oversupply is hitting many markets hard, increasing the strain on leasing teams to fill vacancies while still delivering top-tier rental experiences. At the same time, the growing number of point solutions in the proptech space is complicating operations and falling short for already stretched internal teams.
“What we’re hearing from our clients and prospects is that they’re looking for partners who can help them simplify their tech stack and make things more manageable,” says Joe Settimi, SVP of Assurant Renters Solutions. “Simplicity is key.”
As a result, property management companies are rethinking everything from their technology on-site to their amenity offerings, placing greater focus on scalability, simplicity, and renter satisfaction.
Streamlining the Leasing Office’s Tasks
The explosion of proptech has introduced a large number of point solutions, but not all of them are easy to implement or support in the long term. “A key challenge for property managers is to identify which tools truly add value, can be efficiently implemented, and are supported by a long-term, reliable partner,” says Settimi.
Settimi also notes that leasing offices are often tasked with a large and growing list of responsibilities, which isn’t sustainable. “That back office work takes away from their core duties of creating great living experiences.”
A platform-based approach that allows automation across the resident life cycle, from move-in to move-out, helps free up on-site staff to focus on higher-value interactions. This is a powerful way for property managers to create the types of experiences that lead to more renewals.
Amenities Become an Important Differentiator
Settimi points out that with the high volume of new units entering the market, retention is more important than ever. “With more units online, the living experience becomes everything,” says Settimi.
Today’s renters, especially those working from home, are prioritizing convenience and connectivity. Smart home amenities like locks, thermostats, lighting and other connected features are now common, but maintaining and troubleshooting these perks often falls on leasing teams and maintenance staff.
“We found that about 62% of renters believe smart home features and technology are one of the most important factors of a rental,” says Settimi, “and about 20% say they need technical assistance regularly.”
To meet that need, Settimi notes that Assurant recently launched Assurant TechPro - the multifamily industry’s first dedicated support amenity, offering residents unlimited help with everything from their Wi-Fi and smart TVs to home security systems and personal devices. “It allows property managers to fully support residents while reducing their ongoing maintenance workload,” says Settimi.
Preparing for What’s Next in Multifamily
Looking ahead, Settimi believes the market’s oversupply is exposing broader operational inefficiencies, especially those that don’t scale. He notes that AI is starting to play a larger role in helping manage growth with accuracy. As we move forward, these capabilities, along with integrated tech platforms, will help property managers innovate and transform how they serve residents.
And in a market with more choices than ever, Settimi notes they need every possible advantage to differentiate themselves and stand out.
For more insights and thought leadership from Assurant, click here.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.