In today’s competitive multifamily rental market, inefficient property management can result in higher turnover, lower occupancy, and a decline in overall property value. Despite this, many property managers find it challenging to keep up with the evolving expectations of modern renters, who increasingly prioritize smart and tech-driven amenities. Offering these sought-after amenities can boost tenant satisfaction and ultimately drive new revenue.
Property management often relies on status quo offerings that fail to meet the dynamic needs of their residents. The primary barriers to success are lack of engagement and insufficient differentiation in a crowded market. But there is a solution – meet TULU.
TULU addresses these challenges head-on by offering on-demand access to a wide range of items—from household essentials to recreational equipment, to VR headsets —TULU empowers property managers to not only elevate their amenity offerings and foster a sense of community among residents, but provide an innovative product rental service that enhances the resident experience and increases the bottom line – a win-win.
By embracing the shared economy living experience, property management leaders can not only meet but exceed the expectations of modern residents, driving sustainable growth and enhancing their competitive position in the real estate market.
Challenges for Leaders of Property Management
While the multifamily property management sector is advancing, property managers face several significant challenges:
- Retention Rates
In 2023, the average resident retention rate for multifamily companies is 56%. Low retention leads to increased turnover costs, including marketing expenses and lost rent during vacancies. Evolving resident expectations and heightened competition in the housing market make it crucial for property managers to continuously adapt and enhance offerings.
- Maximizing Revenue and Profits
Economic pressures complicate revenue optimization, including rising inflation, increased operational costs (insurance, taxes, wages), and balancing occupancy with rent growth. A survey reveals that 61% of property managers prioritize revenue maximization as a top challenge. The pressure to maintain profitability while dealing with escalating costs is a significant concern for the industry.
- Cultivating Community and Sustainability
Beyond just a place to live, renters increasingly seek a sense of belonging and connection within their communities. This desire for community is reflected in the growing importance of shared experiences among residents. More than 60% of renters indicate that environmentally friendly factors are essential when choosing their living spaces, highlighting a strong preference for sustainable practices. Fostering a vibrant community atmosphere alongside sustainable living options becomes crucial in attracting and retaining tenants.
Outcomes of Adding TULU
TULU offers an innovative smart amenity platform that elevates the shared living experience by offering on-demand access to a wide range of products and appliances, from everyday essentials to luxury items, all conveniently located within a multifamily building.
Property managers rely on TULU to effectively:
- Increase Resident Satisfaction and Retention
TULU introduces a modern amenity that appeals to tech-savvy residents, making properties more attractive in competitive markets and can differentiate properties from competitors. Engaged and happy residents are more likely to renew leases and recommend properties to others, which is crucial for maintaining high occupancy rates.
- Gain New Revenue Streams
In today’s competitive market, finding new revenue streams is crucial for driving NOI growth. Property managers can monetize TULU’s services by incorporating them into their amenity offerings, creating an additional revenue stream without a significant upfront investment. The pay-per-use model enables residents to enjoy flexible access to shared items, while property managers benefit from a steady income stream driven by demand, ultimately enhancing profitability and maximizing NOI.
- Align with Sustainability Trends and Community Engagement
By encouraging shared access to products, TULU helps reduce overall consumption and waste, aligning with the sustainability goals of many property management leaders who focus on environmental responsibility. TULU allows for efficient use of resources, contributing to lower carbon emissions associated with the production and disposal of household items. The availability of shared items like sports equipment and vacuums encourages social interaction and develops a sense of collective responsibility among residents.
As the multifamily landscape continues to evolve, property managers who embrace smart amenities and leverage technology effectively will be best positioned to overcome challenges and capitalize on emerging opportunities.
Transform Your Properties
With TULU, you’re not just adding another amenity onto your properties, you are creating an experience that resonates with today’s experience-driven residents.
With operations in over 50 cities across the globe, TULU partners with leading real estate companies like Greystar, Buzzuto, Blackstone and more to elevate your property’s appeal and gain a competitive edge in an ever-changing market.
Learn why TULU not only captures tenant attention, but also boosts retention and creates new revenue streams.
Schedule a personalized demo and join the growing number of property managers transforming their buildings with TULU. Together, we can create an exceptional living experience for your residents!
