New data reveals new era of tenant expectations and property
management strategies
TORONTO, July 24, 2024 /PRNewswire/ -- simplydbs, in
collaboration with Yardi®, has released the 2023/2024 simplydbs CND
Snapshot report, highlighting key changes in the Canadian
multifamily market. The report, based on data from the 2023
Canadian Multi-Residential Satisfaction Survey (CMRS) and the 2024
Housing Provider Survey, provides insights from real estate
professionals managing nearly 400,000 units, revealing
transformative trends in the industry.
Yardi has supported simplydbs since 2022, helping provide
current insights into the multifamily market. simplydbs, a
Canadian-owned third-party real estate feedback platform,
specializes in gathering and analyzing data to enhance property
management and tenant satisfaction.
Data on the multifamily market in Canada is often limited, yet the dynamics are
shifting rapidly towards digital solutions. As the industry
embraces technology, the need for robust, comprehensive data
becomes more critical.
The report identifies several key trends reshaping the
industry.
- Property-specific websites: 92 percent of
respondents find these highly beneficial, surpassing internet
listing services.
- Fraud concerns: The rate of fraud applications has
increased, with 41 percent of housing providers reporting a one to
ten percent increase.
- Online reputation: Maintaining a positive brand is
crucial as renters increasingly rely on online reviews and
ratings.
- Demand for apps: 88 percent of tenants with a
building app, use it to create and track maintenance requests.
- Limited Resources: 57 percent of housing providers
feel they can't keep their websites up to date due to lack of
internal resources.
"Preliminary findings from our 2024 CMRS study underscore a
consistent shift among renters towards Property Specific Websites
over Internet Listing Services. Nearly 90 percent express a strong
preference for these tailored platforms. Google Reviews continue to
dominate as a trusted source for due diligence, while high
satisfaction with maintenance request apps highlights their pivotal
role in enhancing tenant experience," said Sarah Segal, CEO of simplydbs. "The demand for
such digital tools is evident, with 75 percent of non-users
expressing interest in adopting them. Harnessing resident and
tenant data proves invaluable, benefiting both operational
efficiency and strategic decision-making across our industry."
"It's impressive to witness the market's evolution, especially
regarding tenant expectations and technology adoption," said
Peter Altobelli, vice president and
general manager of Yardi Canada Ltd. "The shift towards digital
experiences brings more focus on centralized platforms. Using a
single platform to manage apps and portfolio wide data is the best
practice to streamline these processes effectively and ensure a
seamless customer experience."
To contribute to the 2025 Canadian Multi-Residential
Satisfaction Survey (CMRS) and gain further insights into the
evolving multifamily market, visit 2025 CMRS.
About simplydbs
simplydbs is a Canadian-owned company
that provides third-party resident and tenant feedback services.
Through comprehensive data collection and analysis, simplydbs helps
property managers enhance tenant satisfaction and streamline
property management processes. For more information, visit
simplydbs.com.
About Yardi
Celebrating its 40-year anniversary in
2024, Yardi ® develops industry-leading software for all types and
sizes of real estate companies across the world. With over 9,000
employees, Yardi is working with our clients to drive
significant innovation in the real estate industry. For more
information on how Yardi is Energized for Tomorrow, visit
yardi.com.
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