The growth of the population in recent decades has prompted the urbanization of cities all over the world. The United Nations (2018) says that by 2050, 68% of the world’s population will have lived in urban areas. This means that the demand for apartment and condo living continues to grow.
Several reasons can explain this mass movement. In recent years, house prices have grown more than 40% faster than rental growth since 2015, according to Gitnux, making renting a more affordable option. To add to this, there is a reshaping of modern economies; since the concentration of wealth creation has a natural pull toward cities because of their network effects.
When looking at people’s lifestyle preferences and attitudes, opportunities matter. And because cities facilitate wealth creation through scale, network effects, productivity, and efficiency gains, people’s need for convenience is addressed when they live in cities.
This mass movement into cities has caused many concerns for property managers as well. Apart from the increasing difficulty of residents to look for available or vacant apartments, which is a concern pinpointed by Bloomberg, property managers are experiencing more pressure to deliver high-quality services for residents to maintain their credibility.
For many residents in apartment or condo settings, communication with property managers and maintenance teams can be a major issue. Residents may feel frustrated and inconvenienced when waiting to get timely updates on issues and repairs. They may even find it difficult to access important information, such as community policies or building regulations. This is a confusing experience for residents, especially when they don’t know where to turn to for help.
To add to this, security issues can be a dangerous issue to have for property managers because it says a lot about how apartment buildings and condominiums maintain their residents’ trust in their protection. In the end, the need for a streamlined and efficient platform that can address these issues has become increasingly urgent.
This is something that MyTower has focused on solving.
Enhancing City Living
MyTower offers a comprehensive service that is designed to address the problems faced by residents in apartment and condo settings all in one app. The platform includes a maintenance request feature that allows residents to quickly and easily report issues and request repairs. This feature includes photo and video capabilities, so residents can provide detailed information about the problem and ensure that it is addressed promptly.
But because it creates a centralized communication channel between residents and property managers, residents will find it easier to stay informed and connected. The platform includes a messaging feature that allows residents to communicate with property managers and other residents in real time, as well as a community calendar that provides updates on upcoming events and activities.
MyTower is a valuable asset for property managers as well because it’s highly customizable, which means that property managers can tailor the platform to the specific needs of their residents. This helps residents gain access to the tools and features that are most relevant to their situation and can avoid paying for unnecessary features.
Paving the Way for the Future of Living
Looking to the future, it’s clear that apartment and condo living will continue to play a major role in the way that people live in cities and urban areas. Of the population living in the top countries in the world, more than 40% are renters, based on RentCafe’s data.
MyTower is leading the charge when it comes to innovation in this space, with a platform that is designed to meet the needs of both residents and property managers. The platform’s data-driven approach and emphasis on customization and user experience make it an ideal solution for apartment and condo communities of all sizes.
For residents, streamlining their apartment living experience while addressing the challenges they are facing as residents is crucial to making city living more accessible, convenient, and enjoyable. This is why as this trend continues, platforms like MyTower will become increasingly important in helping to streamline the apartment living experience.