Tech Responds to Millennials’ Demand for More Efficient Rental Processes
Nearly 40% of renters across the U.S. are millennials.
In addition to being the largest rental demographic, they are renting longer before purchasing a home than their parents and grandparents did. To meet the increased need, thousands of new rental units have come on the market in recent years, with a record 453,000 units expected to be completed in 2019.
Choosing from so many options presents millennial renters with a daunting task – finding the best style, location and price for their needs, while juggling a job, school and a social life.
As the first digital native generation, millennials are tech-savvy multi-taskers who like to browse online before buying, rely on opinions from real people who have used a product or service, and value honesty, transparency in interactions with brands and services. This is the first generation that have come to expect technology solutions in all parts of everyday life.
They regularly browse merchandise and make purchases via their cell phones. So it’s no surprise that they think spending their weekends visiting apartment complexes, completing paper rental applications and writing checks just doesn’t seem like the best use of their time.
Responding to these trends, UpTop, a RentalTech company has emerged with a platform which connects property managers and owners directly with tenants digitally, right on their smartphones. From its base in New York, UpTop is expanding to more U.S. cities to offer a rental process that’s transparent, efficient and significantly more cost effective, benefiting owners / managers and tenants alike. Rental issues that UpTop is solving include:
- Renters being able to see what they’re getting by viewing real units in the UpTop app – as fake listings or switch and bait is reported as one of the primary struggles of the renting process.
- Completing the entire rental process on their smartphone, from the application to making payments
- Easily rent with roommates if desired – UpTop allows groups to share listings, apply together for a unit and split rent for payments
- Pay their rent automatically from the platform
- Get faster service by submitting maintenance requests or other concerns from their phones via UpTop
- Owners / Managers pay nothing for UpTop service – it’s free for both renters and landlords/owners/property management.