Tech Responds to Millennials’ Demand for More Efficient Rental Processes

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.
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After earning her bachelor’s degree in journalism at the University of Central Florida, Tracey set out in the real world at Florida Realtors in 1994 as a communication assistant, working her way up to editor in chief of Florida Realtor magazine. In 2004, she left the association to start her freelance writing and editing business. One of her first clients was REAL Trends, and she started working for the organization in 2005. In 2014, Tracey was promoted to editor in chief of publications for REAL Trends. She handles the writing and editing of all REAL Trends publications and marketing materials, including LORE Magazine, the REAL Trends newsletter and the blog. She is also the primary podcast interviewer where she conducts interviews with top real estate industry leaders and affiliated industry leaders. Tracey is married with two children.

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