A report says online services and tools are helping landlords to react to market changes and vacancy fluctuations much quicker than they have in the past, allowing them to change rent prices accordingly.
The changes can happen daily, reported the Wall Street Journal, and the paper says many property managers have embraced the climate as a way of maximizing every rental transaction. Certain programs allow landlords to determine local vacancy rates and adjust asking rents based on the length of a lease agreement or market supply versus demand. Hotels and casinos have used similar programs for years and many major rental property firms are picking it up, though smaller landlords say they're too costly and bulky.
The report added that other landlords are also adopting online lease document management, electronic signatures and other similar technologies. The process makes the entire rental transaction quicker and more convenient.
If you choose to, you can look, lease and live completely online without ever having to talk to your landlord," David Santee, executive vice president of property operations at Equity Residential, told the paper.
The National Apartment Association also says it will promote the use of online rent payments at its February conference in Las Vegas. The payment methods can be particularly useful for attracting younger tenants who are used to paying bills online.