The Evolution of Leasing: What 3.0 Means for Multifamily
The world of multifamily leasing is changing fast. What used to be a simple transaction (Leasing 1.0) has evolved into an experience-driven process (Leasing 2.0). Now we’re entering a new stage: Leasing 3.0, where technology, customer expectations, and community all converge. Our recent roundtable explored what this means for operators, teams, and residents—and how to stay ahead of the curve.
Market Trends and Renter Behavior
Renters are shopping more properties than ever, and one surprising trend is clear: higher concessions often tie to a worse customer experience. Meanwhile, AI is reshaping how prospects find apartments. About 65% of searches begin on listing sites, 51% on community websites, and 11.5% are now driven by AI. Renters also pay close attention to reviews—especially the bad ones. They want to know how management responds, not just how shiny the amenities are. As a result, companies are shifting KPIs away from closing ratios and toward lifetime value, renewals, and resident satisfaction.
Borrowing from the Savannah Bananas
One of the most interesting comparisons came from baseball. The Savannah Bananas have built an enormous following with almost no traditional marketing. Instead, they focus on unforgettable experiences that people want to share. Multifamily can do the same. By creating memorable leasing experiences, operators can spark organic word-of-mouth and stand out in a crowded market.
From Leasing 1.0 to 3.0
Some basics never go out of style: greeting people warmly, standing to meet them, having a real conversation. But today’s renters expect more. Leasing 3.0 blends those traditional skills with video, personal branding, and seamless technology. Younger generations may not come in with natural soft skills, which means training has to cover both interpersonal and digital communication.
Redefining Customer Service
Customer service doesn’t mean the same thing to everyone anymore. For some renters, the best service is self-service. Self-guided tours are gaining traction with all age groups, offering convenience without pressure. Communication should adapt too—some prospects prefer a text, others still want a phone call or an in-person conversation.
Modernizing the Shopping Process
Traditional shop questions don’t always capture what matters most. The real question is: Would you lease here? That emotional response tells the bigger story. Operators also need to fix persistent issues like closed offices, slow AI responses, and outdated website information. Seamless technology can reduce friction, but it has to work.
The Future of Leasing Roles
As technology handles more basics, leasing roles are likely to become more specialized. Entry-level leasing may fade, replaced by positions that require higher skill sets and a mix of human and digital expertise. Centralized teams could handle administrative tasks, while on-site associates focus on advising and connecting. Incentives may also shift, with bonuses tied to lifetime renewals instead of just move-ins. And personal branding matters more than ever—leasing professionals can be micro-influencers who attract residents with their own voices and stories.
Breaking Sacred Cows
Our group called out several outdated practices: rigid tours, poorly executed drip campaigns, forced touring methods, and office hours that don’t match customer preferences. The takeaway? Operators need to challenge tradition and rethink what actually serves today’s renters.
Balancing Tech, Lifestyle, and Community
AI and automation are helpful, but they can’t replace the sense of belonging that comes from lifestyle and community. Resident-generated content, authentic referrals, and stories from the community itself are powerful marketing tools. Interestingly, even Gen Z is showing signs of wanting to disconnect from tech at times, leaning into flip phones and simpler habits—a reminder that balance is key.
Empowering Leasing Teams
Finally, flexibility matters. Remote work options, hybrid schedules, relaxed dress codes, and trust in employees can go a long way in attracting and retaining talent. Empowered teams not only perform better, they create better experiences for residents.
The Big Takeaways
Lifetime value is the new closing ratio.
AI is no longer optional—it’s already shaping searches and operations.
Experiences drive leasing more than ads.
Leasing professionals need both soft skills and digital fluency.
Customer service now includes self-service.
Tradition isn’t always best—some sacred cows need to go.
Community and lifestyle are stronger differentiators than technology alone.
Flexibility and empowerment are essential for today’s leasing teams.
Leasing 3.0 isn’t just a buzzword—it’s the next chapter in how multifamily connects with renters. Those who blend technology, humanity, and community will be the ones to thrive.