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Insider: How PropTech Is Transforming Purpose-Built Rental Development

As the name suggests, the purpose-built rental (PBR) sector focuses on the construction of new homes specifically for renters, rather than buyers. Across North America, rising home prices, evolving renter preferences, and a growing demand for flexible living options have led to the growth of this sector.With increasing demand for high-quality, long-term rental options, competition is fierce, and renters expect more than just a well-designed unit. They want seamless digital experiences, smart home integrations, and high-touch service — without the headaches of homeownership.For developers, this shift presents both an opportunity and a challenge. How do you attract and retain tenants while keeping leasing and operational costs under control? The answer lies in PropTech — property technology that streamlines leasing, enhances resident experiences, and improves asset management.For developers and operators, the question is no longer if they should integrate PropTech, but which solutions will provide the most value. Tech-Driven Leasing: Rethinking the Renter JourneyTraditionally, leasing an apartment involved phone calls, in-person tours, and paperwork — a slow and friction-heavy process. Today, PropTech has revolutionized the leasing journey by introducing digital tools that have created tremendous efficiencies. These tools don’t just speed up the leasing process—they also allow property managers to engage with renters in a way that feels modern and intuitive. Virtual Leasing & AI Assistants: Prospective renters can book tours, chat with AI-driven leasing agents, and complete applications from anywhere, at any time. This reduces the time it takes to convert interest into signed leases.Immersive 3D Tours & Digital Showrooms: Instead of relying on floor plans or physical show units, renters can explore buildings remotely through interactive 3D experiences. This is particularly valuable in pre-leasing, when buildings are still under construction.Smart Data & Dynamic Pricing: Real-time analytics from a digital platform or AI assistance help developers adjust pricing and incentives in real time, ensuring maximum occupancy without undervaluing units.One developer we work with put it simply: “Technology is allowing us to lease smarter, not harder. We can engage renters earlier and close leases faster — with fewer resources.” Beyond Leasing: PropTech’s Impact on OperationsOnce the lease is signed, the focus shifts to efficiency and retention. Smart building technology is now a core component of PBR developments, helping reduce operating costs and enhance the resident experience. Smart Building Systems: IoT-connected devices allow operators to track energy usage, optimize HVAC systems, and improve security. This reduces operational costs while offering a better resident experience.AI-Powered Maintenance & Repairs: Instead of waiting for problems to arise, predictive maintenance tools use AI to identify potential issues before they become expensive repairs.Automated Property Management: Tenant portals allow residents to pay rent, submit maintenance requests, and communicate with management seamlessly, reducing the need for on-site staff while improving service.Creating a ‘Stickier’ Rental ExperienceIn today’s rental market, leasing a unit isn’t just about filling a vacancy — it’s about creating a community where people want to stay. Retention is critical to a successful PBR strategy, and PropTech plays a key role in delivering a modern, frictionless living experience.Tenant Apps & Digital Portals: Mobile apps now allow residents to pay rent, submit maintenance requests, and engage with their community — all from their phones.Smart Concierge Services: AI-driven platforms keep tenants informed about building updates, package deliveries, and upcoming events, reducing management workload while improving responsiveness.Resident Engagement & Personalization: AI-driven platforms learn renter preferences, offering personalized recommendations for events, services, and promotions that enhance community engagement.Seamless Communication: Mobile apps and automated notifications ensure that residents stay informed, whether it’s about package deliveries, maintenance updates, or social events.As one of our clients put it, “We’re in the business of creating communities, not just buildings.” Shutterstock What’s Next for Purpose-Built Rental & PropTech?Looking ahead, the next wave of PropTech innovation will take PBR developments even further. Blockchain-enabled leasing, AI-powered personalization, and digital twin modelling for asset optimization are just a few of the advancements that could redefine how developers design, market, and manage rental communities.For those investing in purpose-built rental, leveraging PropTech isn’t just about staying competitive — it’s about future-proofing assets and delivering what modern renters expect. The developers who integrate the right tools will not only lease faster and operate more efficiently, but they’ll also create thriving, future-proof communities that renters don’t want to leave. And in a market that’s becoming increasingly competitive, that’s the ultimate advantage.______________________________________________________________________________________________________________________________This article was produced in partnership with STOREYS Custom Studio.