Plus, information is provided through really high-fidelity interactive experiences. People not only crave instant access, but demand an interactive experience which answers questions, streamlines search and empowers them to make decisions easily and without the help of a third party. In fact, companies failing to meet users' demand for immediacy will find people defecting in favor of those who do.

It's Time for an Update

Although the fact that renting an apartment is a major life choice, it doesn't have to be cumbersome or frustrating—with a few key changes, it can easily become straightforward as ordering an Uber or shopping on Amazon.

To do this, today's technology should provide key information and immediately at their fingertips and from their phone.  Price and unit location, which are readily available, are essential factors; but so are qualitative factors like unit location and appearance. Software, such as Engrain's SightMap, brings this information to the forefront and gets users that much closer to one-click instant gratification. For instance, maps and tours add fidelity to the bare-bones listings on ILS sites and offer prospective renters a more highly designed experience, which satisfies the need for information in real-time.  Through SightMap, users gain necessary details—including specific unit location, pricing, and more—all in one place without needing to jump between multiple websites and systems.

Other technology, like Matterport's 3D-camera and virtual tour platform further enable a renter's independence. Matterport's cameras capture 3D digital copies of a space, giving renters on the hunt for a new apartment the ability to virtually walk through a residence. In this way, prospective renters continue to leverage technology as an efficient way to shop for and experience a space, without ever leaving their computer.

What's Next?

The evolution of the apartment hunt is only beginning to take shape. Its future, and the entire renting process will only continue to experience significant advancements thanks to new technology.

For instance, one emerging trend already gaining speed is self-touring. Soon, apartment seekers will be able to peruse a possible new home independent from a third-party and through the use of smart technology.

Until now, visiting properties in person represented somewhat of a headache. For instance, there are often situations where it's impractical or otherwise inconvenient. Typically confined to business hours, it can be nearly impossible to find a time that works for everyone—whether it's balancing multiple roommates' schedules, or a spouse with irregular working hours— scheduling a tour can be an incredible challenge.

However, on-site tours remain a necessary part of the process for finding a new home, especially because people are typically only willing to commit after an on-site visit. With these resources, users can eliminate less-than-perfect listings and significantly narrow options in advance. The ability to confidently develop a specific set of targets means users save time, tour less and limit the inconvenience of coordinating multiple in-person visits.

This is partially why the industry is beginning to see a paradigm shift toward self-touring. Self-touring means renters can see a space in-person, on their own time, at their convenience and completely independently. Through smart technology integrations such as Engrain's SightMap with reservation and IOT systems, and a TouchTour as a kiosk, renters gain a great curated experience, even when a leasing agent is not available.

Beyond the renter's ability to see a new space, sometimes finding an apartment also means finding new roommates. Again, technology is playing an increasing role, and creating a new level of efficiency, for what can be an annoying, tedious and timely process. Shared-housing platforms such as Roomi or Nesterly can be credited with providing a smarter approach to finding new roommates or filling an empty room. Roomi connects renters in need of individual rooms with renters aiming to fill vacant rooms—plus, factors in roommates' like-mindedness for the best match possible.

Alternately, Nesterly targets older homeowners, or “empty nesters,” who have newly available rooms now that their grown children have moved out. The app uses a messaging system for both parties to negotiate rent, length of stay, and more.

Among other tech contributing to this shift—companies like Blueground, a hospitality technology company, are making it easier for renters like business professionals to book medium to long-term accommodations in cities around the world. Conscious of the renters' growing desire for flexibility and mobility, Blueground connects potential renters with high-quality properties in the most sought-after areas of a city all through their website or app.

It is evident technology is empowering and it will continue to inspire the modern-day renter. Companies who leverage technology to meet changing consumer demand, such as the renter's desire for independence and smart, will ultimately find success in today's evolving real estate climate. Alternatively, those who fail to meet this demand will fall behind competitors who do and will need to strategically align with tech-centric trend.

Brent Steiner is CEO of Engrain. The views expressed here are the author's own and not that of ALM's Real Estate Media Group.