Canadian Multifamily Market Analysis: 2023/2024 simplydbs Report Insights

New data reveals new era of tenant expectations and property management strategies

TORONTO, July 24, 2024 /CNW/ -- simplydbs, in collaboration with Yardi®, has released the 2023/2024 simplydbs CND Snapshot report, highlighting key changes in the Canadian multifamily market. The report, based on data from the 2023 Canadian Multi-Residential Satisfaction Survey (CMRS) and the 2024 Housing Provider Survey, provides insights from real estate professionals managing nearly 400,000 units, revealing transformative trends in the industry.

Yardi has supported simplydbs since 2022, helping provide current insights into the multifamily market. simplydbs, a Canadian-owned third-party real estate feedback platform, specializes in gathering and analyzing data to enhance property management and tenant satisfaction.

Data on the multifamily market in Canada is often limited, yet the dynamics are shifting rapidly towards digital solutions. As the industry embraces technology, the need for robust, comprehensive data becomes more critical.

The report identifies several key trends reshaping the industry.

• Property-specific websites: 92 percent of respondents find these highly beneficial, surpassing internet listing services.
• Fraud concerns: The rate of fraud applications has increased, with 41 percent of housing providers reporting a one to ten percent increase.
• Online reputation: Maintaining a positive brand is crucial as renters increasingly rely on online reviews and ratings.
• Demand for apps: 88 percent of tenants with a building app, use it to create and track maintenance requests.
• Limited Resources: 57 percent of housing providers feel they can't keep their websites up to date due to lack of internal resources.

"Preliminary findings from our 2024 CMRS study underscore a consistent shift among renters towards Property Specific Websites over Internet Listing Services. Nearly 90 percent express a strong preference for these tailored platforms. Google Reviews continue to dominate as a trusted source for due diligence, while high satisfaction with maintenance request apps highlights their pivotal role in enhancing tenant experience," said Sarah Segal, CEO of simplydbs. "The demand for such digital tools is evident, with 75 percent of non-users expressing interest in adopting them. Harnessing resident and tenant data proves invaluable, benefiting both operational efficiency and strategic decision-making across our industry."

"It's impressive to witness the market's evolution, especially regarding tenant expectations and technology adoption," said Peter Altobelli, vice president and general manager of Yardi Canada Ltd. "The shift towards digital experiences brings more focus on centralized platforms. Using a single platform to manage apps and portfolio wide data is the best practice to streamline these processes effectively and ensure a seamless customer experience."

To contribute to the 2025 Canadian Multi-Residential Satisfaction Survey (CMRS) and gain further insights into the evolving multifamily market, visit 2025 CMRS.

About simplydbs
simplydbs is a Canadian-owned company that provides third-party resident and tenant feedback services. Through comprehensive data collection and analysis, simplydbs helps property managers enhance tenant satisfaction and streamline property management processes. For more information, visit simplydbs.com. 

About Yardi
Celebrating its 40-year anniversary in 2024, Yardi ® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 employees, Yardi  is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com. 

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SOURCE Yardi

Leah Etling, Yardi Systems Inc., 800-866-1144 x1207, [email protected]