Making Leaving Harder

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Technology's sole purpose is to make life easier, more sustainable and perhaps, even more delightful for its users - that's us. 

Most property technology today is invested heavily on the easy and sustainable bit, and rightly so. 

But new proptech platforms are trying to address delight too, raking in big gains in the process. 

Zooming In

The latest bunch of property tech startups are betting that after a year spent locked indoors, residents living on rent can use a little help meeting and mingling with their building neighbours.

These techies are aiming to create hyperlocal social networks designed to connect renters with nearby events, businesses as well as other renters. 

Their business mantra? If renters feel connected to where they live, they’ll be less likely to move.

Behind The Seen

Every landlord and renter in a closed digital community is connected by an app, which the landlords pay for - typically a monthly fee per apartment that they own and lease out. 

Each property/area then gets a dedicated volunteer “area leader” who organizes events. There’s a newsfeed on the app to post about upcoming stuff and a marketplace to buy and sell goods and services: drumming lessons, for example. 

Does It Work?

Data from Venn, one such proptech startup shows that buildings using its platform had reduced tenant turnover by 30% and vacancies by 40% in 2020 — a year when urban to rural migration rattled big cities worldwide. 

Going forward, proptech startups in the consumer delighting space reckon expansion of such tech will continue as tenants, craving experience will inevitably turn to such apps to participate and stay back in their community.