The wait is over! View the September 2023 Rentsync National Rental Demand Report.
As we move forward into a post-COVID existence we start to realize just how much technology has changed over the course of the last year. Pre-COVID, while we relied on tech for our day-to-day lives, we didn't realize just how big a role technology could play in our lives, in our work, and even in the place we live.
After the introduction of Google Home, Alexa, and Apple HomeKit we are seeing a rise in Smart Home advances. Being able to control your home from your phone was and is a sought-after feature amongst home buyers and now even renters. As property managers and landlords shift their amenities and rental agreements to offer rental incentives and more outdoor and shared common spaces they are also offering more tech amenities.
In a recent blog post that was shared on Arbor, they highlight various technology trends that are set to impact the apartment sector.
"While the real estate industry is known to be a slow adopter of change, multifamily owners are increasingly seeing the benefit of using some of these new solutions. Technology enables them to improve their current and potential tenants' quality of life in the hopes of retaining them as residents."
- Samantha Goldberg, Arbor.
These technology improvements include smart home advantages, mobile apps, and virtual community events.
Apartments are now being designed with digital amenities in mind. Renters are looking for smart home upgrades in their rental units. According to the Washington Post, smart locks, remote-access thermostats, Bluetooth showerheads, and even touchless features throughout the building are at the top of the list for new and even seasoned renters. These features are what will set units apart from one another.
Online shopping also became a sought-after activity among most of the population during the pandemic. In the same Washington Post piece mentioned above, we learned that renters can expect to see buildings offer "package lockers" to ease their minds when a package is delivered to their door. Package lockers are secured passcode boxes allowing renters quick access to pick up their packages at their convenience. These lockers are attached to a mobile app to alert renters when their package has been delivered and which locker it was in, helping to eliminate package thefts.
Tech has also played an important role in how we are able to interact with the community around us. Property owners and landlords are realizing the shift from in-person community events to digital events. Tech has allowed property owners to keep their tenants engaged in their community and include offerings such as online fitness classes, virtual book clubs, community zoom chats, and subscriptions to streaming services like Netflix, Amazon Prime, and Disney+. One of our clients, Rhapsody Living, is offering some great rental incentives including a $200 gift card to Netflix. These are the types of services and incentives that keep your turnover to a minimum.
Tech is also changing the way we interact with other residences and property owners or landlords. Buildings are introducing new features that allow residents to join a resident-only chat room, to book and browse different building services like dog walking, plumbing services, and even in-room massages. These features also allow residents to communicate directly with their property manager forgoing those ever-long email threads.
"Smart apartments will help managers do more for their residents. By integrating property management into the connected building network, they can spend less time on manual tasks and more time building their communities,"
- Blake Miller for Homebase.
Tech is changing how we live, interact, work, and play in the community around us. Smart home features, virtual events, and mobile apps are all things we have integrated into our daily lives. These digital platforms and features will continue to be sought-after amenities with new and seasoned renters. Tech is an ever-evolving space and plays a crucial role in the way we live.
As we move forward we can expect more tech advances in rental properties, and we'll see how developers continue to make digital conveniences paramount to the renter experience
September, 14 2023
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