Renters are looking for luxury living with convenience and safety. Some new tech devices and home features fit the bill.
CHICAGO – Many real estate agents have a portfolio of investment clients that they help. Whether it’s managing an investment portfolio for a client and ensuring their properties are rented out and taken care of or helping with the property management on a larger property, real estate agents are often front-and-center when it comes to what’s working to bring in – and keep –tenants.
According to data published by The Rental Protection Agency, apartment rentals have risen by almost 20% across the U.S. since 2020, demonstrating the continuing popularity of apartment living. With more people than ever choosing to live in apartments over traditional homes, building owners and property managers must find new ways to attract tenants.
However, as demand increases for high-quality rental properties, the market itself becomes far more competitive. For real estate agents to reliably secure high-value tenants for their clients, and position their properties ahead of the competition, they must find new and exciting ways to entice renters.
By learning the key features tenants look for in a rental, and opting to prioritize technologies that make managing properties more efficient, real estate professionals who specialize in property management can make the most of increased market demand. With this in mind, below are 5 technology trends to be aware of.
1. App-based building controls
Smart home technologies are among the most desired features for modern renters, with one survey finding 82% want at least one smart device in their home. Perhaps the most useful of these technologies are app-based building controls. Enabling tenants to freely adjust, program and automate everything from lighting and HVAC systems to locks, blinds and power outlets.
Tenants can be issued credential-based access to a dedicated smartphone app from which their entire apartment can be adjusted, ensuring a truly personalized experience. In addition, renters can view real-time and historic data insights to help them keep on top of their energy usage. A benefit that can help to reduce energy waste and cut back on daily utility expenses.
2. Smart security and booking systems
Tenants have always prioritized well-implemented and proactive security solutions. However, traditional mechanical locks and manned guard stations may no longer be enough. To attract modern tenants, security management must become personalized and adjustable. One way to achieve this is to utilize combined mobile access, booking and building intercom systems.
From a single mobile app, tenants can manage personal property access, grant access to guests and interact with visitors outside. Such solutions can also be integrated into existing amenity scheduling systems. Tenants can book slots at on-site gyms, pools and workspaces from anywhere and at any time, helping them make the most of their privileges.
3. Intelligent apartment appliances
One technology trend that may be easy to overlook, though it could act as the deciding factor for tenants weighing two similar apartments, is the rising popularity of smart appliances. One survey published in 2023 found 33% of tenants rank premium appliances among their most desired apartment amenities. But only 12% said their landlords currently provide them.
By installing intelligent appliances equipped with digital controls, internet connectivity and AI technology in modern apartments, tenants can enjoy significant convenience benefits. Smart ovens, fridges, dishwashers and microwaves can be operated via voice controls, configured to activate automatically at set times and even remind tenants of tasks they need to complete.
4. Automated environmental sensors
Utilizing Internet of Things (IoT) sensors to improve building management processes and perform automated safety responses isn’t necessarily a new trend. However, it is one that can provide real value to tenants and property managers alike. Using a combination of IoT sensors, landlords can automate numerous essential safety, security and management tasks.
Examples include carbon monoxide, smoke and heat sensors, and motion and sound sensors connected to door locks to enable automated security responses. At the very least, the presence of automated environmental sensors will demonstrate to tenants that their safety and security is seen as a top priority by the landlord.
5. Electronic rent management systems
Making rent payments isn’t exactly a favorite on a tenant’s list of things to do, but it is necessary. Finding any way to streamline this process can help to attract tenants who view inefficient payment processes as a sign of poor management.
Electronic rent management software is the perfect solution, enabling tenants to automate payments and manage their accounts remotely. These solutions are also great for landlords and property managers, as tenants can make maintenance requests and report any issues they might have in a timely and organized manner, helping to speed up response processes.
With the popularity of apartment living continuing to rise, the market for high-quality rentals is becoming increasingly competitive. For real estate agents, landlords and property managers to attract and retain tenants, they must provide real benefits that modern renters truly desire.
By understanding technology trends and developing smart solutions positioned to support tenants in streamlining their lives, property owners can put themselves in a better position to outperform their competitors. Ultimately, choosing the right tech helps to secure great deals, and real estate professionals on top of the trends can help guide their clients to the right solutions.
© 2024 National Association of Realtors® (NAR)
©Florida Realtors®
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