In a competitive rental market, knowing what amenities renters want may be the most valuable ace up a property managers’ sleeve. Property management companies are continually searching for new ways to attract residents, and living in this information era, makes tech features among the most important amenities residents expect to find.
Technology offers property managers a great way to distinguish their properties from others in ways that draw potential residents in and helps keep them longer.
Get smart with security
Gen-Z, Millennials, or the fastest-growing group of renters—Baby Boomers, all want security and comfort at home. Standard amenities such as gated entrances and on-site security are major aspects that mostly Baby Boomers search for, while the other younger generations would like to incorporate smart home automation into the property such as doorbell cameras, ceiling cameras, smoke detectors, alarm systems and thermostats with the possibility to control the temperature, lighting, security and more, all from a single device, even if they are not at home. The Internet of Things helps multifamily owners and their renters save money by automatically adjusting property utilities like lights, temperature and humidity based on occupancy.
Energy savings and efficiency
Taking care of the environment is on everyone’s mind, and it’s clear that renters value more environmentally friendly amenities in their living spaces. There are a lot of strict environment laws and favor sustainable policies such as green energy development that a lot of property managers are implementing in their assets. Features can go from solar panels on rooftops to a recycling program into the community’s practices. Other amenities such as energy-efficient appliances, low-flow toilets and LED lighting could be a major selling point.
Technology opens doors
Smart locks don’t just let residents enter buildings and apartments with a smartphone, keycard or code, but they also represent new revenue opportunities for property owners and managers. Editor’s note: You can join Multi-Housing News’ webinar with smart access technology leader Latch and other experts, and find out how smart access systems can deliver benefits beyond security and convenience.