Attract new residents with technology renters want
Multifamily property managers constantly look out for new trends that might appeal to prospective renters. While you don’t need to jump on every bandwagon that passes by, adding key improvements can sometimes make the difference between a signed lease and a prospect walking away. First, we’ll take a look at hot technology renters want in 2019:
In Buildium’s American Renters Report, 30 percent of survey respondents ranked “energy efficiency” among their most important search criteria in a new apartment home. That makes sense, given that 81 percent of renters also report budget as a high priority. If you can deliver your residents cost savings in the form of lower energy bills, you could potentially justify a slightly higher rent.
Options to consider: energy-efficient appliances, updated lighting fixtures and even higher-efficiency windows.
In addition to in-unit smart technology, such as programmable thermostats, multifamily properties can attract safety-minded renters with features like wireless cameras and other security features.
Rental Housing Journal reported that:
“A survey from Wakefield Research found that 86 percent of millennials are willing to pay more for a rental property if it features smart-home technology. Both landlords and tenants see the value in these products.”
Forbes counsels property that smart technology is a must-have for many renters that’s worth the investment. Although some technology, such as Internet-enabled refrigerators, carry a hefty price tag, there are other budget-friendly options:
“For a feature that is a little bit more low-key, include Alexa devices in every unit. Apart from the obvious Alexa capabilities, today’s renters can even make rental payments through voice technology and submit maintenance requests through it.”
Consider how you can make life easier for your residents when considering any smart technology amenities.
Apartment Guide lists 103 technology “musts” for renters. While a dog camera is not a renter necessity, it could make a nice perk to offer in a pet-friendly community. Take a look at the full list for some inspiration.
Lifestyle and eco-friendly features
Browse Multifamily’s Executive Magazine’s “Green” section to see the gamut of eco-friendly features within the multifamily industry. More renters now demand green spaces and homes that fit their environment-conscious lifestyles -- and properties have heeded the call.
Take, for example, the Chicago condo complex that will offer Tesla electric car sharing to its residents starting next year. That highly unique amenity combines two important renter lifestyle needs: eco-friendly transportation and the convenience of the sharing economy.
While offering a small fleet of Teslas to residents might be out of reach (or seem nutty!) for many multifamily properties, managers should take note. Any improvements that support residents’ quality of life and also reduce environmental impact will draw in a significant portion of prospects.
Consumers want to align with brands that fit their values, and choosing the right apartment community as their home could be one of the most important brand choices they make.
In future blogs, we will take a deeper look at what renters want in 2019 and beyond. The list might surprise you.
If you need help developing a relevant and unique multifamily brand and marketing strategy, contact us.