With the millennial crowd forming the majority of renters, it is crucial for property management to not only satisfy their needs but also consider new amenities that would attract them to the community, or make them renew their leases. The best strategy would be to focus on latest tech amenities that are most sought by modern renters.
This is not just for the urban housing sector, but also a vital point to consider for outer areas where the developments usually take place at a slower pace. If property management or property owners want to gain a competitive edge this year, these high tech amenities are worth considering.
While a fully automated home may still be a dream, it is still worth considering various smart features that can make a major difference to a community. For instance, Bluetooth speakers, Apple TVs, and integrated docking stations are going to become common, and renters will seek better Wi-Fi connectivity and ability to control their homes from their tablets.
Certain luxury communities have already introduced the latest platforms such as Monarc Tree that enable renters to control their entertainment system, lighting, and thermostat settings through an app on their smartphone. Property management will have to keep a close eye on these technologies, if they want to capture the section of renters looking for smarter homes, which is increasingly growing by the day.
Vehicle Sharing Services
Most of the millennial crowd hates the hassle of owning and maintaining vehicles. They prefer to be near workplaces, schools, and shopping malls. However, they are attracted to communities that have vehicle sharing services on-site or nearby. Ride-sharing services are increasingly becoming popular all over the country, and many have introduced features that make it more convenient. Users can now easily check availability of vehicles, make place reservations, and even pay for the services using their smartphone.
Energy Efficiency and Environment Friendly
Most renters now prefer communities that implement energy efficiency plans and green features. This has prompted many communities to seek certification from LEED (Leadership in Energy and Environmental Design) program. Communities have to satisfy certain prerequisites for earning points and receiving particular certification levels.
For instance, a carbon dioxide sensor may be required to for controlling the thermostat for DCV (Demand Control Ventilation). Certain communities that have gained high levels of LEED certification have CHP (Combined Heat and Power) plants on their site. These plants capture energy that is usually lost in generating power, and use it for heating water, and overall heating and the cooling of the units. This decreases the community's dependency on the grid, and helps a fantastic deal in saving on utility costs.
Property management will have to consider many things before enhancing features and planning upgrades. However, the main considerations will be the budget and target audience. It is essential to know how the feature is valued by your target audience. For instance, a pet lover might appreciate a dog spa, while a young renter might consider it a joke, and would be seeking connectivity for his Xbox in the theater room.