Did you know 90% of America's rental stock was built before 1999, according to a 2011 Harvard University housing study? That’s before the iPhone, Blackberry, cellphones, even PCs. Most people received TV via antenna! Yet now people expect all the conveniences of modern life: high-speed internet, mobile pay, push notifications, and more. Implementing all this shiny new smart-building tech in Class B or C properties may take some time, something property managers or owners don't have if they want to stay competitive.
What do tenants want?
Attracting tenants to a multifamily property is more competitive than ever. Prospects are weighing potential amenities as part of their decision-making. Besides physical amenities like storage space, fitness centers, or rooftop gardens, tenants consider the technological aspect. Smart home technology is increasingly in demand. Tenants enjoy optimizing their energy efficiency with automated sensors and smart thermostats. Security upgrades, such as video or remote locking and unlocking, are attractive. High-speed WiFi capable of streaming video is essential. The ability to pay their rent and fees online is expected. In case of emergency, contacting their landlord or the building manager should be simple and convenient.
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