School is (almost) out for the summer. For many families, this provides the perfect opportunity to reevaluate their living situation and move to a better-suited property, especially after two years of restricted real estate options.
According to Moving.com, there are five key reasons driving residential mobility this year: moving closer to friends and family, rental affordability, being able to work from anywhere, larger living space, and a different climate.
Interestingly, the first three reasons can be directly linked to recent global events and the shift it has created in how we all live and work. To appeal to this new residential demand, we must identify the elements missing from their current multifamily rentals.
7 tech upgrades families are looking for this summer
1. Smart thermostat
Proptech solutions for improved energy efficiency and cost savings, such as smart thermostats, will be highly attractive to those looking for more affordable rental options this year.
With uncertainty around the rising costs of living, as energy prices are forecasted to increase by up to 12% in the US, lots of residents are looking for ways to cut back their spending.
So, if you haven’t already, now is the perfect time to invest in a smart thermostat. Not only will you appeal to those on the move, but you can counteract rising energy tariffs by cutting usage up to 23%. This shouldn’t be dismissed, as the cost of heating and cooling a property accounts for almost half of its total energy bill!
What’s more, installing a smart thermostat drastically reduces maintenance costs of your HVAC system with some property managers seeing annual savings of $250!
If 4 of 10 viewers lose interest when struggling to book a rental tour time it’s likely this dismissal of properties is even higher for parents who are busy, stressed out, and pushed for time.
You can only close a deal on a property agreement if prospective residents actually get to see it. So, don’t make it difficult for them to tour the rental.
Use IoT-connected tech with contactless locks to offer prospective residents the freedom to view your multifamily rental at a time that is convenient for them.
3. Automation
Show prospective residents how your rental can take care of itself, with home automation technology that monitors energy and water usage, leak or damage risks, security issues, and more, so they can focus on taking care of their family.
Connecting smart home tech to a property management solution allows you to do just this. Plus, you’ll also be creating more time for yourself to focus on building your business while saving yourself and the residents money!
4. Smart lighting
Globally lighting consumes 19% of electricity and is responsible for up to 6% of carbon emissions.
As much as we all try to be more sustainable, it’s far too easy to accidentally leave a light on. Now imagine you’re running out the door to get your children to school on time – lights become the least of your worries.
Help residents remain eco-friendly no matter how busy they are with smart LED lighting they can control from anywhere through their mobile phones, and see savings of up to 70% in energy consumption.
5. Smart locks
80% of surveyed US residents said smart home technology gives them reassurance that a property will be safe for them and their loved ones.
Smart locks, for example, allow access via a code, so there’s no risk of keys getting into the wrong hands or residents being locked out.
As many prospective residents are moving to be closer to family and friends it’s very likely they’ll host guests regularly. Offer a more convenient way of living by removing the hassle of walking (possibly miles) to the apartment complex’s front door in order to let someone in.
If you have a non-walk-up building, you can also install a Community Access solution for communal areas such as pools, laundry rooms, or seating areas.
6. Connected home
Findings from our Property Management Insights Report show a high demand for smart home technology in multifamily properties. Over 1 in 3 residents have expressed wanting their current or next rental to have several devices, the most popular being smart door locks. This creates a fantastic opportunity for property owners to appeal to those not having their needs met at their current residence.
Use an IoT network to connect all smart home devices, from locks to lights to thermostats. As a property manager, you’ll benefit from up-to-date notifications, data analysis, and security of assets, and residents will benefit from having full control of their homes from a single app.
7. The whole package
Almost two-thirds of rental residents want more than one smart home device, so it may not be enough to simply install one of the above technologies.
But don’t worry, there’s no need for you to sign up to multiple companies to meet residential requirements, simply choose a top all-in-one property management platform that integrates the latest smart home technology. Through wireless technology you’ll be able to access and control everything in one place.
What are you waiting for? Boost your occupancy levels this summer by attracting the surge of families on the move with the latest property automation tech for simplified, convenient living.
Take our virtual tour to experience a fully connected platform with the power to transform your business.
