Generally speaking, renters are most attracted by amenities that offer safety and convenience.
 
The NAA and NMHC both report that renters are most interested in security-related amenities, while National Real Estate Investor says the “No. 1 item on most renters’ wish lists is technology focused on convenience.” And the NAA says that 31% of renters would pay up to $10 extra per month if it were easier to retrieve packages.
 
Residents “want to live in a smart, connected environment with modern amenities,” according to Entrata, the property management software vendor. Entrata also provided a ranking of the “Five Most Important Smart Home Amenities to Residents.”
 
 
Amenities focused on security and convenience

 

 

Above all, remember that amenities alone aren’t enough to keep residents happy. A survey conducted by Multifamily Executive of more than 84,000 renters indicates that property managers need to make sure the amenities work most of the time.

 

Download the Amenities Residents Really Want Have Changed

 

The emerging property technology space is a relatively recent amenity that is becoming increasingly popular with residents and property managers alike. It combines convenience, luxury, and safety while answering the wishes of many of today’s renters across all demographic groups.

There are many types of property technology-focused amenities such as smart intercom systems, which allow building tenants and managers to open and manage doors from anywhere via their smartphones. These systems also include two-way video and audio as well as text messaging, all without requiring any additional wiring or in-unit hardware.

What’s more, they offer time-stamped entry photos, virtual keys and delivery PINs, and can even integrate with property management software for simple tenant management. With a smart intercom system, it’s easy to manage property access for service providers, couriers, and guests.

It provides better security for tenants and makes it easier for property managers to manage tenant turnover.

 

Think about amenities now

 

The sooner property managers integrate smart technology in rental units, the sooner they can outpace the competition, reduce vacancies, and increase tenant retention rates.

Also, remember that properties being developed now won’t be occupied until the early 2020s. And given the rate of technological advancement, if developers and property managers aren’t thinking on the cutting edge of today’s tech when planning their properties, their buildings will be behind the competition almost as soon as they are complete.

 

Amenities Residents Really Want

John Tamn

Author

John Tamn

I enjoy writing about real estate, property management, and PropTech. I live and work in New York City.