Times are constantly changing, especially where technology is concerned. It’s hard to keep up. But if you have a multifamily apartment complex, you’d better. There are some important things you’ll need to include on your property in order to attract millennials and make your residents feel secure.
Technology – Friend or Foe?
While technology is definitely a friend, it can also be an enemy if you don’t keep up. The problem with multifamily residences is that it generally takes a while to build them. It’s hard to know what the latest gidgets and gadgets will be by the time it’s open for business.
You may already have a residence in full swing. The same is still true though. What do you bring on board in order to attract millennial renters and how do you incorporate the technology to keep them feeling safe on the property?
It’s a given rule of thumb that when you are planning, you need to anticipate two years into the future. No problem, right? You know that everyone will need a docking station two years from now. That’s a given. Isn’t it?
Things change like the wind, though. It may be very true that your residence will need docking stations. But…what if the charging devices change? Before you laugh, that very scenario happened to a multifamily residence owner not so long ago.
You’re in luck, somewhat at least. Architects are used to bumping ahead two years (or more). If they didn’t, they’d likely be out of business. You can learn “Next Generation Development” from the pros.
Here are a few goals to keep in mind concerning technology:
- Do the math. Be sure you will make a decent return on your technology investments.
- Consider your demographics. If your tenants are retirement age, the latest technological features aren’t as important as they are if you are renting to millennials. But, security may be vital to their living arrangements.
- Figure in your target renter’s budget. While your property may lend itself to millennials, do they have the means to afford the latest technology features they want? Those who can swing it will find a way to do it. That’s pretty much a given. But if they can’t afford it…they simply can’t.
Three Must-Have Technological Features for Millennial Tenants
According to the experts in the field, there are three things you’d better have on your premises if you are hoping to attract millennials. They are as follows:
1 – Entries with smart systems
Millennials are beginning to look at keys like they do phone booths. They are just about obsolete as far as the younger generation is concerned. And, rightly so. They are a bother.
All-access doors on site also fall into the keyless category too. Residents don’t want to try to keep up with a key to go use the gym or the pool. Neither do they want intruders to be able to access the common areas.
Keyless entry in general though, poses problems of security. That’s where smart keyless entry is optimal. It protects your residents and serves their needs at the same time. And, it gives you the ability to know who was where.
In a study conducted recently, 86% of millennials were willing to pay up to one-fifth more for smart features. Smart locks were on the top of the “most wanted” list. Do the math.
2 – Sound systems
Bluetooth technology rules the world. The pros in the field of technology anticipation recommend the installation of Bluetooth speaker systems in bedrooms and living spaces so residents can jam to their own music choices.
Another plus with this feature is it promotes a mode of sound that won’t over power the neighbors as many stereo systems will.
3 – Smart management systems
Smart home technology is popular for many reasons. It offers security, convenience and meets needs. It can be used by your residents to check on their apartment when they are not at home. It can also come in handy to dim a light or turn up the television.
Need to lock your door? You can automatically do so with a smart home management system. Millennials are economically conscious too. They like that the smart systems save on energy.
Technology is moving fast. Don’t get left behind. You not only need to catch up with the crowd if you want millennial tenants, you’ll need to stay one step ahead of them too.
It’s a tall order but by making sure you have the three most important things at their fingertips, you are well on your way to success.
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