These Technologies are Changing Multifamily for the Better
Once upon a time in America, there were more homeowners than renters. The government tried to push homeownership but the housing collapsed changed all of that. Today, the U.S. seems to be turning into a renters’ society and that trend is only going to continue.
Of the nearly 120 million households in America, 40% rent instead of own. Among millennials, that number jumps above 75%. Gen X was on pace to match their predecessors in homeownership until the collapse where they were hit the hardest, especially considering the average Gen X homeowner also carries around $30K in student loan debt.
These demographic shifts coupled with the ubiquitous nature of advancing technologies in Smart buildings, mobile devices, and wireless communication are having a big impact on how people live. In turn, multifamily is changing due to that same technology in order to meet the ever-changing demands of the nearly 40 million renters in the U.S. today.
6 Technologies Changing Multifamily for the Better
Now that millennials make up the majority of homebuyers and renters, technology is at the center of most of the changes happening in the multifamily sector. We can point to several new cool technologies that are helping property owners and managers by making their jobs easier, more efficient, plus tenant retention high – particularly these 5:
#1: Drones for Deliveries
Millennials and Gen Z are opting for public transportation or are biking and walking to and from work. The move in congested cities is to get rid of as many obtrusive parking spaces as possible. One way to help overcome that problem is through drone deliveries. While that technology is far off, what landlords and building owners are doing is offering better tech-enhanced deliveries.
Bisnow estimates that almost half of millennial aged adults receive packages from online orders at least a few times per month. Devising new ways to design buildings that account for today’s advancing technologies as well as tomorrows will set one building apart from another. Deliveries are an often overlooked area of change we’re seeing in how buildings must operate.
#2: Buildings Tenants Can Talk To
Smart buildings are only the beginning of the changes in store for multifamily. Right now, linking Smartphones to building wireless networks and HVAC is becoming standard. What residents will expect is a total immersive experience where voice activation and facial recognition technologies eliminate the need for getting online or making a call for maintenance, door entry, package delivery, payments, applications, etc.
#3: Data-Driven Personalized Resident Services
Advances in CRM are driving the changes in personalized residential services. Buildings are being equipped with technology that not only provides automated services but can learn tenant preferences and automate processes based on data collected through sensors and beacons.
#4: Monetizing Building Energy Savings
Green technology is making it so that building owners can actually monetize savings on energy. Simply by installing energy efficient windows or solar panels, building owners can increase profits through tax incentives, solar power regeneration, and can pass those savings on to tenants as a selling point.
#5: Connected Buildings and Wireless Tech
Building connectivity is a must today in every commercial real estate sector. Certified connected buildings will be the most marketable and easily integrated with current and advancing technologies. Wireless and building connectivity will be as standard as coaxial cable and phone lines have been.
#6: Smartphones Become Doorman Service
In an average building where affording the type of doorman service people are accustomed to in Manhattan, Smartphones are becoming the new concierge. Residents can receive alerts when a package arrives, for instance, and send an immediate response to allow delivery or decline. Touch screens will replace doorbells, drones will replace FedEx trucks.