Our younger generation and new millennial tenants need creative, modern, and highly connected housing space and workspace. They want both technology and sustainability. They prefer a high level of security, modern and digitally connected buildings. With a focus on sustainable solutions, they want green and clean buildings and energy-efficient building management. You, the landlord or property manager, need to focus on these emerging demands to attract and retain these new crops of tenants. More than cost and location, the next generation of tenants want a smart and sustainable home and workspace that can boost their focus, cognitive skills, and peace of mind to make their life easy and hassle-free.
As people work from home more and more, the separation between house and office is diminishing. Rental residences are becoming multi-purpose facilities. According to the Harvard's T.H. Chan School of Public Health & United Technologies, a better indoor environment quality and proper ventilation improves the focus, sleep, wellness, and betters cognitive functions - all of which are required in a home and office today.
Modern and smart buildings increase the value of your assets. You will be able to attract higher value next generation tenants and retain them successfully as well. Your operating expenses decrease with energy-efficient buildings and sustainable solutions.
Let's take a look at how future home spaces and workplaces can benefit from the following modern adoptions. Keep these in mind when retrofitting or renovating your property for the next generation of tenants:
Sustainable buildings and energy savings##
You as well as your tenants can benefit from the low energy consumption of your buildings. The insulation factor of the modern materials have improved, reducing the need for heating and cooling. Based on your location and weather conditions, these may help to reduce your energy expenses while providing a comfortable home for the tenants.
IPCC report says that by adopting smart energy-efficient measures and clean and green resources while retrofitting or renovating your spaces, you could consume 50% to 75% less energy. Predictive analytics allows you to predict energy consumption according to the weather. It is a great relief to plan the cost and consumption of energy. That's a wonderful thing for you as an owner or the property manager of the building, for a tenant as well as for our environment at large.
Smart and digitally connected living spaces##
The priority of your next generation of tenants is to be always connected and secure at their home. They like the flexibility and the freedom to control things from anywhere. Internet of Things (IoT) makes such automation and a high level of connection a reality with low-cost IoT devices, sensors, and controls. You can give them the facility of remote control of equipment and systems such as HVAC, smart locks, smart laundry, virtual guards, keyless entries, and many more like these smart solutions. Finally, you don't have to show up at the door at midnight because they are locked out again! Imagine sleeping peacefully while your tenants return home from a late-night party without their keys!
Lower operation and maintenance expenses##
Modern energy-efficient buildings are not only comfortable and more livable but are also low maintenance, reducing the overall expenses. The McGraw Hill Construction Smart Market Report says that you can save 20% to 40% of energy consumption by having modernized buildings with energy-efficient equipment and systems. This will result in 8% to 9% less operating expenses. In addition to this, there is also a benefit provided by government subsidies on energy-efficient measures.
High level of security##
Security is paramount to today's renters - you can address these by installing CCTV cameras, smart locks, key card access, security guards, virtual guards, visitor registration, etc. Well lit areas are important to the tenants.
Augmented Reality (AR) Experience##
The Deloitte's 2019 Commercial Real Estate Outlook report recommends AR to improve tenant's touring experience. Some cities attract many migrants from other states. For potential tenants who are relocating from another town, consider making AR an option. Tenants can visualize their spaces virtually. AR superimposes computer-generated images over the physical space to help imagine that place in virtual reality. Potential tenants can take better decisions with confidence before even visiting that place.
Modern solutions can provide a more connected platform to your tenants so that they can reach you for their feedback, complaints, maintenance requests, payment of rent, or other such things smoothly and quickly. This is also important for you to exchange information regarding notifications, analytics, reports, replies to their queries or request and the list is endless. HomeKasa offers a great platform for tenant and landlord communications, rent payment, services requests, etc. You can look at all your tenants' requests from one place, assign the work to the right people, and follow-up as needed. Speaking on the phone is becoming a thing of the past!
Amenities are also important for the next generation of tenants. Easy parking, nearby transportation facility, reliable high-speed internet, fitness centers, open sitting areas with a Wi-Fi connectivity, etc., help to prolong their stay in your property. Won't be lovely to hop on a bus right next to the home and get to work instead of walking a mile for public transportation? Or, just park the car in the building right after work instead of trying to find a parking spot a quarter mile down the street?
Give your tenants quality living and workspaces with modern facilities. By make your buildings energy efficient and sustainable, you can attract the next generation of tenants and entice them to stay with you for a while. Make your spaces clean and green to address climate change and create a sustainable environment, while saving your money in operating expenses. Future buildings should be a happy place for one and all!