By now everyone’s aware of the rise of the smart home, but what about apartments? This is a multi-billion dollar industry that certainly shouldn’t be overlooked.
Renters may realize huge advantages by looking for luxury apartments that offer the latest technology.
Finding a High-Tech Apartment
Nearly everything about the apartment and rental industry has changed over the last five to seven years. From how people find apartments to the technology inside, the marketplace looks quite different from the way it did a decade or two ago.
Here’s a look at some of the things renters expect to find in high-tech apartments nowadays.
Smart Gadgets and Appliances
In 2019, look for virtual assistants like Amazon Echo and Google Home to become increasingly popular in the consumer marketplace. As more people own these devices, they’ll seek to increase their functionality by connecting them to other gadgets and systems around their residences.
Renters who possess some understanding of how IoT devices work will search for apartments that include such details as smart lights, appliances, locks, and thermostats. Apartment complexes that don’t have these capabilities will fall behind.
It’s not just the technology within individual apartment units that renters care about. The savviest, most discerning renters will also evaluate the complex as a whole.
High-tech, luxury apartments — like Galleries at Park Lane in Dallas — will gain the upper hand because they offer fully equipped CrossFit gyms, saunas, and personalized renter portals for accessing account information.
Square footage comes at a costly premium in big cities like New York, Boston, and Los Angeles. Every single portion of the apartment must be well utilized to maximize comfort and functionality.
Because they understand this, management and owners of apartment complexes are doing everything they can to attract and entice renters. “This latest crop of cutting-edge features includes an all-in-one furniture system designed to save space by expanding or contracting at the flick of a switch,” The New York Times explains, with reference to a 286-unit project in Harrison, New Jersey.
At night, renters press a switch or speak to their virtual assistant and a bed slides out of the wall. In the morning, they give another command and the bed retracts. It’s a whole new world!
Renters tend to be a cost-conscious group. Though it’s not the case with everyone, many individuals rent as a way of lowering their monthly costs so they can live comfortably within a budget.
In this sense, smart-home technology that features energy-saving mechanisms is highly appealing for apartments. “Smart home tech works well as an amenity because it appeals to so many distinct groups of renters,” says Brian Davis, co-founder and blogger at SparkRental.com.
“For example, a smart thermostat helps reduce energy usage, adding appeal for eco-friendly renters. Smart thermostats also save money on utilities, which appeals to just about everyone.”
Advanced Security Features
Renters are serious about their security. They want to be safe and sound, and will flock to apartments that promise to guarantee the safety of residents.
Advanced features like electronic door locks, biometric access, doorbell cameras, and smart motion detectors are growing ever more popular as well as practical.
Welcome to the New Age
It’s not just the apartments and complexes that have been invigorated by fresh technology. The search process has also seen some substantial shifts.
As recently as five to seven years ago, the only major option renters had to search for a new apartment was Craigslist. But the Craigslist option just doesn’t cut it for most people anymore.
Since nearly all apartment searches today begin online, the selection of strategies has changed for the better. “As rentals become commoditized and fewer people are satisfied being tied down to static assets, a number of players have sought to empower potential renters in new ways,” Omri Barzilay writes for TechCrunch.
“The first, and perhaps most obvious, is enabling rental without a broker. New York-based real estate startup Oliver, for example, launched in 2015 to serve as a platform that cuts out the middleman and seamlessly connects renters with apartments.”
When you combine a new way of searching for apartments with high-tech units that offer all the amenities that traditional single-family homes have (and often more), you get a marketplace that’s healthier and more vibrant than it’s ever been.