Technology improves every aspect of our lives daily. It continues to be a crucial element of our progress in the modern world. Nowadays, even our homes can be custom-built as ‘smart homes’. What was once considered a luxury, is now available for the average household.
Smart tech is integrating into every aspect of our day-to-day lives. So, it is only natural that our homes should also be tech-integrated. With the current pandemic, the benefits of technology at home goes beyond merely ostentatious needs. Smart technology provides practical ways to navigate the world – safely and efficiently.
BtR developments offer the best tenant-oriented facilities and services. There’s an expectation that BtR tenants are to be provided with the best. Given this reputation, BtR planners and investors must seriously consider implementing smart tech into their developments. The recent partnership between Moda Living & Utopi, represents a clear indication that the industry is finally embracing technology as a standard.
Core Technology BtR Developments Should Be Implementing Today
Building Management System (BMS)
Building Management System (BMS), also known as Building Automation System (BAS), refers to a computer-based control system. It’s installed within buildings to monitor and regulate electrical and mechanical equipment. Including, power system, lighting, heating, air-conditioning, elevators, physical access control and ventilation to confirm building efficiency.
The BMS achieves this through the use of sensors to monitor the readings of the maintenance systems daily. If the collected data doesn’t match the default conditions, management receive a notification. The BMS makes the work of the BtR management body easier and more effective. It provides accurate data showing the specific parts of the system that require maintenance or replacement. This clearly brings about greater efficiency in the running of the Build to Rent development as a whole.
The efficient running of the building systems results in an increase in the net operating income of the development this is achieved by a reduction in the cost of operation. The implementation of the BMS is viewed as a win-win situation for both the investors and tenants. It increases the profit margin for the investors and provides quality housing for the tenants.
Tenants Interaction and Community Engagement
The need for social interaction and communal spirit within a Build to Rent development cannot be overstated. Making the environment within a development community-friendly is known to result in higher retention rates of the apartments. Therefore, it would be prudent to invest in placemaking ideas, apps & technologies to foster tenant interaction within the development.
Social media apps are effective in bringing tenants with similar interests or hobbies together to form mini-communities. Groups such as a dog-walking club, sports teams, book clubs, etc. The management body could host remote events, especially with the recent lockdowns. For example, East Village in Stratford held a speed dating event. Events like these can be incorporated to boost community engagement.
Tenant interaction with the management body (customer service) is essential. With the aid of tech and apps, it has become more convenient to communicate and keep tenants updated. The implementation of live app updates also helps keep the tenants informed about any temporary issues.
Smart Home Technology
The rental housing market is competitive, especially with the increase of BtR developments offering tenants greater value. Therefore, it is important developers stay competitive with their standards and quality. To stay ahead of the competition, providing the most cutting-edge technology will be an attractive incentive for prospective tenants.
These technologies could be anything from home assistants like Alexa, to keyless entry, automated air-conditioning, and building sensors that notify maintenance issues before they become a problem. However, smart home technologies can become outdated quickly. So, special attention must be given to the technology choices.
Data, Data and More Data
Data collection will drive BtR developments of the future, making data available on rental housing today a goldmine for investors. The more data is collated, the more clarity developers are provided with. Insights such as the most important improvements tenants value, and what they dislike about their residence. These nuances are what will determine the success of any Build to Rent development.
- Utilities
- Cleaning services
- On-site gym
- Pet-friendliness
- On-site security
- Roof terrace
- Bike storage
- Cinema room
- Playground
- Social events centre
- Working from home pods
- Electric car charging ports
- Creche
With regards to customer service, the following are qualities tenants’ value:
- Transparency
- Ease of contact
- Competitive fees
- Quick responses to queries
- Use of reliable contractors
- Good communication skills.
Conclusion
During the 2020 pandemic, technology has provided many of us with means to carry on with our lives, despite the restrictions on movement and commerce. These technological improvements are here to stay and are already being implemented in many buildings. They will greatly benefit any BtR development that follows suit. This is why data collection is important to any BtR investment, given it’s long-term nature.
If you would like to know our pick of top rated companies currently operating within the Build to Rent sector, please email us at info@ukbuildtorent.com
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