In 2019, more than 1 in 3 Americans were renting – and with home prices skyrocketing, multifamily units will play an even greater role in the housing market in the years to come. The renting population is also diversifying, with more families and older adults choosing to leave behind the many hassles of homeownership. However, though these prospective tenants may be downsizing their housing, they’re not looking to downsize their quality of life. In fact, more builders than ever are branding their properties as “luxury” communities – almost to the point where the word has lost its meaning.
So how do you make your property stand out amongst the fray? Smart security and access is an often overlooked asset that can raise the value of your units while saving your company money and labor hours.
Attractiveness of Smart Apartment Security to Tenants
Security is one of the most important things quality tenants look for in rental units. They want to be sure they’re living and raising their families in a good area, in a secure building, with plenty of privacy. Having multiple layers of security – a gated parking lot, keyfob entry to the building, and additional physical or digital access to get into their unit – promotes peace of mind. When tenants can sleep well at night and feel safe in their abodes, they’re more likely to make a rental unit their long term home.
In addition to generally feeling safer, tenants will also enjoy the convenience of modern security and access solutions. Keys are one of the easiest items to lose, so one can clearly see the benefit of reducing the hassle down to a single keyfob or – better yet – a set of mobile credentials tenants can access from their phone. This combines apartment living with the smart home experience which normally is enjoyed only by homeowners.
Restricted access can also create a sense of luxury – think of the qualities you associate with a “gated community.” The ability to be centrally located in a community while also enjoying privileges of exclusive access makes your property more attractive to those high-end tenants looking for a modernized rental experience.
Advantages for Property Managers
When it comes to apartment security, many of the benefits enjoyed by tenants are also of great use to property managers. Combining access control with intelligent video surveillance reduces the likelihood of theft and vandalism. A manager can keep track of multiple sites from one location, check feeds and access data from desktop or mobile, and lock/unlock entryways remotely. Maintenance staff with fob or mobile credentials don’t have to deal with multiple sets of keys to get into different areas. The “rekeying” process is greatly simplified, saving time and money.
While smart security helps property managers save on unnecessary costs and damages, it also raises the rental premium and brings the property firmly into the “luxury” category, which attracts quality tenants who are more than willing to pay for the superior experience.
Case Study: VITA Residential Achieves 40% ROI With Smart Security Adaptation
Learn how our smart access partner, Brivo, helped VITA Residential achieve its goals and attract higher quality tenants with the adaptation of smart apartment technology. Read more here.
Americans are embracing rental living with open arms, and we’re not talking about your first apartment in college! Quality tenants are looking to switch to rental living for a variety of reasons, but they’re not looking to sacrifice their quality of life. If anything, they’re looking for an experience that exceeds homeownership in terms of convenience and modern amenities. So, when you’re considering how to sell your property to your desired tenants as luxurious, as something they should feel privileged and excited to live in, consider making the investment in smart apartment security and access control. Tenants see the value of enjoying smart home capabilities in their apartment communities and are willing to pay up. Overall, it makes for a safer, easier to manage, and higher quality experience for both tenants and management.