How Developers Use Technology to Attract Tenants

In the endless battle to attract new residents, developers are turning to technology to deliver a significant edge, when would-be renters compare properties.

“The biggest change we’ve seen is in developers bringing in extremely high-quality high-speed Internet as an included amenity for residents,” said Michelle Norris, director of business development for Bel Air Internet, a boutique communications provider based in Southern California. “We all know residents want quality Internet, in fact, it’s their top desired amenity, and the question most asked about before signing the lease.” By including internet in the rent, the property offers a major selling point, particularly with millennial renters. Additionally, the property’s owner is able to offer additional tech bells and whistles, including custom resident portals and Instant-On remote activation, which allows residents to bypass the hassle of installation appointments and enjoy their internet from day one.

The reimagining of communal areas in the digital era is another trend, according to Norris. “Residents are craving spaces where they can have organic communal interactions, but with the tech amenities they love,” she said. WeWork, for example, is an inspiration for many of the new communal spaces apartment complex owners and managers are offering to their residents, as a place where tenants can work side-by-side or share ideas. “We’ve also had numerous property managers request internet and wi-fi for their new communal ‘streaming rooms’,” Norris said. “They’re like a screening room, but outfitted so that residents have buffering-free viewing parties for their favorite streamed shows and films on sites such as Netflix or Amazon.”

Existing developments are also utilizing tech to attract new tenants. “Upgrading the internet or adding tech amenities is one of the simplest, most cost-effective ways to increase property value and rents,” Norris explained. She cited a recent apartment development, situated on Santa Monica’s beach. Ownership was unable to retain tenants or justify the high rent typically commanded by oceanfront property — simply because the internet wiring was so poor.

“Before your building gets the bad Yelp reviews, before you essentially make it unlivable for the millennial renter, before renters leave in droves, think about a proactive solution,” Norris suggested. In the case of the Santa Monica development, Bel Air Internet installed a sophisticated technical solution that allowed for high-speed internet speeds to be delivered over older wiring, bringing the property to its previous status as a crown jewel asset for the developer.

Finally, in both new and existing properties, the trend of Smart Home devices continues to catch fire, luring millennial and gen X renters. Keyless entry, smart thermostats and automated blinds offer a life of streamlined convenience to the tenant, and often gives the property a competitive edge over others in the same neighborhood and at the same price point.

“With so much of what we do for work, socializing and entertainment being online, it’s no surprise that developers are turning to technology and the internet as a way not just to attract residents, while providing seamless balance,” Norris said. “The need will only continue to grow.”

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