Technology is making its way into nearly every aspect of our lives today. Consumers expect an online order, food delivery and an Uber in seconds. In the same vein, renters across the different multifamily property classes now expect access to more on-demand services and amenities. As a passive investor, evaluate deals from all the angles. Know whether the building is or can deliver some of the services that today’s renters seek out.
Less Chores, More Time
Society is incredibly stimulated, so more people are looking to decrease stress in their lives. People don’t want to work during their free time, which brings in the demand for more chore-type services. Offering amenities like dog walking, laundry services, or house cleaning, taps right into that increasingly-common consumer need. All classes of multifamily properties can offer some of these services by simply making arrangements with local providers.
An Easier Commute
With services like Lyft and Uber, more tenants are forgoing cars and using car rental services, public transportation and ride sharing. As more people rely on these options for transportation, they need to be on top of information regarding local transit.
In response to this trend, developers are adding transit screens into building lobbies. These screens show information in real time about subways, buses and ride sharing wait times. A smart TV can be a low-cost way of offering this information to tenants in a building.
Better Package Delivery Service
More and more people buy online than ever before. This leaves some communities in a lurch during busy shopping times, such as around the end of the year. Investing in some sort of packaging and delivery system is a must. Not only does it avoid problems with lost or mis-delivered packages, but it leaves residents more satisfied. Package lockers with keys to keep smaller packages safe and organized or placing oversized deliveries in an unused room can be a solution.
Making sure a multifamily investment has the amenities of today or is capable of offering them is another facet of proper deal evaluation. Even the best buildings on paper may struggle to attract tenants if they are not offering what tenants are looking for these days, so keep that in mind as you review your next potential investment.