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The Renters Have Spoken

In the ever-evolving world of real estate, the concept of Class A properties has been a benchmark for luxury and desirability. These high-end rental properties are known for their premium amenities, prime locations, and top-notch finishes. However, what renters want in Class A properties has evolved over time, shaped by changing preferences, lifestyle trends, and the impact of global events.


As we navigate the post-pandemic era and witness shifts in the rental market, it's crucial to understand what renters are currently seeking in Class A properties. Vision & Beyond takes a look at three top trends and must-haves that are defining the desires of today's discerning renters.


Smart Home Integration – It Just Makes Sense

In the digital age, renters are increasingly seeking smart homes that offer convenience, security, and energy efficiency. Class A properties that come equipped with integrated smart technologies such as smart thermostats, keyless entry systems, and automated lighting are highly desirable. Renters want the ability to control their homes remotely, making their lives more efficient and secure. In fact, the top reason tenants are interested in smart home technology is to enhance the security and safety of the property. Smart locks unlock via keypads, Bluetooth, or smartphone apps, and these locks don’t need to be replaced when turning over tenants. It’s also easy to clear previous data quickly, allowing your property management team to work quickly and efficiently.


Investing in Smart Home technologies is smart for investors, too: by integrating smart devices into your multifamily asset, you can market your property and target a new tenant willing to pay a higher per-month rent. And that’s an investment that leads to a better bottom line.


Outdoor Spaces or Pet-Friendly Places

The pandemic has underscored the importance of outdoor spaces, and renters now crave private balconies, terraces, or access to communal outdoor areas. Class A properties with well-designed outdoor spaces, complete with seating areas, greenery, and possibly even outdoor kitchens or fire pits, are incredibly attractive to renters seeking a seamless indoor-outdoor lifestyle.


Swimming pools also remain a favorite outdoor amenity across asset classes and climates. However, maintaining a pool can be costly or not profitable, depending on the class of your multifamily investment. Other ideas for outdoor spaces include enhancing access to nearby greenspace, like adding a footpath to a nearby park or incorporating dog-friendly greenery on site to allow tenants and their four-legged friends to step outside and enjoy the fresh air.


Flexible Workspaces for WFH

Remote work is here to stay, and renters are looking for Class A properties that accommodate their work-from-home needs. Properties with co-working spaces, private meeting rooms, and high-speed internet connectivity are highly sought after. In addition, some renters prefer flexible lease terms to adapt to their changing work situations.


Multifamily assets have the opportunity to enhance Work-From-Home professionals in their units, too. Good lighting is critical to working from home, whether that means installing adjustable light bulbs that allow renters to change brightness depending on whether they’re focused on work or unwinding in the evening. Ensure that your rental units have plenty of outlets and consider installing some outlets that integrate USB ports to allow tenants to charge a variety of devices.


In today's competitive rental market, Class A properties must adapt to the changing needs and preferences of renters. Smart technology, outdoor spaces, and flexible workspaces are among the top trends and must-haves that define what renters want in Class A properties right now.


Property developers and managers who pay attention to these evolving desires and invest in these amenities are likely to attract and retain discerning renters, ensuring the long-term success and desirability of their Class A properties.


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