We’re emerging into a world where rental housing is more digitized than it’s ever been before. If you took a time machine back 15 years ago and looked at how the rental market worked back then, it would be a stark contrast to how things are now. The modern renter has specific demands, but the market itself is also shaping these demands with the emergence of new technologies.
You’ve got the concept of smart cities, digital automation, and various tech tools that now play a critical role in the rental process for both renters and landlords. But how has this changed how we do things – and what does it mean for the future of rental housing?
The Expansion of Digital Rental Platforms
The idea of going online to find property listings and to apply for rental housing isn’t new to anyone. It’s been a common practice for well over a decade now, replacing the old concept of looking through local newspapers or walking past real estate offices and seeing what adverts they had in the window.
What has changed – and what will continue to change – is how these digital platforms expand and introduce new technologies for renters to take advantage of. Online property listings may now include full virtual tours for people to see inside the property without needing to physically visit it. This is hugely popular in the student housing world, as many people may travel from different countries or states to go to college, so they don’t have enough time to view potential student properties.
A virtual walkthrough helps give renters confidence that the house or apartment is a good fit for them – though this will undergo huge advancements in the future. Instead of simple videos, users may be able to pop on a VR headset at home and feel like they’re walking around the space. As the technology improves, you could even take measurements of rooms or virtually place your furniture to see how it would look/fit.
This is a truly fascinating concept that changes the way people interact with real estate agents and companies, bringing a new level of convenience to all.
Intelligent Property Management Services
Technology is doing a lot of heavy lifting on the property management side of things in the rental housing industry. For generations, being a landlord or managing a property was a complicated task that required you to pick one of two options:
- Pay a property management firm to do everything for you
- Attempt to manage your property alone
These options were either expensive or time-consuming, but the emergence of tech-enabled property management services has changed things for the better. Landlords can now download software packages that help them handle the most important parts of property management, like rent collection, lease renewal, maintenance, and so on. But here’s the thing: these software platforms use artificial intelligence and other clever technologies to automate most of these processes. Landlords can send automatic rent reminders to tenants or schedule lease renewal contracts with ease.
It has transformed a landlord’s ability to manage their properties, which also translates to benefits for tenants. Renters now have a more direct line to landlords because many property management software platforms include tenant-sided dashboards that allow them to message and communicate with their landlord. It’s also easier to do things like log maintenance issues, sign contracts, and much more.
This all falls in line with the next key change we’re seeing in the rental housing market.
A New Wave of Renter Expectations
As technology has become a key part of our everyday lives, this has shaped the expectations we have when dealing with countless things – and that includes rental housing. Renters now have certain expectations when they look to rent a house or apartment, and this includes:
- Being able to view property listings online
- Being able to handle the entire application process online
- Being able to pay rent online or set up monthly recurring payments
- Being able to access property maintenance features online
Effectively, tenants now expect to do everything on their phones or computers when it comes to living in a rental. It’s no longer good enough for landlords or real estate agents to demand face-to-face communication all the time. Renters want to be able to send an email or open an app and handle everything there.
We’re already in a place where digital communication is a core part of the rental housing sector, but the future could take this even further. Perhaps we’ll see an end to the real estate offices of the past as the whole industry goes online. Also, expect to see more mobile apps or online dashboards that give tenants full rental management so they get a clear overview of their housing situation.
Smart Cities Tackle Housing Issues
There are also more systematic ways in which technology changes the rental housing market, and it comes in the form of smart cities. As explained by IBM, a smart city is an area in which technology and data collection improve the quality of life. Houses and other properties in the city are interconnected, and data is collected by the powers that be. With this data, they can spot trends and use it to solve common living issues – such as housing problems in a particular area.
Smart cities can identify where there aren’t enough livable houses, encouraging property developers to build more rental properties that people can live in. Again, this is particularly important for the student crowd, as smart cities can use data to analyze where best to place student housing.
The idea of a smart city is still in its infancy, so expect to see this develop massively over the coming years to improve the overall quality of life.
The property sector – in particular, rental housing – is so different from what it was just 15 years ago. So many technological changes and advancements have happened in that time to shape renters’ expectations, improve property management, and make the process of renting a house and living there easier. It’s something that will continue to adapt and change with new technologies, creating a future that leans more towards renters.