Rise of the Resident’s App
- Smart technology for tenants is having a huge impact on city-centre living and residential development
- Integrated smart appliances and ‘resident apps’ are attracting premium tenants and rents
- Smartphone apps are also assisting with portfolio management – especially for Buy-to-Let landlords
From large-scale improvements on a city-wide basis to localised support for the tenants of residential developments, smart technology can have a huge impact on the lives of residents. Apps can directly improve convenience, social connectivity and lifestyle amenities, delivering assistance with day-to-day life via technology that is widely accessible.
These technology advancements have proven to have a huge effect on not only the residents but investors and developers. According to GoCompare, 79% of 18 – 24-year-olds prioritise a concierge in their search for property features, a service that increasingly can be provided by an exclusive resident’s app.
For investors and landlords, improvements to tech will most definitely have a beneficial impact if their property can take advantage. We can already see that city-centre living is on the rise. Now consider the demand for ‘smart city-centre living’, where everything is easier, safer, energy-efficient and the resident has more control.
Resident Apps Are Driving the Property Market
In terms of property, technology has encouraged the development of ‘smart buildings’, providing state-of-the-art systems such as motion-activated lighting and heating to make developments more accessible. These applications can go one step further, guaranteeing residents have access to exclusive amenities such as dry-cleaning or dining services – priorities for the modern tenant.
It’s these smart developments that are attracting a premium in terms of price and tenant, raising the potential for increased rental yields while giving these properties the edge in a competitive market. Similarly, it’s demonstrating the shift property is taking from an asset to a service – a bespoke experience for the tenant that mitigates common issues landlords may face. As the technology becomes more widespread, the savvy developer will adopt these advancements and the savvy investor will see it as a signpost for investment.
Whether it’s assisting with retention or recruitment, landlords are utilising smartphone apps to help the user experience. Increasingly, apps are bridging the gap between the tenant and the landlord – meaning communication is efficient and much more ‘real-time’. For the tenant, this means queries or maintenance issues can be highlighted straight away, avoiding headaches in the future.
On the other hand, apps are also helping landlords manage their Buy-to-Let portfolios. From portfolio expansion to keeping track of finances, specialist smartphone apps for landlords are making property management much easier. These apps are even helping landlords find potential tenants, mitigating void periods that can have a significant impact on a BTL investment.
The Grand Exchange, a game-changing luxury residential development for Bracknell – a commuter town in the South East – is paving the way as a truly smart development with high-quality facilities. This includes a dedicated Resident’s App integrated into the development – used to book exclusive facilities such as The Lexicon Club or Treatment Rooms.
The Resident’s App can also be used to get exclusive discounts in and around the area, providing savings on dining, shopping and beauty treatments. Outside of discounts, it’ll also offer recommendations on nearby amenities.
Smart developments that utilise integrated apps and smart technology for tenants represents a real opportunity for investors to attract a new wave of resident that wants more – especially those drawn to functional, practical amenities that can make their day-to-day life more convenient.