Built-to-rent companies have a significant role to play in the real estate industry. In 2023, there are certain things that companies in this sector should keep in mind to ensure the success and competitiveness of their properties. Here are the top 10 things that built-to-rent companies should acknowledge in 2023:
1. The growing demand for sustainable and eco-friendly buildings: With the increasing awareness of environmental issues, built-to-rent companies should focus on incorporating sustainable features and energy-efficient systems in their properties. This can attract environmentally conscious tenants, and can also save on energy costs in the long run.
2. The importance of community engagement: Building a sense of community and offering amenities that foster social connections can help attract and retain tenants. This can be achieved through regular events, recreational spaces, and social media groups.
3. The rise of co-living: Co-living is becoming an increasingly popular option for renters, and built-to-rent companies should be aware of this trend and incorporate co-living elements into their developments.
4. The shift towards flexible lease options: With the rise of the gig economy and the increased need for flexibility, built-to-rent companies should consider offering shorter-term leases and flexible lease options to cater to the changing needs of tenants.
5. The need for increased safety and security measures: With the ongoing COVID-19 pandemic, built-to-rent companies should prioritize the health and safety of tenants by implementing measures such as contactless entry, increased cleaning protocols, and online applications to minimize the spread of the virus.
6. The importance of data and analytics: Built-to-rent companies should focus on collecting and analyzing data to make informed decisions about property management and tenant engagement. This can help identify areas for improvement and track the success of implemented strategies.
7. The impact of technology on the rental process: Technology is playing an increasingly important role in property management and tenant engagement. Built-to-rent companies should invest in technology such as online portals for rent payments, maintenance requests, and communication with property management. Connected property management software to streamline processes, improve communication, and enhance the tenant experience.
8. The need for a strong online presence: Built-to-rent companies should focus on developing a strong online presence to effectively reach and engage with potential tenants. This can be achieved through a professional website, social media, and online advertising.
9. The importance of customer service: Built-to-rent companies should prioritize providing exceptional customer service to attract and retain tenants. This can be achieved through responsive communication, timely maintenance, and a transparent and fair approach to tenant relations.
10. The impact of economic conditions: Built-to-rent companies should stay aware of economic conditions and adjust their strategies accordingly to remain competitive in the market. This can include being flexible with lease options and rent prices, and focusing on cost-saving measures to mitigate any potential financial impacts.
By keeping these key factors in mind, built-to-rent companies can ensure the success and competitiveness of their properties. By implementing sustainable features, utilizing technology, building community, offering flexible lease options, prioritizing safety and security, utilizing data, developing a strong online presence, offering excellent customer service, and staying aware of economic conditions, built-to-rent companies can attract and retain tenants and maintain the value of their properties in 2023.