How tech and data are reshaping the BTR experience

Over the past decade, new technologies have been reshaping industries such as banking and retail, offering speed and convenience to the end-user. In the world of property, the Build to Rent (BTR) sector is often seen as leading the way in adopting new technologies to meet the ever-evolving needs of occupiers, as well as investors and operators.

The development and nurturing of communities has been one of the top priorities for BTR, which sets it apart from the rest of the private rented sector. More frequent use of technology to automate-day-to-day tasks has helped many to free up their time, resulting in more time being dedicated to community curation and bonding activities, whilst also ensuring tenants’ basic needs are met.

Virtual events and classes

Some technologies became popular during the pandemic, but fast forward 12 months and they’re still actively used by residents. A good example of such technologies are virtual workout classes, streamed directly to people’s apartments. These were originally introduced during the first lockdown as access to gyms was temporarily suspended or restricted. Virtual classes allowed people to maintain their fitness routines and reduce the anxiety associated with communal spaces. Post-pandemic, the same technology allows more people to participate in workout classes or events regardless of any spatial limitations whilst also providing tenants with an opportunity to enjoy privacy as they work out. 

Real-time feedback

Technology is also playing a key role in ensuring our buildings evolve and remain relevant throughout their lifespan. Property management software and the data it provides can give management key insights into the behaviours and the ever-changing requirements of their residents to ensure a high level of resident satisfaction and in turn, a stronger retention rate. With the help of property management software, we can track maintenance issues to help us identify recurring issues and take preventative measures to avoid or minimise future problems, along with ensuring issues are addressed quickly. Tracking things like event attendance helps ensure all demographics are catered for, and residents remain engaged in events. We can issue surveys to our residents through the building app to obtain valuable insights into their behaviours, requirements and satisfaction levels. The data received from these surveys allow management teams to tailor the way in which services are provided and delivered. The benefits of tracking amenity and common area usage data are twofold; firstly, controlling energy distribution across a building to ensure that power, lighting, and heating are only used when necessary, can have significant environmental and cost saving benefits. Secondly, tracking amenity usage data can also ensure that all tenant demographics present within any given building are suitably catered for. Where there is a significant decline in usage, it’s important to understand the underlying reasons to make a decision on whether an upgrade or change of use for the space may be necessary.

Smart home tech

Smart home technology or “home automation”, part of the IoT, is becoming increasingly popular among BTR operators, thanks to the abundance of relatively low-cost solutions coming to market. They can significantly enhance the resident experience, along with simplifying and automating tasks to perfectly suit each resident’s needs. Certain smart home technologies such as Smart TV’s, thermostats, lighting, appliances, cameras, plugs, and monitors are becoming more popular amongst tech savvy residents. The ability to integrate these devices with virtual assistants such as Amazon’s Alexa creates a world of possibilities through voice activation or pre-set timed automation. When voice-activated virtual assistants are linked with the building app, they can provide a number of useful updates for residents and answer questions about deliveries and events in the building. Dual smart home management, whereby the tenant directly controls smart devices within the home, whilst property management teams can remotely monitor and resolve time-sensitive maintenance issues before problems arise or escalate has also been making waves in the market. Smart locks are another good example of home tech – in addition to instilling a sense of security in residents, they enable property managers to arrange self-guided tours of properties for prospective tenants, which in turn helps manage carbon footprint and reduce any impact on resource from no-show appointments. Over the past 20 years, technology has overhauled the way the rental market operates, and when selected and implemented properly, it can bring multiple benefits to the end-user as well as operator, leading to increased customer satisfaction levels. As further integration, along with artificial intelligence and self-learning algorithms becomes a bigger part of such technologies in the coming years, the end product brought to market in the BTR space will continue to shine.