In determining what a technology-focused workforce looks for in a property, you can find some insight based on what they actively avoid. These tech-savvy tenants skip old buildings with poor connectivity, few transportation options, limited space, and outdated security systems — and there’s more.
They want a comfortable place to live, of course, but they also want a comfortable place to work. Before they sign a lease, they need to know their new home is going to meet their requirements, both personally and professionally. It’s often overwhelming for a real estate investor who doesn’t know which investments to make.
There are several helpful things to know about how to market properties to tech professionals. It only takes a few adjustments to improve the value of multifamily properties, and if these real estate investment suggestions are implemented, it can be easy to attract the ideal tenants.
Invest in Relevant Amenities
Professionals in the technology sector find certain amenities more desirable than others. They value connectivity, not only in their job but also in the place where they live, and multifamily property owners should invest in the features that appeal to them. Where should they begin, though?
A strong Wi-Fi connection is critical — almost indispensable — to attracting and retaining tech-focused tenants. It’s a fundamental necessity for remote workers, serving an integral function in research, communication, project management, and many more of their day-to-day responsibilities.
Tech-savvy tenants are also interested in the latest smart home devices. They want to reduce their monthly utility expenses and are aware of the financial benefits of smart thermostats, smart lighting, and other systems. If a multifamily investor provides these conveniences, they’ll separate themselves from the competition.
Make Transportation Accessible
Access to transportation factors into a tenant’s decision to sign a lease. It’s more influential than some property owners might think, and a recent study by RLCO and Transit Screen shines light on the subject. According to their data, communities with the best mobility ratings charged up to 59% higher rent than average.
This figure justifies an investment in ride-hailing waiting areas, dedicated car-share spots, and on-premise bike-share docks. If there’s enough room in the budget to make these modifications, they’re well worth the cost, providing tenants a broad spectrum of choices in how they navigate their town or city.
As multifamily investors improve transit access for their buildings, they’ll see a significant difference in tenant interest. Those in the technology sector will appreciate the changes, drawn to properties they see as modern and progressive. Multimodal transportation options are indicative of that.
Provide a Common Room
Many tech professionals work from home, and since they spend so much time in the same space, they’ll often feel the need to stretch their legs. They might take a walk to a cozy bistro down the block or visit a local cafe, but they have to pause now and again to remain productive. Property owners can help.
A common room gives remote workers a momentary respite from the pressure of projects and impending deadlines. It’s a place where they can rest their eyes for a few minutes and recuperate, enjoying the company of other tenants before they return to their job. These breaks are enormously beneficial.
Common rooms also serve as an alternative to a home office, and if they’re furnished with couches and seating, remote workers will find them just as comfortable. They can bring their laptops and chargers and situate themselves in a quiet area, enjoying a slight change of scenery.
Improve Security Systems
Every residential property owner has a responsibility to protect the personal belongings of their tenants. It’s not enough to change the locks between occupants, and a simple alarm system isn’t likely to impress potential tenants who work in technology. They often have more to lose than others.
Laptops, desktops, and other electronic devices are expensive to replace. When a tenant depends on those devices to complete their work, lax security jeopardizes their livelihood. They’ll turn away from property owners who don’t show a commitment to their renters’ safety and security.
Whether they live in Silicon Valley or any one of a number of up-and-coming tech cities, a tech-focused workforce needs equipment to function. Multifamily investors can ensure hardware is safe with modern security, replacing or updating their existing system.
Feel Confident Moving Forward
As multifamily property owners implement these adjustments, they’ll likely see a marked improvement in their occupancy rate. More than that, they’ll win tenants in the technology sector impressed with the changes they’ve made. As long as they choose the right real estate investments, they can feel confident moving forward and attract the tenants they are looking for.
This article has been contributed by Holly Welles from The Estate Update.