Hello World! Welcome Friends! Since the pandemic four years ago, real estate investors have faced numerous hurdles, with some asset classes rising while others struggle. With the rise of remote work opportunities, the pandemic spawned new tenant needs as well as new considerations for investors and developers when it comes to rental properties.
While there is no doubt that the traditional office will still be around, it is safe to say that many companies have taken a hybrid approach to work. This gave way to the “remote work” era, which caused tenants to expect and demand more from their living space.
According to Pew Research, in 2023, 16% of companies in this country are completely remote, and around 41% of individuals who can work from home do so at least partially. A further 35% of the American workforce works exclusively from home. The remote workforce changed the rental home living dynamics. Many people can now work from anywhere, so it is in your best interest as a property manager to meet their needs. Let’s face it: remote work is here to stay!
Therefore, not making the necessary changes or adjustments may cause you to lose renters. In light of this, read along as this post discusses the top amenities workers want in a rental property.
Top 6 Amenities Remote Workers Want in a Rental
High-Speed Internet
Strong high-speed internet is an essential amenity for remote workers. Participating in virtual meetings, communicating with colleagues, and accomplishing job tasks all require a reliable internet connection.
Advanced technology has contributed to the remote work trend, and it is often the most desired work-from-home perk for remote workers. High-speed internet is necessary to enable that technology.
Providing internet access with enough capacity to accommodate numerous devices simultaneously is essential. To guarantee that your renters have a seamless experience, regularly test the internet’s speed and reliability.
Furthermore, you can use amenity fees to pay for internet access in communal spaces. Alternatively, you may consider increasing the rent. After all, several surveys reveal that renters are willing to pay a higher rent for reliable internet.
Good Cell Phone Reception
Reliable cell phone reception is just as important for remote workers as fast WiFi. Unreliable cellular service is a distraction that makes it difficult for remote workers to concentrate and hinders their productivity. Professional Property Management in Northern Virginia suggests securing the landlord’s permission before installing Wi-Fi services.
Investing in a cell phone signal booster will help increase existing 3G, 4G LTE, and even 5G signals to combat this. Your tenants will consequently witness a decrease in missed calls and unsent SMS.
Even better, you must only buy a cell phone signal booster once. So, by increasing resident satisfaction and lowering turnover rates and expenses, this small investment will save you money over time.
Co-Working Space
Even though there are many advantages to working from home, many remote workers still prefer a shared workspace occasionally. This can break up the monotony of working from home.
In light of this, consider converting an underutilized or vacant area into an appealing co-working space. If your apartment has an outdated, unused business center, you might already have the ideal location.
Many residential properties have business centers, but younger tenants tend to avoid them because of their sterile vibe. But make sure you use this area and all the other vacant office space. Instead, you can transform this space by giving it a makeover and rebranding it as your new co-working space amenity.
Sound Proofed Home
One fear companies have about remote work is the likelihood of distractions that may reduce productivity. And this concern is valid; concentrating on work in a noisy apartment building might be challenging.
As a homeowner, you should make plans to incorporate noise-canceling features into the walls and flooring. This will be a noisy job, so attempt to complete it outside regular office hours.
At the end of the day, remote workers require a calm atmosphere to function effectively. Ideally, their perfect rental would be away from busy streets and construction sites. Soundproofing measures such as double-glazed windows or carpeting can reduce external noise.
Smart Technology
Studies have revealed that incorporating property technology can improve building security and efficiency, eventually increasing tenant satisfaction. But do you know that proptech can also boost productivity?
Remote work residents are often too busy at their home workplaces to prepare or pick up lunch. However, with a smart video intercom equipped with a delivery pass function, they may effortlessly authorize entry to food delivery drivers.
This way, their meals and ordered products will get delivered straight to their door. Remote working residents merely need to open their unit doors to get lunch. Also, the most effective video intercoms are easy to operate. Residents can copy and paste one-time codes into the food delivery instructions on the app’s checkout page.
Fitness Facility
Working from home allows your renters to squeeze in exercise during the day. Many remote workers use this benefit to maintain a healthy work-life balance.
Therefore, you should handle any anticipated improvement on time and oversee the maintenance of your on-site fitness facility. As a result, you’ll have a place for remote workers to stretch their legs and keep fit.
Of course, cutting-edge fitness centers aren’t just a benefit for remote workers. However, remote workers may want to quickly fit in some gym time to break up their daily routine. Offering a gym within the property is an added plus because it allows workers to leave their offices at home without driving or leaving the premises.
Conclusion
Catering to the needs of remote workers in rental properties is essential in today’s evolving work environment. Offering premium amenities like high-speed internet, dedicated workspaces, gym facilities, and closeness to vital services can dramatically increase rental properties’ appeal to this increasing demographic.
Understanding and prioritizing these amenities can help landlords and investors attract and retain remote workers, fostering a positive living and working environment. As remote work grows in popularity, providing these amenities will meet market demands and ensure long-term satisfaction and success for both tenants and property owners.
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