The future is here: How technology is transforming the rental market

The new generation of renters have arrived, and they’re bringing a whole new set of rules to the game.

They still favour great locations, mod cons and accessibility to entertainment and infrastructure, but they’re also turned on – or off – by their access to technology.

Technology now underpins every facet of modern society, and housing is no exception.

Keeping up with its influence is more important than ever for investors who want their property to maintain high desirability.

Or, they risk being left behind.

A fascinating report compiled for Optus by research agency McCrindle, released in January 2016, revealed some very interesting insights into modern renter personalities and what they’re looking for in a property. 

Firstly, ‘The Renter of the Future’ report discovered that plenty of next-gen renters choose to rent.

According to its statistics, 30% of renters are ‘choice renters’, while 70% are forced into a rental lifestyle for various reasons.

The report explains that ‘choice renters’ are looking for flexibility in their living arrangements so they can move around for work, an easy ability to upsize or downsize, or so they can rent where they want to live, and buy to invest.

These tech-savvy, next-gen ‘choice renters’ – who own more smartphones, tablets and laptops than ‘forced renters’ – are also far pickier when it comes to choosing their rental property.

And, when it comes to technology, they can’t live without it.

Social Researcher Mark McCrindle stated, “Renters comprise nearly a third of Australian households.

For the modern Aussie renter technology underpins and has become completely fused with their lifestyle.

This group is among the first to jump onto new technologies, keeping abreast of the latest trends and, where possible, the latest devices.

Accessing the internet quickly from their new rental property is a must for them.”

The McCrindle report found technology featured strongly in their top-5 rental property wishlist:

1. Parking (38%)
2. Pet-friendly (32%)
3. Cable internet (31%)
4. A strong mobile signal (25%)
5. Number of power points in a room (22%)

Basically, a good chunk of modern renters want to be connected and live tech-happy lives, and will seek out these attributes when they’re looking for a place to live.

The report suggests that for a sustainable future for your properties, consider staying abreast of technological advancements.

Otherwise, you’re at risk of losing 30% of your potential market, or missing out on some modern features that could boost the desirability of your property substantially.

A property boasting brilliant connections and technology-friendly extras could attract far more interest, and possibly even attract a higher rent.

You can read the McCrindle report here.