January 2025
Buying a home has become less appealing than long-term renting as mortgage rates have increased. More have become comfortable with long-term renting which does not require the costs and stresses of traditional home ownership.
The most popular rental properties are modern, convenient and current with changing technologies.
Modern amenities
The most popular rental properties are modern, convenient and current with changing technologies
Like condo owners, renters want modern amenities. Among the most popular are:
Fitness Centre – Physical fitness is a priority for active individuals. Travelling to a private fitness centre isn’t convenient and is expensive. Finding time to use a fully equipped fitness centre or swimming pool is easier when one doesn’t have to travel to get there. A fitness centre is consistently one of the top amenities to attract tenants.
Package Management – Package deliveries of all types is not going away. Having an effective package solution that limits theft and damage, and safely stores packages is no longer a luxury. For those who receive frequent deliveries, a community without an effective package management solution is no longer an option.
Outdoor space – With more people working from home, it is more important than ever to have access to outdoor amenities that allow for escape from the drudgery of work. Shared eating spaces, barbecues, gardens, walking paths and bike trails are all popular.
Sustainability features – As the impact of climate change grows, the importance of sustainability increases. Many want to know they live in green and energy-efficient homes. They seek features that include solar technology, smart thermostats, electric vehicle connectivity, bike-sharing programs and electric bike charging facilities.
Smart Devices
Most renters want access to one or more smart devices or systems in their home. Among the most popular for improving high-rise living are:
- Keyless entry systems – Facial recognition and passcode-based access to doors using their mobile phone. As this technology evolves, keys and key fobs are quickly becoming outdated. Smart locks include a keypad for entering a
- passcode for use without a mobile phone.
- Artificial Intelligence (AI) integration – While this is unlikely to be a fad, few are sure of what this means. The technology is sure to help improve on building systems and operations as it integrates with current building technologies. Condominium managers, property managers and condo boards are more likely to see the benefits of this technology before building residents.
- Electric Vehicle Charging Systems – Even if the government of Canada’s EV Mandate, requiring all new passenger vehicles sold in Canada after 2035 to be electric zero-emission vehicles, remains impractical, interest in this technology is likely to grow.
- Condo Management Software – Demand for electronic communications continues to grow. Residents prefer to receive information from building management in electronic format. They want to submit service requests electronically and receive status updates, book amenities and generally conduct business using their mobile phone, iPad or computer. Only with Condo Management Software can a building keep up with electronic technologies without excessive effort and expense.
Community Connections
Renters want to be and feel part of their community, and to connect with others in their building. Condo buildings that exclude renters from communications and activities, or single them out for special treatment send a message that they are not welcome. Communities that don’t promote group activities and events send a message that the building is not a community. This deters both renters and owners from wanting to live in a building. Selling and rental prices suffer.
Co-working spaces – For those working from home, shared co-working space provides a break from the monotony of being alone. They can socialize with others without leaving the property.
Neighbourhood Connections – A community includes local shops, restaurants, hair salons and other services. These should be promoted and relationships with local businesses cultivated.
Social events – Barbeques, holiday parties and community garage sales are effective ways to build community and keep residents connected.
Regardless of your desire to improve community living for owners or residents, one thing that never changes is the desire for quality. Providing the best possible service and amenities benefits everyone. If your condominium community fails to provide what is desirable to renters and owners, the value of your property and rental prices will drop.
