Technology has had a huge impact on the rental market over the past few decades. This has had a mostly positive impact on landlords, real estate agents and tenants alike. Here are some of the ways the whole rental market has changed.
Apps, Apps and More Apps
There’s an app for everything and the rental market is no exception. Mobile users use apps for their property rental search. All of the major real estate portals have their own free apps on iOS and Android. Some of these apps have better features than the desktop version of their website, giving renters a better experience.
But it doesn’t end there. Tech-savvy rental agencies have their own apps that allow faster than ever communication between the agent, landlord and tenant via text. It also allows for 24/7 communication, rather than having a tenant call up the agency and someone manning the phones. Cutting out the middleman allows for lower rental property management fees to the owner.
With the numerous data sources that both the public and agents can now access, people can make better decisions. This includes comparing the rental prices of nearby similar properties, as well as historical rental data in the area. This helps price properties appropriately and fairly, but well enough so that it will fill quickly, reducing vacancy rates.
There are a lot of uses for digital photography for rental properties. The obvious being in the initial property listing, but where it gets really convenient is for capturing any issues with the property. For example, digital photos are used for property condition reports, where any existing damage to the property can be documented, recorded and easily shared. The same goes for any new damage or issues that the tenant needs to share with the property manager. This allows for any repairs to be organised more quickly.
The Application Process
When you are applying for rental properties, different digital platforms make it easier for you to apply for properties quickly. For property managers, you can also sort applicants easily and have access to tenancy databases to check if they have a bad history.
New Types of Renting
Whilst short-term holiday rentals have always been around, there is no denying how much Airbnb has influenced this type of property investment. The main difference is that now any property owner can rent out their own home or an investment property themselves. It’s now so easy to advertise your property whenever you want to on various websites. Advertising across as many as possible is great as it helps you reduce your vacancy rate.
In terms of locks for rental houses, there are a lot of options that don’t involve keys. Fingerprint locks might be good for long-term rentals. Keypad locks for Airbnb and short-term rentals. Security alarms and security cameras can be a good deterrent to property damage from intruders. Better security also makes your insurance cheaper for both renters and landlords.
Better energy efficiency
Many household items have become more energy efficient. Fitting out any property with energy-saving light bulbs, solar panels, solar hot water and modern kitchen appliances can keep bills down. This is important to some people and also good for the planet.
For high-end properties, 3D tours and video tours are becoming increasingly popular for rentals, not just premium for property sales. Augmented reality is also possible and trendy for promoting properties online. These all make it easier for people to make a decision if they are moving from interstate or overseas.
Internet banking and direct debits have made it easier than ever to pay your rent on time, bills and transfer money for rental repairs. It’s much easier than the old days of having to manually pay your rent every time it was due.
Overall, renting has become easier and more streamlined than ever before, but be warned – your behaviour as a renter is now more important than ever before. Records of bad tenancy can haunt you forever.