The impact of technology on the property market
Each month CERT property presents you with a property market commentary and upcoming market trends. Whilst last month, we spoke about the importance of the well-being on the property market, in October, on the contrary, we will focus on technology and its role in the real estate.
What is tenant’s most frequently asked question when considering renting a property? – “Is there wifi?”. – Believe it or not, nowadays prospective tenants are more interested in the speed of broadband than heating systems or fire escape routes.
With fast paced, constantly evolving technology, having a digital connection within your home and office became a top priority for many, especially within buy-to-let market and commercial lettings.
Tenants becoming more demanding and impatient but many landlords still leave the broadband connection, also known as the 4th utility (after gas, electric and water) to tenant to sort out. Is that a desirable solution?
Studies show that prospective occupiers are more likely to rent a property of a lower standard but with a fast wifi connection already in place. The drive behind it is the necessity of an instant connection with the digital world without running your mobile bills sky high. Given the rental market is dominated by young professionals and students, there is a need to log in to your course portal or work network right away. If we also take into consideration that average broadband provider takes on average 3-4 weeks to establish a connection, it seems more appealing and less hassle to move in and log in simultaneously.
CERT property recognised the trend at its inception and is now positioned far ahead of the game. Our commercial project, Hilton House in the Northern Quarter, is benefitting from the fastest internet connection of any commercial building in Manchester. With the speed of 10Gbps (gigabits per second) our commercial space comes on the top of tech list within offices to let in the area.
“How fast is 10Gbps”? you ask, according to Speedtest.net the 10 gigabits speed will allow you to download hundreds of films within seconds; or organise a live webinar with thousands of attendees around the globe. So it’s pretty fast, right?
Our residential development, Kinetic in Old Trafford, will benefit from an optic fibre super fast broadband before the tenants move in. It is one of our USP’s featured in our lettings campaign launch and we are already attracting a steady amount of interest from young professionals.
We took technology enhancement to another level at our luxury apartments at John Dalton Street. The high spec living space in the City centre benefits from a pioneering intelligent living system that makes your home more adaptable with automatically controlled heating, lighting, security and safety and voice control technology to override any adjustments. We have sourced the best equipment on the market to enhance its tenants life experience.
Technology will always evolve and with that, consumers demand. The real challenge is for the property market to keep up with the evolution and incorporate its initiatives into developments to enhance end user’s experience.
With that in mind, let us assure you, CERT property will always be that one step ahead…
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