Wednesday, August 17, 2005

Pondering the Apartment of the Future

Industry executives took some time out with Multi-Housing News this month to muse about their visions for the apartment of the future. (View the full article here.) A number of various themes were discussed, including security, access control, wireless services, and even digital artwork. Even with the hodgepodge of viewpoints, the overriding ideas seem to be increased differentiation and site control for owners, greater customization and services available for the resident, and a greater effort to promote connectivity between the two.

And thinking of customization, what will rents look like in the future? If a resident will be able to configure their apartment to their preferences, and they will be able to select various upgrade packages for in-home electronics and other amenities, doesn't it make sense to move toward a variable rent model? Allowing residents to upgrade their apartment will make it feel more like a home, and create great opportunities to increase rental income per unit.

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