Significant changes in technology are coming. At the 2023 Consumer Electronic Show (CES) in Las Vegas, recognized for underscoring the latest technology, Steve Koenig, Consumer Technology Association vice president of market research, highlights the newest tech-savvy trends. “Cybersecurity, cloud, artificial intelligence, and robotics are all part of it and underpins the effort and the global economy,” Koenig said. This includes speed and increased productivity benefits, improving worker safety, and optimizing space. He continues, “The metaverse is closer than you think. Metaverse is still a speculative term but make no mistake, this is a real trend, just as the internet was a real trend in the early 1990s, even though many of us didn’t know what it was. That’s the same dynamic manifesting around the metaverse right now.” Advertisements and how consumers shop look different today compared to 20 years ago. Using the metaverse and online shopping, consumers can push a shopping cart in “an elevated sense of immersion,” said Koenig. In addition, virtual meetings with sales associates when purchasing a new computer or shoes will be more common, allowing the sales representative to show the features in detail. Many are turning to electric cars with technological advancements and more autonomous transportation advancements. With a decline in truck drivers, soon the answer will be self-driving trucks, predicts Koenig. “Humans are nice to have. Technology is the answer.” Robots are becoming more advanced, especially in sustainability. For example, farmers are now using more windmills, farming robots, soil sensors, and intelligent silos. In addition, John Deere won the 2023 Best of Innovation at the CES show for a fully autonomous tractor. Regarding the gaming world, data shows that there are over 164 million self-described gamers in the US market, according to research from the CES show. However,...

You’ve probably heard about tiny homes, which usually range from 100 to 400 square feet and provide affordable alternatives to traditional houses, opportunities for a simplified lifestyle and a potentially smaller carbon footprint. It’s a small but steadily growing part of the residential real estate market. And now, with some companies letting their employees work from home most of the time or permanently, could the small space concept translate to the office environment as well, with similar benefits? As a matter of fact, yes. Tiny offices, which are often installed in back yards, are gaining in popularity too, with demand having “skyrocketed amid a surge of interest from private homeworkers looking to redesign their work and home life,” according to the BBC. Tiny offices suit people seeking fuller separation of their professional and personal lives. But many workers “don’t have the space [for a home office] and they don’t want to spend all of the money to remodel their house with a room addition. That’s why I think we’re seeing so much of this,” says Bob Clarizio, a builder of tiny houses in Elgin, Ill. Early in the pandemic, some tiny house and garden shed manufacturers pivoted to create home office structures. “A soon as the quarantine and having to work from home started, the requests for our sheds doubled,” said Brennan Deitsch, a manager for Heartland Sheds in Glendale Heights, Ill. Tiny office styles can range from classic cottages to modernist miniature house designs, equipped with solar panels, energy-efficient windows and other amenities. And they’re mobile, so if the owner moves, “for relatively little cost you can just take it with you, plonk it in your garden and get up and running before your house is even finished,” says Mike Hyde, operator of...

We compiled predictions from expert observers to get a sense of what’s in store for the real estate industry in 2022. Excerpts follow. Foreseeing a ‘whirlwind housing market’ Pandemic-ignited home-buying, driven by supply shortage and low mortgage rates, shows no signs of slowing down. “We expect a whirlwind 2022 for the housing market,” says Danielle Hale, chief economist for Realtor.com, with home sales increasing 6.6% and home prices 2.9% above 2021 highs despite a small uptick in inventory. While affordability, rising interest rates, and supply and labor shortages will continue to pose challenges, “home buyers should find the coming months to be more advantageous than any time in 2021. While sellers remain in a very strong position, price stabilization and the continuation of competitive interest rates may bring some welcome relief to buyers in the new year,” notes Nick Bailey, president of RE/MAX LLC. Home living tops investment U.S. real estate remains among the most attractive and largest asset classes for investors and families alike. “For the second year, homeowners have told us that their main reason for taking on projects around the home is to better meet their needs. Before the pandemic, return on investment was the primary motivation. This is a huge shift and something we know will continue throughout 2022, especially as people continue to spend more time at home,” says Robert Morgenstern, principal of New York City-based Canvas Property Group. Tech amps up Property management technology’s capabilities and use will continue to grow for reasons of convenience and social distancing. “With the right data collection tools and overall acceptance by industry professionals, real estate will greatly benefit from the increased use of technology in 2022,” according to Paul Ryll, owner of Oscar Mike Mobile Appraisers of Greenville, S.C. And with...

There’s no way to introduce an article about the changes wrought by 2020 that doesn’t underplay the significance of the COVID-19 pandemic. It’s affected the way we do everything — limiting travel, increasing screen time and turning even the most basic activity into an exercise in risk management. For people in the multifamily industry, apartment rentals went from a typically high-touch experience to virtually contactless, seemingly overnight. And while some of the changes are only temporary, others are likely to last long after the virus abates. “This year is a pivotal moment that will reshape how we do business,” asserts Esther Bonardi, vice president of marketing here at Yardi. “The pandemic is changing our future. How can we use this for good?” Bonardi recently had the chance to talk with three multifamily leaders about their experiences marketing and leasing apartments during the pandemic. Hear from Garin Hamburger, senior director of national marketing at Pinnacle; Ian Mattingly, president of LumaCorp Inc.; and Pei Pei Mirabella, senior vice president of operations at Bozzuto on the emerging trends that will have the biggest impact on multifamily rentals going forward. Bonardi: What do you think was the biggest change in 2020 that has the most potential to become a permanent shift in the way we do business? Hamburger: The biggest change that will last through the pandemic and continue to evolve after it are the creation of alternative tour types, specifically virtual and self-guided tours. I really believe we’re coming into an age where technology will dramatically shift the customer journey and the leasing agent experience. Mirabella: The companies faring better during abrupt shutdowns have the tools and technology in place to pivot operations and enhance productivity while working remotely. In addition to using live and pre-recorded virtual...

Multifamily housing is changing more rapidly than ever before. The National Multifamily Housing Council recently released the Multifamily Disruption report. It highlights eight major trends that are changing the way we design and marketing apartments. 1. Robotics Tech research consultants at Gatner estimate that 26 billion devices will be connected through the cloud-based Internet of Things (IoT) by the year 2020. The five-fold increase includes more than 11 billion sensor-connected devices that control resident comfort, shopping, and entertainment. Investments in consumer artificial intelligence products may reach $126 billion by 2025. Residents have come to expect the integration of smart technology into their residences. Owners and operators are scrambling to integrate—and update— tech-savvy gadgets into rentals. 2. Convenient, Customizable Living Convenience reigns. Renters value reliable cellphone reception and high-speed internet more than fitness centers, pools, or in-unit laundry machines. By 2023, more than 90 percent of the U.S. population will own cellphones and use them as the main method of interaction with businesses and services.  The 2017 State of the Connected Customer report advises businesses to focus on immediacy, personalization, consistency, and anticipation. If these expectations aren’t met, 66 percent of polled consumers say that they’ll drop the brand. About 70 percent of consumers say that mobile technology makes switching brands easier than ever. When it comes to apartments, this translates into a few major points. Cell reception and high-speed internet are must-haves. When renters reach out to leasing office staff, they expect quick, personalized responses. Moreso, they expect the leasing staff to anticipate their needs, promptly issuing updates and repairs before they’re requested. 3. Looking Beyond Millennials One-bedroom apartments are no longer the hottest floor plan in most markets. Larger apartments at affordable prices are consuming a greater share of demand. About 73 million...

With 2017 drawing to a close, we’ve been thinking about the future. The current year’s tech trends have been big and impactful, with artificial intelligence topping the charts. How about 2018? Most likely, technology is set to focus on the internet of things (IoT), artificial intelligence and machine learning. The Internet of Things Pretty much everyone has heard about IoT as it can be found in almost any industry now. You must have noticed that everything is becoming ‘smart’. In your car, at home, in the office, or shopping—there’s smart technology everywhere, ready to collect data and connect to other devices in order to assist you with your tasks. Gartner states that by 2020, a quarter of a billion cars will be hooked up to the internet. No doubt the trend will continue to progress in 2018 and even expand to areas outside of those mentioned above. Artificial Intelligence Pretty much anywhere you look—tech conferences, development and discussions, AI is at the forefront. And rightly so as it’s no easy thing to have computers able to learn in much the same way as humans do. Behind its extraordinary advancement is the incredible explosion in data—the more data an AI system has, the faster it can learn and the more accurate it becomes. It seems like humanity is on a path without a return alley. Machine Learning This technology has already swept every platform into its net. All developers want to make life and software more intelligent and advanced. It will replace all those mindless, repetitive and time-consuming tasks, precisely what technology should do. We already have some automated processes, decisions, functions and systems, carried out by algorithms or robots. Machine learning is the next step and ever more industries will be impacted by it—truck...

Nestled in the tech hub of the city of San Francisco, AirBnb has achieved widespread global success since its founding just 8 years ago. Beginning with a simple living room turned “bed and breakfast” in a last-minute attempt to pay rent, Brian Chesky and Joe Gebbia are now operating a global company worth over 30 billion dollars. As a pioneer in the use of home-sharing, AirBnb took advantage of the recession in 2008, when many people were looking for cheaper alternatives to expensive hotels when traveling. Notably, AirBnb has gained recognition amongst millennials with its unique, quirky, and anti-corporate image. With the recently popularized “Experiences” feature, people are able to pursue this very sense of adventure that AirBnb’s image offers. According to research released by AirBnb itself, most millennials prioritize traveling over settling down and buying a home. millennials say that they are allocating more money into travel than they did a year ago. Experiences allows users to participate in activities or excursions that are led by local hosts, who give them a personalized view into their city and communities. Experiences can range from just a couple of hours to an itinerary stretched over multiple days, the latter of which are called immersions. These experiences could include physical activities such as hikes or surfing lessons, dining, or even workshops. For now, the Experience feature is only available in select cities. In the United States, the only cities with experiences available are Detroit, Los Angeles, Miami, New York City, Portland, San Francisco, and Seattle. Globally, users are able to choose experiences in Africa, Asia, Europe, and Australia. 8 out of 10 people surveyed in the UK, US, and China, say that the best way to learn about a country’s culture is to experience the country...

We’d need 4.6 million new apartments by 2030 to meet demand for rental living and keep prices in check, reports the National Multifamily Housing Council. That’s about 373K new units each year on average, a number that’s rather optimistic considering the pace of apartment construction in the last decade. So how feasible is this plan? A recent study from RentCafe on the apartment market suggests the country’s growing renter population need not be too concerned. According to data from real estate data provider Yardi Matrix, apartment construction is at a 20-year high, with most of our country’s biggest cities seeing significant upgrades in rental stock. After a slow post-recession period, the market started rebounding in 2012 and by 2014 new supply had amounted to more than 237,000 units delivered in one year, well above historical averages. Between 1997 and 2006, annual completions averaged 212,740 units. In 2017, apartment completions are expected to top 345,000, a 21% increase compared to last year’s deliveries when more than 285,000 units saw the light of day. Hot Urban Markets See Rents Softening as Developers Ramp Up Apartment Construction After peaking in 2014 at 5.1%, monthly rent prices rose just 1.5% to $1,316 in May, the lowest annual growth rate we’ve seen in more than three years. In 2017, the average U.S. rent is expected to increase a modest 3.9%. Does this mean apartment prices are finally taking a break from rent growth? Apparently so, and thanks to intensified apartment construction, that’s even the case with some of the country’s historically tight (or rather outrageously expensive) markets. Close to 6,200 new units entered the San Francisco metro area in 2016, with approx. 5,400 apartments expected to be delivered this year and another 9,500 under construction. While demand is still strong...

Twenty years ago, mobile technology rarely made an appearance in university dormitories. Today, technology anchors both private and communal spaces in student housing. New developments depict the rapid advancements—and changing expectations–around mobile technology in the industry. Connectivity The 2017 NAA Student Housing Conference tackled the concept of wireless connectivity in university residences. Student housing should accommodate internet speeds of at least 25 MB per student per second, proposed Faith Hawks, AIA, LEED AP, Principal, at Marks Thomas Architects. That may seem excessive at first until you consider just how much bandwidth the average student consumes. Hawks explains that students are now using an average of 10 Wi-Fi devices—at once. In addition to the expected devices such as a smartphone and laptop, many students also use a tablet, smart TV, gaming consoles, smart DVD/blue ray player, and wireless speakers. Students even strap Wi-Fi ready devices to their bodies with wearables like activity monitors and smart watches. Pile those devices on top of smart home features such as Nest-style thermostats and virtual personal assistants, and it quickly becomes clear why 25 MB per student per second is not unrealistic. Even when not actively in use, many programs run in the background issuing updates and exchanging data between devices. But the biggest drains on bandwidth come from streaming videos and gaming. Neither is particularly educational, but both are an integral part of the student life experience. Shared Spaces Outside of their apartments, students’ technology expectations do not diminish. Tech rich communal spaces, including charging stations and smart boards, prove to be a strong selling point for properties. In Rethinking Student Housing Interiors, Rick Reid of HPA Design Group explains, “To be competitive in today’s market means attracting students by providing them with housing they can relate to;...

If you’re looking to set your property apart from the crowd, high-end kitchens and bathrooms are an excellent place to start. Hands-free fixtures and appliances are quickly becoming standard features in fine rentals. New options permit these luxuries at multiple price points. For builds and renovations with leaner budgets, the GE Profile Series is a great introduction to hands-free appliances. The Energy Star certified fridge and freezer combos off hands-free auto-fill dispensers. Users simply insert their vessel of choice, press of a button, and move on to other tasks while the vessel is filled. Once full, the water dispenser automatically shuts off. Kenmore Elite 51773 includes a Measured Fill auto-fill dispenser with a few additional bells and whistles. The ice and water systems have Favorite Fill configurable settings, so that your residents get the perfect quantity every time.  When preparing for guests or an exceptionally steamy day, users can activate Accela Ice, which boosts ice production for 24 hours and then automatically shuts off. For kitchens and bathrooms, Delta Touch2O.xt Technology offers a range of operations. With the back of the hand, wrist, forearm or elbow, users can tap anywhere on the faucet to start or stop water flow. Some styles are equipped with true touch-free operation. Simply bring your hands within four inches of the sensor to activate water flow. To promote efficiency and resource conservation, the water shuts off within seconds of moving your hands out of the four-inch range. Safety features include an automatic shut off after one minute of uninterrupted water flow, as well as a blue indicator light to alert users that water is flowing or dripping. A step up leads to the Grohe LadyLux 3 Café and K7, two faucet styles that are activated via foot controls. The...

With over 7 million downloads and counting, Pokémon Go fever has gripped the nation, but what does this latest fad tells us about life in the modern age? It’s solving crimes, causing accidents and ruining relationships. It’s pushing couch potatoes onto city streets and careening across highways. Installed on 10% of all Android phones (15% internationally) and downloaded on more than 15 million iPhones and iPads, Pokémon Go now resides on more homescreens than Candy Crush, LinkedIn and Tinder. There’s no denying the popularity and reach of Pokémon Go. Within 13 hours of launching, the app grabbed the No. 1 spot in iPhone app store. Even more astounding, Pokémon Go has already generated $14 million in revenue within its first week of existence, pushing Nintendo’s stock up 24%. There’s no doubt Pokémon Go is a phenomenon. All that’s left is a deal with McDonalds (done), a cover on Rolling Stone and a skit on Saturday Night Live. But what exactly is Pokémon GO, and how does the mania reflect the increasing influence of mobile technology and the millennial bottleneck on modern society? Snapshot of Trend Pokémon Go plays upon the legacy of Nintendo’s original Pokémon franchise, which debuted in the late 1990s as a game designed for the Nintendo Gameboy. The basic premise involves collecting various Pokémon creatures and pitting them against each other in battle. Pokémon eventually evolved into a several spin-off games, movies and even a television show. While the original Pokémon restricted play to the gaming console, Pokémon Go users must now leave their house in order to play. The app uses an augmented reality via a gadget’s camera to combine gameplay with the real world, tracking user locations to reveal designated Pokéstops, Poké Balls and Pokémons ready for capture. Once...

A seemingly healthy economy, rising rent rates and a limited inventory of existing homes are pushing some buyers into the new homes market. Interestingly, they have few options once they arrive; new home construction is largely targeted towards mid- to high-price tier properties. First-time buyers are in limbo, adding uncertainty to an already imbalanced market. Census Bureau data reports year-over-year prices of new home sales have risen above the May 2014 estimate. Price trends indicate above average emphasis on move-ups and luxury home sales. In May 2014, the average price of homes sold was $323,500. The May 2015, the average sales price came in at $337,000. These aren’t first-time homebuyer prices though the group makes up a noteworthy portion of home buyers returning to the market. In 2014, first-timers made up 27 percent of buyers. This summer, they’re exceeding 32 percent, reports National Association of Realtors. A Campbell/Inside Mortgage Finance HousingPulse suggests an even higher figure with first-timers composing nearly 40% of purchases in May. Most builders overlook this growing group. Inaccurate data—or incomplete data, at best—may be a factor in builders’ strategies. On the surface, home demand is up as are job growth and wages. In theory, first-time home buyers are walking into a market that is accommodating their needs and improving their odds. Except it isn’t. A Pew Research Center report explains, “For most U.S. workers, real wages — that is, after inflation is taken into account — have been flat or even falling for decades, regardless of whether the economy has been adding or subtracting jobs.” The report continues, “But after adjusting for inflation, today’s average hourly wage has just about the same purchasing power as it did in 1979.” The organization’s August 2014 survey concludes that 56 percent of Americans...