The recent decision to remove GST on Canadian rental housing developments has sparked excitement within the real estate industry as it is expected to encourage more rental construction. This initiative not only aims to alleviate housing affordability challenges but also highlights the increasing need for technology that connects investors with property owners and residents with staff and their communities.
Promoting purpose-built rentals
The GST rental rebate is anticipated to spur increased investment in purpose-built rentals. These long-term rentals can cater to different household sizes, income levels and lifestyles, providing more options for individuals and families seeking rental accommodations. They can also be designed with modern amenities, creating a better living experience for tenants. This often includes integrating features such as energy efficiency, smart home technology, communal spaces and on-site services like fitness centres or coworking areas. By prioritizing tenant satisfaction, purpose-built rentals can set higher standards for quality and comfort in the rental market.
Generating positive economic & employment impacts
The construction and operation of purpose-built rental projects can have positive economic effects. These initiatives generate employment opportunities, both during the construction phase and for the ongoing management and maintenance of the rental properties. Additionally, the development of purpose-built rentals can attract investors to the local housing market, revitalizing neighbourhoods and contributing to economic growth. It’s important to note that the extent of the impact will depend on various factors such as the scale of purpose-built rental projects, local regulations and the specific demand and supply dynamics in each city.
Meeting investor expectations
Investors looking to capitalize on the growing demand for rental housing have high expectations for return on investment. By adopting online investor portals, multifamily businesses of all sizes can provide stakeholders secure access to operational and financial performance whenever they require it – with full drilldown capability – without having to wait for a return call or email. This includes complete visibility into portfolio performance measurement, budgeting and forecasting, revenue management, capital status, statements, reports, metrics and tax documents.
Investment managers can also use online investor portals to call capital, make distributions through waterfall promote structures and automate capital activity tracking. This lets staff members direct their efforts to more productive activities such as researching investment opportunities and strengthening client relationships.
Addressing resident expectations
Technology also contributes to resident satisfaction by saving staff time with automated online services that reduce manual data entry. For example, property owners can automatically list vacant units, pricing, floor plans and more via dynamic marketing websites. These platforms can also integrate with CRM tools and digital call centres that automatically respond to online inquiries. Prospective residents gain convenience and flexibility with 24/7 access to property and unit details during or after leasing office hours.
Other services provided by modern property management software platforms such as online leasing, maintenance services and payments are becoming increasingly popular. According to the 2023 Simply DBS Canadian Rental Market Survey, 63% of residents who don’t have mobile resident apps want them, and 83% of residents who have mobile resident apps use them. Such technology benefits staff as well as residents by eliminating errors associated with manual data entry.
Preparing for the next era of multifamily housing
Embracing investment and property management technology is crucial to meet the expectations of investors and residents. With the use of robust technology solutions, property managers can effectively manage their portfolios, while residents enjoy a well-connected living experience within their rented communities. As the rental market evolves, leveraging technology will be vital for the continued success and growth of the rental housing sector in Canada.
To learn more about your technology options, contact our Yardi Breeze Premier experts today.