The economy was rocked by the pandemic. But one thing we can be sure of is that the companies who were willing to adapt were the ones that survived - and thrived.
For the BTR and co-living sector, it was no different. New technologies that seamlessly integrate into property models have enabled landlords to fill empty rooms efficiently and quickly. Working with service providers and market leading technology will enable building owners to utilise valuable data, plan for quieter periods, and ensure void rooms are filled, and building lights are very much kept on.
My thought is that as we head into 2022 it is likely we will meet a new generation of renters.
The trajectory for travel and leisure is set to continue rising after reports from AirBnB show revenue surges, and cities and countries open up to vaccinated travellers. This tells us many things about the future of the marketplace. One, a new tenant is approaching. The travelling Gen Z - one who is accustomed to the sharing economy, who ultimately grew up with it. Previous generations might’ve been wary of the sharing economy. And some even warier of technology.
But with this new tenant on the move, they will likely be attending events, festivals or short breaks that were postponed during the pandemic, and looking for short term stays as a result. They have no objections to jumping online to find those lets both for domestic and international travel. And two, the rise of the mobile worker. Working in the gig economy or employed entirely under a remote contract, the remote worker isn’t bound by location. This freedom of movement can see them travel whilst they work, and favour BTR or PBSA accommodation for short term lets.
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