Biggest Trends in Property Management in 2023
4th Sep 2023
Biggest Trends in Property Management in the United Kingdom in 2023
As the UK rental market evolves, new trends are emerging that are changing the way properties are managed. In 2023, there are several significant property management trends that are already starting to show improvements in the industry. These trends range from technological advancements to transforming attitudes toward sustainability and the environment. Here are some of the most popular and significant property management trends in the United Kingdom in 2023.
Smart Homes and Buildings
One of the most significant trends in property management in the UK in 2023 is the increase in smart homes and buildings. Using advanced technology means properties can now be fitted with a range of smart devices that can be controlled remotely. This allows property managers to remotely monitor and manage the property, some examples are, security, heating, and lighting. Smart homes and buildings offer several benefits including, improved energy efficiency, enhance security, and increase comfort for residents. Property managers can use smart devices to monitor energy usage, identify potential issues, and help reduce energy consumption.
Sustainable Property Management
Another trend that is gaining momentum in the United Kingdom’s property management industry is sustaining property management. Property managers are increasingly prioritizing sustainability and the environment. This includes everything from reducing energy consumption and encouraging tenants to use green energy, or where bills are provided by the landlords/management agent, ensuring that green energy is used where possible, to improving waste management and using sustainable materials in construction and maintenance.
Increases Emphasis on Tenants’ Experience
In 2023, property managers will also place a greater emphasis on the tenant’s experience. Letting agents and Landlords are now investing in amenities and services that enhance the living experience for tenants. This may include everything from the shared workspace and communal areas to high-speed Internet and pet-friendly policies. By providing a positive tenant experience, property managers can improve tenants’ retention rates, gain attraction for new tenants and increase the value of the property.
Another trend that helps tenants living experience is the advantages of technology meaning that property managers can now manage properties remotely using virtual tours. We have already seen an increased popularity of virtual viewings during covid, they allow property managers to save time and resources, reducing the need for on-site and manual inspections. Having access to a virtual image of the property can improve communication with tenants and allow managers to respond more quickly to issues and provide better customer service.
Increase Investment in Data Analytics
Data analytics is becoming an increasingly important trend in the UK. Property managers are using data analytics tools to collect and analyse data on everything from energy consumption to tenants’ experience. Data analytics can help property managers to identify areas of improvement, optimize building systems, and make data-driven decisions for example knowing property managers have all the correct data helps them to come up with an exact decision. Also, can help get a better understanding of tenants’ needs and preferences.
Increase Demand for Flexible Leases
Finally, In 2023, there is an increase in demand for flexible leases, as tenants seek greater flexibility in their housing arrangements. This could include shorter lease terms, the option to sublet, and the ability to terminate leases early without penalty. Landlords and property managers must be prepared to offer more flexible leasing arrangements to attract and retain a tenant. Giving tenants much greater control over the security of their leases helps improve tenants’ experience and helps them feel more comfortable and can feel like the landlord and property managers are reliable.