Trends in the demands and preferences of renters are always changing. These trends were impacted significantly with the COVID-19 health crisis. So what do renters want now and in the near term? It’s important to remember that what renters prioritize should also be the priority of investors and property owners.
Let’s take a look at the latest renter trends in terms of what they want most:
1) Amenities and Conveniences – Tenants want more features for less rent. Not surprising. Everyone likes to get a good value for their dollar. So what amenities do renters want? The most requested are garbage disposals, in home washer-dryers, microwave ovens and dishwashers. Owners sometimes avoid these features because of costs and periodic repairs. It’s important to understand that although there is a cost to an owner, having these features can ensure a long term renter. These items are an investment. For example, the cost of a small counter top microwave oven may only be about $200. If an owner loses a tenant because their property doesn’t have one, and the property is vacant for a month, much more is at stake with lost rent.
2) Access to Online tools – Tenants want the convenience of logging in anytime to get things done. For example, for properties managed by Sureway Property Management, the tenants are able to pay rent online, submit maintenance requests, even contact their property manager.
3) Connectivity Speed – The COVID-19 crisis has driven significantly more people to work from home. Tenants may be working full time or part time from their rental property. As a result, reliable and fast internet speeds are must – as is cellular connectivity.
4) Home Office Space – Again, as the COVID-19 crisis has put more people in a position where they are working from home, having that space is critical. If your client is looking to buy an investment property, having a space tenants can use for work is going to be very important. This will certainly make the property easier to rent and demand higher rent.
5) Strong Property Management – Tenants regularly state this as one of the biggest reasons they would stay or move to another rental unit. Tenants want to be respected and are looking for quality service. That means if something breaks or they need to speak to Property Manager, they want responsiveness. At Sureway Property Management, we provide tenants an online portal for enhanced service. We treat tenants fairly. We listen to them and work hard to resolve issues that come up. The result is tenants stay longer and reduce the turnover of a property.
6) Open Space – Having open space or parks nearby is also trending higher for tenant needs. The newest data indicates demand is dropping for properties in very dense, urban areas. Renters are seeking our more suburban properties. Townhouses with common areas, properties near public parks, or even yards are increasingly important.
If you have a client that needs property management services, please contact us. We are always happy to help. We will make you look great by helping your client manage their investment property.