Rental Trends to Watch in 2020
PROPERTY MANAGEMENT
There's a continued demand for multi-family housing, and with home prices on the rise, the demand for rentals is becoming even more prominent. That said, there are things that property managers can do to ensure profitability while appeasing the demands and needs of residents who occupy their units.
It can sometimes be difficult to determine what these needs are, but by keeping your finger on the pulse of the current trends in the rental market, property managers can be better equipped to give tenants what they want while still ensuring that business is humming along.
Here are some rental trends you can expect to see in 2020.
More Technology
There's no denying the power of technology and the influence it has had on virtually all aspects of our lives. From how we communicate with each other to how we operate our homes and how we run businesses, there's no shortage of what digital technology can do. As technology becomes increasingly innovative and immersed in every aspect of life, more and more people expect it to be a part of their homes, including renters.
The idea of a "smart" home is not exactly a new concept, but it is a newer idea in multi-family complexes. Renters want to see more smart technology being implemented in their residences, and property managers are listening and are stepping up to the plate. By adopting some level of technology, residents will have a more positive experience living in your complex and may be willing to pay more money for it, too.
Mobile Communication With Property Managers
It's not enough that residents are able to email or text property managers. These days, mobile online portals are becoming more mainstream among multi-family residences, allowing residents to communicate both with property management and collectively with all residents of the community. Further, such mobile portals are also increasingly being used for rent collection, rather than depending on the archaic check deposits that have characterized the rental market thus far.
Secure Package Deliveries
With e-commerce seemingly taking over the retail world, more and more packages are being delivered to consumers, regardless of the type of dwelling in which they live. Considering this, there's an aspect of security that comes with this type of online shopping. Consumers want to be able to know that their packages arrive without risk of theft, and property managers may want to take steps to ensure this happens.
Whether this takes place in the form of 24/7 self-service package access, or any other method of safe package delivery and pick-up, property managers would certainly please their residents by implementing services like these.
More Convenience-Based Amenities
The more convenient you can make the lives of your residents, the more satisfied they'll be with their living arrangements. In turn, they'll be more open to paying handsome rent fees and may be less likely to vacate the premises in favor of another home. Lower turnover rates and higher rent payments are always welcomed among property managers.
There are various conveniences that can be offered to residents such as on-site premium laundry services. Tide Cleaners offers laundry lockers that can be installed on-site in your multi-family complex, allowing residents to drop off their laundry and pick it up when it's ready without having to do much else. Residents can notify Tide Cleaners where their laundry is to be picked up and can be alerted when it's ready via the Tide Cleaners mobile app.