Renter Wish List: 2020 Updates for Property Managers
PROPERTY MANAGEMENT
To keep your rental units full and your renters happy, it’s important to stay competitive with other rental properties in your area. You stay competitive by knowing what your renters want and finding ways to give it to them without unnecessarily running up your own costs.
What are renters looking for in 2020? Take a look at what’s on renters’ wish lists this year and how you can bring it to your rental properties.
Reliable Connectivity
It should come as no surprise that renters are looking for reliable cell service and high-speed internet at the properties where they’re considering renting. After all, fewer and fewer people are having home phone service installed in the first place, choosing instead to rely entirely on cell phones. With the increase in people working remotely, either instead of going to an office or in addition to working in traditional workplaces, reliable internet access is vital. Additionally, families with children usually need internet access for their children’s schoolwork.
Chances are that you also rely on phone and internet service for any number of tasks, including tasks associated with managing properties. So, if you spend a lot of time on-site, reliable connectivity on your rental property is a necessity for you as well, and part of the cost of doing business.
Provided Furnishings
If you’ve been in the property business for any length of time, you’ve probably heard about the concept of the renters' generation. Millennials, in particular, tend to rent for longer periods of time before buying a home, and many aren’t planning for homeownership at any point. They’re more likely to go from city to city fairly frequently for employment opportunities, and that means moving often.
Furniture is difficult and expensive to transport, and people who are moving often may not want to maintain and move too much furniture, or may simply not be able to do so. Furnished rental units are appealing because they save those renters the difficulty of buying or renting furniture and then paying to have it moved when they change addresses.
Offering a furnished apartment doesn’t have to be a financial hardship for the property owner or management; you can always charge renters an additional furniture rental fee on top of their rent to defray costs. It’s still likely to be a more attractive and affordable deal for the community resident than many of their other options.
Convenience Amenities
Your residents have busy lives, and anything that takes chores off their plates or makes their lives easier is bound to be attractive. For example, laundry facilities – either in-unit or on-site – are always popular with renters. No one wants to have to spend their day at a laundromat.