A successful property manager knows that keeping up with tenant needs and expectations is important and ultimately benefits the property management firm’s strength in the market. Tenants’ tastes and priorities change over time, so it is critical to keep updated on the latest trends. To that end, you can capitalize on the following five tenant trends to focus your marketing, guide new investments, and structure rules in your leases. When you have what tenants want, word will spread, your reputation will be enhanced, and your business will benefit.
5 Tenant Trends
- Bigger Is Not Always Better
In a recent survey, 60% of the participants said they would move to a smaller unit for a more convenient location. The era of oversized dining rooms and extra living rooms is over. People are overloaded by work and life commitments. They are overwhelmed with information overload. As a result, they are looking to be more efficient nowadays in everything they do, including their apartments. Focus on nearby amenities in your marketing, as that will help you to attract new renters looking for convenience and efficiency.
- Go Green, Even At A Cost
“Going green” is no longer just a trend, it’s common sense. As time goes on, businesses that are not committed to environmentally friendly business practices will be viewed negatively. And many people don’t mind paying a bit extra for things like low-energy appliances and LED lighting. Bike racks are also a great way to show your commitment.
- Keep Up With Technology
Landlines are old news, as smartphones have long taken over, especially in younger renters. The number of individuals without a landline, solely relying on mobile devices, keeps increasing every year. Don’t overspend on keeping landline infrastructure fully updated, especially at the expense of alternative options. Consider offering free WIFI as part of the lease to help your tenants stay connected.
- Pets Can Be Great Tenants, Too
Typically pets are seen as a nuisance for property managers, but their popularity among the new generation of tenants make them a great benefit to you instead. There are countless stories of individuals not taking a great place because they couldn’t bring their pet along. You can snatch up those pet lovers from competitors by marketing a “pet-friendly building” and allowing pets in your units. Many animal lovers are willing to pay a higher security deposit and rent for the right to have a pet (and for what many of them consider a “necessity” in life), and so the arrangement can work extremely well financially for your business as well.
- Online Rent Payment
Many people pay the majority of their bills online, from cable to electric. If the utilities can be paid online, why not rent? Keep ahead of the curve by putting your payment system online.