When looking for an apartment, it used to be that renters would look for a lot of space at a low cost, and the remaining factors were secondary. The reality is that today’s renters are looking at things a little bit differently. They spend a lot of time out of the house, appreciate the neighborhood atmosphere, and want functional space at home.
As a property manager, do what you can to appeal to modern renters, now that the following factors have become significantly more important:
The modern renter sees the neighborhood as an extension of their home. Residents are looking to take advantage of convenient access to transportation, restaurants and shops. At that point, the neighborhood trumps the size of the apartment unit. That is, if space is laid out in a manner that allows for efficiency. Today’s renters care less about large format living rooms and dining rooms, but do appreciate storage!
Renters want strong cell and data service in their apartments now, as more and more are giving up having a landline phone. If cell or data service doesn’t work well in the building, or in a specific apartment unit, then you’ve got a problem! Also, make sure the building is equipped for high-speed Internet.
Going green comes with an added cost, but today’s renters are more worried about the environment than those that came before them. If you place energy-efficient appliances in your properties and use green methods in your management, residents will appreciate the efforts. A small increase over average rental costs therefore will not be a big factor in their rental decision, if one property is green while the other is not!
Easy Rent Payment And Communication
Paper bills and paper payments are both becoming outdated. Today’s renter doesn’t want to have to deal with any of that, and appreciates online systems that allow them to pay their rent online and even send in maintenance requests!