Whether you have been renting out property for decades or are working as a landlord for the first time, it’s essential to stay on top of rental trends. By doing so, you can keep up with market fluctuations and understand what renters are looking for. If you’ve been sticking with the status quo, 2019 might be the right time to tune in.
The following trends are driving the rental market this year. While the specifics will vary in every region, you may benefit from making adjustments based on renter preferences and popular amenities. You might even see an increase in rental application requests by getting on board with these trends and advertising them well.
Renting is on the Rise
As mortgage rates climb and more people flock to the cities, the real estate market might see more people renting than ever before. As a landlord, you can enjoy a lucrative opportunity. If you were thinking about investing in more rental property, you might notice more interest from renters. This is especially true if you are in an urban center or growing suburb.
It might also be wise to diversify your rental properties, providing single family homes and apartments of various sizes. Techniques like these can help you adapt to a changing rental market.
Security is a Priority
Home security technology is more advanced than ever before, and it’s no longer exclusive to homeowners. Today’s renters want to know that their landlords take security seriously. By adding a doorbell camera to single family homes and security cameras outside of apartment buildings, you can help your tenants feel safe.
If you own an apartment building, ensure that the entryway is secure and that the unit locks are up-to-date. Remember that tenants who feel secure in their space are more likely to renew their leases.
Outdoor Amenities Matter
You know that renters look for updated appliances and other quality features in their units. Now more than ever, tenants are looking for a little more luxury outside. Outdoor amenities and communal spaces may draw renters to your properties. This includes porches, rooftop seating areas, firepits, and pet areas. If you own an apartment building, consider adding a gym and coffee area. With the rise of telecommuting, people are spending more time at home and will be looking for these conveniences.
Renters Want Upgrades
With networks like Instagram and Pinterest guiding decor choices, renters are up-to-date on design trends. Today’s tenants have an eye for luxury and want to see their landlords make updates in their units. Whether this means repainting the bathroom or replacing the carpet with hardwood floor, be sure to make your apartment look appealing.
If you are looking to attract a long-term renter to your property, be sure that the space looks the part. Otherwise, they will gravitate toward a property that offers more bang for their buck.
Tech Will Make You Stand Out
Technology makes everyone’s lives easier, and you can appeal to potential renters by offering technological perks. Features like smart thermostats, mobile key apps, and entry keypads can take your rental properties to the next level. Even allowing tenants to pay their rent online can make a significant difference. By embracing technology and making the initial investment, you can make your properties more attractive and lucrative.
When considering which rental trends to adapt, tune into your local market. Which types of properties are filling faster than others? What are other landlords in your neighborhood advertising? How is your target market changing? All of these details will help you stand out from the competition and keep your properties full.