Understanding and adapting to the dynamic needs of the rental market is indispensable for rental property owners in order to cast a broader net to attract potential tenants. The shifting demographic preferences make this task especially significant.
A New Age of Tenants: What Appeals to Modern Renters?
As elder generations vacate the rental market, younger generations, loaded with fresh expectations, are stepping in. According to the 2020 demographic data, only 10% of renters were aged 65 years or more, while a staggering 47% of renters fell under the age of 30. Technological advancement and changing societal norms largely influence these evolving tastes.
To appeal to the modern tenant, here are the amenities and features that should be incorporated.
1. Ubiquitous Wi-Fi Access
In our hyper-connected world, a reliable Wi-Fi connection is more than just a luxury; it is now a fundamental requirement. An effective way to appeal to modern renters is to ensure Wi-Fi connectivity throughout the property, including common areas.
2. Tech-Savvy Communication
While the days of mail correspondence are long gone, tenants now anticipate more technologically advanced communication means. The trend extends beyond traditional emailing or texting, leaning towards specialized resident apps for direct interaction, complaints, or work orders. The smart adaptation of AI, automation, and CRM can greatly enhance property management.
3. Simplified Payment Methods
Just as with communication, modern renters demand technological ease in their financial transactions as well. The era of mailing cheques is passe. Tenants now seek flexible payment methods such as credit, debit, and payment apps like Venmo, offering convenience and reducing the chances of missed payments.
4. Smart Home Enhancements
Smart home features like keyless locks, video doorbells, and intelligent thermostats are worthwhile additions that can lure modern tenants and elevate your property's appeal in the digital era.
5. Digital and Physical Curb Appeal
Today's renters value cleanliness and order, not only in their own spaces but also in their surroundings. Regular cleaning services, rules for waste management, and well-maintained landscaping can significantly enhance the digital curb appeal of your property, attracting potential tenants online.
6. Home Office Space
The COVID-19 pandemic introduced the work-from-home trend, which continues to thrive. Therefore, a dedicated home office space is a sought-after feature for a significant portion of modern renters.
7. Ready-to-use Appliances
Modern tenants, particularly those who move frequently, prefer homes equipped with basic appliances to minimize the hassle of transport. It's worth investing in standard appliances such as stoves, refrigerators, dishwashers, microwaves, and TVs to attract more renters.
8. Enhanced Security Measures
Renters prioritize safety, especially in neighborhoods with high crime rates. Consider investing in security cameras, alarm systems, video doorbells, keyless locks, smoke alarms, and carbon monoxide detectors to increase your property's appeal.
9. Pet-Friendly Policies
As an increasing number of people decide against having children, pet ownership is on the rise. Instead of banning pets, implementing pet restrictions can make your property more attractive to modern tenants.
10. Outdoor Spaces
As the charm of concrete jungles fades, renters seek outdoor amenities like balconies, verandas, shared gardens, courtyards, and decks to reconnect with nature.
11. On-Premises Laundry Services
Renters appreciate the convenience of in-unit washers and dryers or on-site laundry rooms. Adding these facilities can make your property more appealing.
12. Fitness Centers
In the era of health consciousness, offering a fitness center can give you a competitive edge, especially with tenants looking to stay fit without splurging on a gym membership.
13. Package Storage Solutions
As online shopping gains momentum, tenants need secure, convenient package storage solutions. Package lockers or a designated room for package management are great attractions.
Seize the Moment
As the modern renters' share in the rental population rapidly increases, landlords must keep up with the changing times or risk being left behind. Stay ahead of the curve by adopting these recommendations now to ensure your property remains a top choice for the modern tenant.