Renting is expected to continue rising this year. According to GlobeSt.com, there are strong factors that point to a surge in the level of property renting in the future, including an increase in population and difficulties in getting ownership of properties.
The presence of those factors will lead to an increase in rent demands, from family homes to co-working spaces, and hence, an opportunity for you to make your properties generate revenue. While this demand is increasing, it is important you have an idea of what exactly the tenants want.
Property owners should try to put themselves in the tenants’ shoes to find out how to better provide a quality experience. The renting demand might present a business opportunity for them, but in the end, tenants need to make decisions on where to rent, based on what they think is better for them.
The National Multifamily Housing Council & Kingsley Associates conducted extensive research to effectively figure out what tenants need from property owners in these modern times. The information from this research can point you in the right direction as to where to focus your efforts and resources on in order to benefit from the current demand opportunity.
In this article, we’ll go over what they found. The National Multifamily Housing Council & Kingsley Associates 2020 Apartment Resident Preferences Report gives a detailed analysis of what tenants said, through surveys and other methods. Check out their methodology here.
Let’s see what tenants say they want this coming year, and how you can better position yourself to provide those requirements and ensure success in the current business year.
1. Better Living Experience
Providing a better living experience for your tenants plays a huge role in meeting their demands this year. A quality living experience is probably the most important factor in tenants’ decisions in renting a property as they will leading a major part of their daily lives and conducting operations from there.
The relevance of quality experience in a property and its environment should not be underestimated. It has led to huge losses in patronage as well as huge gains. The quality of your property experience also affects the price as tenants are willing to pay more for a better living experience.
What can you do?
Ensure the property is well situated in an environment that provides a good experience for whoever is occupying the space. If you have not gotten a property yet, that should guide you on the right type of environment to make an investment in.
If you own a property, work hard to ensure the property is well taken care of, to assure the tenant of a safe, valuable environment. If possible, work with other property owners in the neighborhood to ensure the external environment maintains a safe and healthy look that the tenants can thrive in.
2. Better digital connection
Wherever they are, everyone loves to get connected. Especially tenants.
We live in a time of global connectivity as a necessity. Your tenants will need to make calls, browse the internet, and access to in-house TV streaming.
Tenants have cited wireless connection as a factor in their house renting decisions. After all, no one would want to intentionally rent a place where digital connectivity is as difficult as it gets.
What can you do?
As a property owner, ensure there’s good reception for phones anywhere your property is. Your tenants will want to make calls to friends and family, and bad cell reception won’t look good for your business.
For internet connections, make sure your tenants can seamlessly access the internet from the comfort of their homes, without any major interference. The internet is now a very important part of life and poor access to it can be very disturbing.
Your tenants will most likely need home streaming of TV stations. Your property should be situated in a convenient location for this streaming to be good enough.
3. Digital access to property portal
Providing a digital portal for your tenants can be a very important factor for attracting more tenants. According to the report, tenants prefer having a digital resident portal, rather than having to constantly interact with the property administrators.
It’s even better if it’s a mobile application.
What can you do?
Start by creating a digital portal for your properties. It could be web or mobile (preferably mobile). By giving your tenants such a platform, you are enriching their experience of stay in your property, which increases their patronage and reviews.
They will also be able to make payments, report issues and do much more from the platform, helping you get tasks done easier and cheaper.
4. Provision of Amenities
This can’t be stressed enough. A good living experience can only be achieved if important amenities are present for the tenants to make use of.
Tenants have cited some amenities as a must-have for a property before they can rent it. There’s a huge importance placed on inclusive amenities which dictate if a property is worth renting or not.
What can you do?
You can provide the important amenities you know tenants would need. There’s a need for caution here: you can’t go providing expensive amenities as an inclusive detail. What would help is providing amenities that cost little, but gives high value to the tenant. Examples of such amenities include dishwasher, microwave, and others.
Providing those amenities puts you in a good light to the tenants and also saves you the future costs of expensive repairs that might otherwise not happen if the amenities were provided in the first place.
5. Better affordability
When it’s all been said and done, it all comes down to whether the tenant can afford the property or not.
Renters look for where the living experience is good, but they also consider the price of the property. According to the research, price has always been a major factor in deciding where to rent.
What can you do?
Stress the affordability of your property. That’s what tenants want in 2020. A property that has all the features listed above, and is still affordable to them.
If you can provide affordable housing with good overall living experience, you will be well-positioned to take the present opportunities for yourself.
So, you now know what tenants want from you this 2020. Giving quality time to ensuring those requirements are met could be a major turning point for your business.
The Booking Ninjas Property Management System features unique solutions that help you meet the above requirements without so much as a sweat. Our digital tools and integrations ensure you and your tenants enjoy the many benefits of digital property experience. You can save time, money and resources by focusing on the more important tasks, leaving the others to the Booking Ninjas application.
Resource: NMHC Press release