What Do Renter’s Really Want?
Written By: Eric Davis
A photo showing the trend in the property management market.
According to an analysis conducted by Pew Research Center, there is an increase in American renters seeking to rent a comfortable, secure, pet-friendly, and spacious home. However, one of the most constant differences in all those studies is the fact that tenants of different ages had various house preferences. With this in mind, property managers are looking for a new trend that they can use in regard to getting their properties occupied. What happened in the previous year excessively affected everyone’s source of income and priorities, including how we use our living spaces. You may think the solution lies entirely in the price and location as you strive to improve occupancy rates. However, that might not be the case. You might consider what’s inside and the quality of the property as one of the crucial factors.
To understand what tenants really need is to learn the general renter’s demographic in your location. 36.6% of U.S. families at present are renting. Another important statistic is that around 80% of Gen X and millennial occupants are not yet planning to get their own homes. Between 1981 and 1996, 75 million individuals are brought into the world. The largest demographic by generation in America is Millennials. They are drawn to the comforts of trend-setting innovation and search for freedoms to make occupied ways of life simpler.
Getting a new place – the search, the tours, the completion of the contract, and the move in gives a feeling of fulfillment. The largest number of tenants desire comfortability, security, and safety and are as practical as they can be. Cost and location are two notable factors that renters are hunting for. 37% of people are stating that they move to save, and the remaining are saying to be closer to their workplace. Searching rentals on the net, renters often look for a place within their budget and meets location needs. Price is an important factor, but another thing to consider is the area, utilities, what the property offers – such as appliances and outdoor spaces, and other specific amenities. Therefore, what precisely are tenants looking for?
An image of what most renters are looking for.
Below are some of the thing’s renters are considering:
1. Property Feature – How your property looks are one of the most crucial parts a renter considers in choosing their next home. As property managers, we need to make sure we know the property well and identify every possible downside ahead of time.
Here are some of the property features you might need to keep in mind.
- Pet-friendly – FIREPAW’s research[1] shows that renters stay up to 46 months in more pet-friendly properties than common 18-months leases for properties that do not allow pets. Pet owners are loyal renters. So, if you are looking to cater to most of America’s renters, you should re-align your pet policies.
- Safety and Security – Although future renters are considering styles and comfortability, they also want a sense of security. Safety goes hand-in-hand with the location. A secured community is a compelling factor in getting a larger number of tenants. Adding a reliable security feature is one way to make tenants feel safe at all times.
- Technology and Connectivity – Another trend looming around the market is the perks of having smart technology features. Millennials and younger generations renters prefer using 21st-century technology. It keeps them entertain and helps get them productive. Great connectivity also allows work from home tenants whose main concern is a reliable connection.
- Outdoor Spaces – Open or outdoor spaces are one of the best methods to draw and maintain tenants. After weeks of isolation and lockdown, it is understandable that most renters will prioritize outdoor areas. Who doesn’t want a place where they can relax, read a book, or just lay down and catch some rays? A terrace, rooftop, or patio is a perfect fit for this.
- Parking Spaces – A survey[2] concluded that renters want designated parking spaces, and most don’t mind paying extra. Tenants dislike struggling to find a space to park. Therefore, give parking solutions for a reasonable charge.
Once you’ve got the basics sorted, then it’s worth considering what additional features are desirable at the top end of the rental market such as Air conditioning, Appliances, Laundry spaces, Fireplaces, Walk-In closets, Hard-wood floors, and many more.
2. Overall cost – Discovering more affordable options could be an exceptionally appealing offer to future tenants. Of all the things that need to consider, price is the essential fact in a renter’s decision. It also is the make or breaks whether future renters will move in or remain as current tenants.
3. Location – Another part of the renter’s decision-making in choosing where to rent is the location. A quiet property within a short walk of a subway or train station will interest many tenants. You can’t change your property location, but you can create a better way to promote the location of the property.
4. Quality Management – One of the most common reasons tenants decided to move out is the dissatisfaction with the quality of the management as per a study[3]. You can improve the management team qualities budget-friendly way by following these simple steps:
- Be mindful of what your tenants needs.
- Put yourself in their shoes; you do not want to be left in the dark, so be sure to keep them updated when dealing with their complaints.
- Be as punctual as possible in addressing their issues.
- Be serious in accepting their suggestions.
- Be spontaneous in reaching out to your tenants. This will allow you to make a personal connection for better understanding.
A cycle that’s best describes how management should work.
One of the biggest takeaways was the amenities that tenants considered vital versus those that just weren’t that important however, the best approach to determine what renters consider most in renting is to ask them straight. Times are changing fast as the world adapts to a new way of living amidst this global pandemic. As habitual creatures, we continue to crave the things that make us feel secure. Davis Property Management understands the power of commitment, and we seek to innovate and improve the tenant experience while at the same time ensuring a profitable long-term solution for our customers. Call us today at 425-658-7471 or send us an email at info@davispropertymanagement.com.
References:
[1] – https://firepaw.org/pets-and-rental-housing/
[2] – https://www.nmhc.org/news/nmhc-news/atale-of-two-amenities-surveys/
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