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A large part of running a successful rental property is staying in tune with, and offering, what renters are looking for in their next apartment. As renters move in and out of your units, the way they use space and adapt it to their lifestyle changes. Find out what the most up-to-date trends are in the rental industry, so you can better design and market your apartments to fit renters’ needs.
Bigger not always better
Just as homes are doing away with formal living and dining rooms, today’s renters are also all about useful space. In one survey, six in 10 people would give up a bigger house to live in a convenient neighborhood. Focus on marketing lifestyle and walkability to renters rather than your unit’s square footage.
It’s OK to pay more to go green
Renters are not only more environmentally aware than they were 50 years ago, they’re also concerned about healthy living. Having green features such as LED lighting, energy-efficient appliances and solar panels translates to lower energy costs for you and your renters. Small changes like installing bike racks and water-friendly landscaping also show renters you support their lifestyle habits.
Forget about landlines
The uber-connected renters of today won’t be plugging in to a phone jack to call mom. They’ll be using their smartphones and computers instead. Don’t let slow Internet or nonexistent mobile reception be the reason your tenants move out. Offer high-speed Internet services or include Wi-Fi in the rent to help renters stay connected.
Pets need a home, too
Moving shouldn’t mean leaving Spot behind. Pet owners will want to take their fuzzy companions to their next home, even if it means submitting a higher security deposit. Be smart about your pet policy in the lease, but don’t forget to be pet-friendly, too.
Online rent payment
Today, you can pay cable and phone bills online -- why can’t you pay rent? Gen Y renters are used to making their purchases on the Internet and paying with credit cards. Modernize your payment system and make monthly payments convenient for renters by giving the option of electronic rent payment.
Related:
- Find Out What Renters Want
- How to Reach Generation Y Renters
- Using Social Media to Manage Your Rental Properties
Jennifer Chan is a marketing coordinator at RentJuice and manager of the RentJuice blog, The Rental Standard.