A New Home in the New Year: 2019 Property Trends
Renting a home can be an exciting endeavor: a new place, a new lifestyle, and a change that can inspire and motivate. Renters have options in 2019—they need things that will inspire and motivate them to rent your particular property. Single-family home rentals are in high demand in the Southwest region, as are apartments. Renters can be a bit choosy if they feel like it in 2019, and they are going to be. Here are five property trends to look out for in 2019 from all of us here at Bancroft & Associates:
Location can have a big impact on quality of life, and renters know this fact. Renters are looking for a location that matters to them—whether it’s a good school system for their kids or close proximity to work, entertainment, or the night life. Renters are willing to rent a new home if the location provides them a really good reason to do so.
It’s All About Safety & Security
Crime is always an issue for renters, and this is directly related to location. Good tenants want safe and secure rental spaces. There is a perception that crime is worsening in general, and this is a predominant perception in the Southwest region of the United States—due to the border with Mexico. But unlike the rhetoric, crime has actually been steadily decreasing, including both property crime and violent crime in Arizona. Unfortunately, that won’t stop tenants in 2019 from looking for great rental spaces that look and feel as safe as possible.
Superior Move-in Condition
With competitive rental options available to potential renters throughout Southern Arizona, tenants want their new homes to be beautiful and move-in ready as soon as possible. This means not having the hassle of having a repairman come in to fix things during the first few weeks they occupy the residence. Tenants also don’t want to delay move-in for renovations to be made, appliances to be set up, or other possible hiccups that could postpone or interfere with an immediate move-in. Renters have deadlines for move-out dates and inspections and want to have the easiest transition possible in order to get settled into their new home.
Parking Must be Provided
Single-family homes for rent tend to have parking available via a garage or driveway, but apartments may not have such accessible parking. Parking can be a serious headache, especially in urban areas, so finding a new rental home in 2019 means finding one with easy, accessible, and safe parking options for all tenants. Providing one parking space for a 2-3 bedroom that houses several working adults, for example, is not an ideal situation for many potential renters. If parking is an issue, you may also want to provide the option of “leasing” additional parking spaces to tenants who live on a multi-unit rental property.
Provide Upgrades for Renters
Another big trend in 2019 is the shift of the market, which is becoming geared toward the renter more than the landlord or property owner. With many rental units available, there’s a lot to choose from—including competitive, move-in ready rental units in similar areas, security measures, and parking availability. The one deciding factor in this case would very well could be additional upgrades or perks of your rental property. Who doesn’t like free upgrades? Think of kitchen upgrades such as painted or open cabinets, fancier faucets, or newer appliances. Bathroom upgrades can include fancy shower heads, extra storage, and vanity style lighting. In the bedrooms, add “smart” switches or additional closet lighting. Other upgrades can also be including water, trash, sewer, internet service, and more in the rental amount. Whatever you choose, upgrades will always make potential renters feel like they’re saving money and living in a more luxurious space. That slight edge is sure to win them over when it comes to their final decision.
Where to Turn for Rental Trends in 2019
Bancroft & Associates, located in Tucson, Arizona, knows all about rental properties. Whether you’re looking to rent, or lease a property, Bancroft & Associates is the place to turn. We understand the market and pay attention to trends to ensure that our clients have the best experience when it comes to a rental property. Contact us or call us at (520) 881-4884 to learn more about trends in renting in 2019 and what your options are.