Upcoming Rental Trends
Trends help us stay in front of the curve. They show us the latest in fashion, diets, decorating, and even rental and investment property management. For investors to maximize their return on investment, they should be aware of the current trends and the positive impact these trends can have on their investment properties.
Keep reading to learn about these emerging rental trends in real estate investment and property management:
Investment Property Security
No matter the neighborhood, tenants want to live in a safe place where they feel comfortable and secure. Whether it is a single-family home or a community or building, investment property owners can enhance the attractiveness of their property and even improve rental rates by adding safety features like cameras, deadbolts, and improved window locks. Even replacing front doors with solid metal or wood doors can give property owners a safety feature to point out to potential tenants.
Energy efficiency has been a growing trend in property management for years. It makes sense to own properties that are as efficient as possible. That trend is expanding to sustainability now, with tenants looking for properties that are environmentally friendly and sustainable. This has become such a viable trend as to impact how rentable a property can be. Low flow toilets, solar panels, energy efficiency all contribute to how sustainable a property is and improve its appeal to a growing market.
Rental Trends in Technology
Homeowners are demanding more “smart” features in their homes, and the same is true for tenants. Smart features like lights, thermostats, and appliances make a property more attractive, especially to young professionals. Adding smart features to a home can be a relatively inexpensive upgrade but pay solid dividends in improved rental and tenancy rates.
One of the most frequently mentioned issues in property management from both tenants and property owners is communication, especially when a property manager is involved. Today, everybody expects more seamless communication, and this can be better accomplished through cellphones, email, and texting. Some communities will even use social media to share news and events to their residents. Communication and transparency are more important than ever in property management.
Online Rent Payment Options
Once a nice side benefit, online payments are critical today in meeting tenant expectations. They can also help keep you from chasing rents down from tenants who may want to occasionally pay through a credit or debit card.
Whether you are looking to invest in local rental properties, or you need property managers, Bancroft & Associates is your one-stop for all your real estate needs. Call us today to learn more about upcoming rental trends and to find your next property.