It’s hard to believe that 2016 is already drawing to a close. As we look forward to another year that is bright with promise and possibility, it’s important to take a moment and figure out what things we can expect on the property management front. Specifically, what are the most important things that qualified, long-term renters are going to be looking for in 2017? Fortunately, we’ve done some of the legwork for you and here’s what we’ve discovered.
Let’s face it. People love their pets – especially Millennials, who will continue to take over an increasing portion of the rental market. According one recent survey, many renters with pets reported difficulty locating apartments, condos or other rental properties that will allow them to bring Fido or Fifi along. For those on the fence about allowing animals, keep in mind that the same survey referenced above found that renters in pet-friendly properties tend to stay longer. It also takes less time to fill a vacancy when the rental is pet-friendly, so it’s certainly worth considering.
Proximity to Transportation (or Walkability)
Many of today’s renters list commute time as high on their list of priorities when looking at rental properties. In other words, they want to know that it’ll be super easy for them to get to wherever they need to go without too much hassle or expense. Depending on geographical location and neighborhood makeup, this might include proximity to public transportation, like the subway, bus or train station. Or, it could even involve “walkability,” that is, the ability to quickly and conveniently reach the desired destination on foot.
With the widespread (and growing) adoption of the Internet of Things (IoT), people are looking for new and better ways to stay connected and also stay safer. App-based smart home security systems are becoming more and more popular and subsequently a bigger priority for modern renters. While a tenant’s belongings are not the responsibility of the property manager or landlord, it is their responsibility to maintain a safe dwelling for residents. Smart security systems can be a powerful selling point.
We live in an increasingly digital age and that’s certainly not going to change in 2017. Today’s renters are looking for a place to live where their needs will be met and they can manage as many of their tasks and obligations quickly, easily and at the click of a button. Investing in a property management software solution that includes the option to access account information or pay rent online can help you fill vacancies and retain quality tenants.
Whether it’s helping them find the perfect apartment, assisting with moving process or being there whenever your tenants need you, the renters of 2017 will be looking to establish relationships with their landlords and property managers. Again, having software that allows you to quickly and effectively address tenant concerns can help keep you on top of incoming requests and position you as a leader in the coming year.