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News : As a landlord, it’s important to stay a cut above the rest. In order to do this, you have to stay on top of the latest trends. Here are just a few of the biggest trends in the rental market you can learn from to get yourself ahead.
Urban Living is In
Renters today tend to live and work for many years before settling down to own a home. This is due to many financial and cultural factors, including delayed marriage, student debt, and scarce credit availability. Because of this, renters are looking to blend work and play. Renters today seek community, and access to nightlife and cultural activities. For many, renting doesn’t mean resigning themselves to the suburbs. To know what areas are hot in your location, research the demographics of hot spots near good restaurants, bars, beaches, shopping centers, and other areas that may attract a particular age group and crowd.
Middle Class Affordability
Due to the slow growth rate of jobs after the recession, many renters are just now reaching, or struggling to maintain, a middle class lifestyle. Because renters deal with mounting student debt, bills, and other costs, they demand more bang for their buck out of a rental property. After all, if they are going to rent for many years before buying a home, they might as well enjoy where they live. In addition, as older tenants begin to settle down and have children, they may rent for a few more years and thus seek a middle ground to help kick-start their family life.
If, as a landlord, you seek to stand out among the other landlords in your area, it is in your best interest to update your amenities. Many tenants are inclined to look for apartments that exhibit features that they are hard-pressed to find anywhere else. For example, the days of spending a weeknight or an entire Saturday cleaning laundry at a laundromat is becoming a thing of the past. With the exception of dense cities with much older apartments—such as those in New York City—many landlords may find that installing washers and dryers within the unit is a head-turner at apartment showings. Even community washers and dryers can’t compare to the convenience of a tenant being able to stay in the comfort of their own home to do their laundry. Fortunately, if your unit is tight on space, you can now find stackable washers and dryers, which are efficient units that can fit in small spaces such as closets.
Modern Industrial or Rustic Chic
The age of industrial and rustic decorating is in. This home décor trend arose after skyrocketing rent prices drove renters further from the city center. As a result, large abandoned buildings like factories were converted into cheap living spaces to provide affordable housing. This is a trend you will find in many cities, most notably Brooklyn. This has made the look more popular than ever. Exposed brick walls, restored wood floors, subway tiled kitchens, and other like materials all fit the trend of a cozy yet modern feel.
Larger Entertainment Spaces
Renters want to make the most of their unit, especially if that unit is small. Even if they don’t own a home, they still want to wine and dine with family and friends. This calls for a larger space. In order to create a larger space within your property, you should consider knocking out some walls. For instance, a wall that separates the kitchen from the living room obstructs to floor of traffic and space. Simply take out the wall, and voila! You have an open space. Creating the space allows more flow of traffic and inclusion among guests.
When it comes to rental trends, it is also a good idea to check out your local market. Not all trends are universal, just as every city’s culture is unique and diverse. As always, when choosing tenants for you modern property, always perform tenant background searches to ensure you’re placing trustworthy individuals in your investment property.