2020 Rental Trends – What Renters Want to See More of
The residential rental market is ever changing, which means it can become increasingly difficult to give tenants what they want from the unit they are leasing while keeping up with the trends. By providing your tenants with the features that they are looking for, you make it easier for yourself to stay ahead of the competition, not only by attracting but also retaining more renters. At Royal York Property Management, we take it upon ourselves to stay up to date with rental market trends so that we can help guide you in the right direction to increase your property’s value and keep your tenants happy. We have compiled a list of some of the main trends that tenants are after in 2020. Here’s how to stay ahead of the rental game.
- Quality of Management
One of the main things renters are looking to see in 2020 is a higher quality of management for the homes, apartments and condos they rent. According to the 2020 NMHC/Kingsley Apartment Resident Preferences Report, dissatisfaction with the quality of management in their community was the second most common reason given as to why residents would move on to a different apartment community. An incredible 31% of people responded that this was their primary reason for relocating. Listening to renter needs, focusing on making necessary changes and doing your best to accommodate tenant needs is one of the best ways to improve renter experience.
Another thing to keep in mind is online perception – 85% of people surveyed said that online reviews and ratings influenced their final decision in leasing. Using a property management firm like Royal York is one of the best ways you can ensure that your tenants will be happy with the quality of management they receive. You also receive the benefit of being associated with a trusted name in property management, which will help to sway perception in your favour.
- In-Suite Amenities
Convenience is key in the minds of tenants, which is why convenient in-unit amenities are a make-or-break selling feature for a lot of prospective renters. Approximately 56% of renters said that they would not rent a condo or apartment suite that did not have a garbage disposal or in-suite washer and dryer, 90% of tenants expressed interest in features such as dishwashers, microwaves, smart thermostats, etc. Features like these are easy to install for a relatively inexpensive price so it is a wonder that more property owners aren’t incorporating them into the units that they rent. Not only will adding these features increase the value of your property significantly, but they also show your tenants that you care about their living experience and value their time.
- Pet Friendly
In 2020, it will become increasingly important to look beyond human clients and to take inconsideration their furry friends. An article on housingwire.com, states that not only are renters enticed by the idea of renting pet-friendly spaces with pet-owner focused amenities, but that they are actually willing to spend extra money on securing these features. More than a third of respondents in a survey questioning what people look for in rental properties said that they are pet owners, most of them owning dogs. Many dog owners are willing to pay approximately $35 more per feature per month on a site that allows pets. While pet regulations are often set out by condo management, keeping that in mind when purchasing units is something that could increase your profit in the long run.
- Close to Schools
According to a survey posted by rentals.ca, as more Canadian families choose to rent instead of buy, families with children are becoming more willing to give up the ease of walking to the grocery store if it means that they’ll be located closer to quality schools. It appears that one of the trends we will see in 2020 is that rental markets near top-ranking schools will perform strongly.
- Resident Portals
Back to the point of convenience being important for tenants, mobile access to comprehensive, easy-to-use renter portals will be a big driver for renters in 2020. According to the 2020 NMHC/Kingsley Apartment Resident Preferences Report, being able to stay connected to their resident/tenant portal on their mobile device is not only preferred but is a must for 81% of participants. Luckily, the Royal York Property Management tenant and owner portals are optimized for mobile connectivity, and place everything tenants and owners need in the palms of their hands – from making and collecting payments, scheduling maintenance calls, reviewing documents and more.
As the market goes through changes, property owners can trust Royal York to make the most of their investments. From managing day-to-day tasks to keeping tenants happy with their renting experience, our job is to help property owners experience less stress and more freedom. Email us today at [email protected] to learn more about the Royal York difference. To read more from the 2020 NMHC/Kingsley Apartment Resident Preferences Report, click here.