Property Management Trends

What 5 Features Will your New Renters Want in 2020?

As we wrap this year up and head into 2020, it’s a known fact that the need for multifamily housing is incredibly strong and there is an increasingly growing desire for renting as opposed to standard homeownership. So what does that mean for you? In property management, it is important that you understand and accommodate your renters and their wants. It will keep your tenants happy, and keep you ahead of the competition.

According to 250,000 renters in the United States, as surveyed by the Kingsley Apartment Resident Preferences Report, they have pinpointed the most important features to their rental property. These features can make or break a future deal with a potential renter in the coming year of 2020. Check out 5 of the most important features your potential renters will be looking for in 2020.

A huge concern for many renters is the affordability aspect of their potential rental unit. This is such a concern that it is the cause for 47% of renters that plan to move from their rental unit to a different community. As a property manager, you must understand that due to increasingly high rental rates, the need for affordable rental spaces have never been greater than it is right now. Focusing on the affordability of your rental property may end up paying off big time in 2020.

In property management, you of course need to keep your renter’s experience in mind. This can go further than just the unit they stay in. It is also based on items such as how fast maintenance requests are responded to, ease of payment, communication, and more. Over 30% of renters this year chalked their reason for moving up to the lack of satisfaction with their property managers.

Luckily, with our property management software, we can certainly help you keep good relationships with your clients. We offer services such as online rental payments, detailed maintenance tracking, preventative repair tracking, and more. A solid property management software can help keep you organized, and keep your renters content!

It should be no surprise that in today’s world everyone wants to be connected. The main way to ensure your renters are connected, is ensuring you are providing high-speed internet access! Over 90% of tenants expressed that high-speed internet is incredibly important and something they keep in mind while deciding where they choose to rent. Likewise, almost 50% of renters say that they will not rent without high speed internet!

Amenities are a huge item to focus on as a property manager. They can be rather low cost to install, but can provide huge value to your renters. A perfect example can be something as simple as a garbage disposal in the kitchen of your unit. This is a fairly low cost item to add if your unit doesn’t have it already. On top of that, it can help avoid plumbing repairs down the line, and most importantly, it is a huge necessity and priority for potential renters. Over 55% of renters say they will not rent out a unit without it!

Secure Package Delivery
In the world of Amazon and thousands of other ecommerce sites, everyone is constantly receiving valuable items in the mail. With that being the case, it’s incredibly important for tenants to know that their units have secure and self-service package access. This is a feature that over 80% of renters look for while choosing their rental space!

As a property manager, it is incredibly important to take these as well as a variety of other items that potential renters look for when renting a space to live. You have to accommodate to items like these in order to increase your rental rate, keep your tentants happy, and boost your profits!


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