How to Meet the Evolving Needs of Post-Pandemic Renters
- Blog
- August 17, 2023
- 11:56 am
In the wake of the pandemic, our lives have undergone a profound transformation. From remote work becoming the norm to the way we shop and socialise, nothing seems quite the same. This shift has inevitably rippled into the rental market, altering the preferences and needs of renters. Whether you’re a property manager, landlord, or real estate agent, comprehending these shifts and fine-tuning your strategies is imperative.
In this article, we’ll explore actionable strategies for adapting to the shifting terrain, ensuring your properties remain desirable and in demand.
Understanding the Shift: What Renters Now Seek
- Finding Flexibility in Lease Terms
We now understand the value of adaptation thanks to the pandemic. Just as remote work offers flexibility, renters are increasingly valuing lease terms that cater to unpredictable circumstances. Consider offering shorter lease options, allowing tenants to change their living situation more fluidly.
- Prioritising Outdoor Spaces
Lockdowns and restrictions highlighted the significance of open-air havens. Properties with balconies, patios, or communal gardens are more attractive than ever. Highlight these spaces to potential tenants and consider creating inviting outdoor areas that foster connection and relaxation.
- Embracing Smart Home Features
Our homes have transformed into multi-functional spaces, with technology playing a pivotal role. Integrating smart home features such as energy-efficient appliances, keyless entry systems, and remote-controlled thermostats can enhance the living experience and cater to tech-savvy renters.
Adopting Your Approach: Strategies for Success
With all of the aforementioned pointers in mind, here are seven strategies you can adopt to help you flourish in this new era:
- Offer More Space and Flexibility
One of the main effects of the pandemic is that people have spent more time at home, either working remotely, studying online, or simply staying safe. This has increased the demand for more space, both indoors and outdoors, as well as more flexibility in terms of lease terms and amenities.
To attract and retain renters who are looking for more space, you can consider offering larger units, adding extra rooms or storage spaces, or converting unused areas into functional spaces such as home offices, gyms, or playrooms. You can also provide outdoor features such as balconies, patios, gardens, or communal areas where renters can enjoy fresh air and nature.
To offer more flexibility, you can consider allowing shorter or longer leases, depending on market conditions and the renter’s preferences. You can also provide options such as month-to-month contracts, rent-to-own schemes, or rent discounts for longer commitments. Additionally, you can offer more amenities such as high-speed internet, smart home devices, furniture, appliances, or utilities that can make the renter’s life easier and more comfortable.
- Offer Personalised Experiences
Incorporate a personalised touch by understanding the unique needs of each tenant. Whether it’s offering furnishing options or allowing minor customizations, tailoring the living experience can create a stronger bond between tenant and property.
- Provide Top-Notch Virtual Tours
The pandemic’s impact on the rental market is evident, particularly in the surge of virtual tours. With social distancing norms and travel constraints, many renters turned to virtual tours to explore potential properties from the comfort of their homes. According to a survey by Forbes, 56% of renters who secured a new lease during the pandemic engaged with either fully virtual or a blend of virtual and physical property viewing. Impressively, nearly 80% of them found the virtual option satisfactory.
Virtual tours offer convenience and safety, all while saving precious time and resources for both renters and property owners. They empower renters to streamline their choices and reach decisions more promptly, simultaneously allowing property owners to showcase their offerings to a broader audience and mitigate vacant periods. Hence, investing in crafting immersive and interactive virtual tours is essential. Employing various tools and platforms can assist in producing virtual tours that vividly emulate the experience of an in-person property visit.
- Embrace PropTech Innovations
However, virtual tours aren’t the only technological advancement that can bolster your rental enterprise in the post-pandemic era. PropTech companies present an array of solutions that can streamline and simplify diverse rental processes, spanning from online applications, digital contracts, and electronic payments to smart locks and AI-driven chatbots. These solutions are primed to enhance the efficiency and user-friendliness of your operations, leading to heightened satisfaction among renters.
As per an AppFolio survey, 40% of renters expressed interest in viewing properties both virtually and in person post-pandemic, with 13% leaning towards virtual viewing. Furthermore, 65% preferred online rent payments, 59% leaned towards signing leases online, and 51% preferred digital interactions with property managers. These statistics underscore renters’ familiarity with and inclination towards digital solutions for their rental needs, a trend expected to persist. Therefore, incorporating PropTech innovations to meet these demands positions you ahead in the competitive market.
- Engage in Community Building
Beyond the walls of the property, tenants are seeking a sense of community. Organise virtual meet-ups, workshops, or even community gardening events to foster connections among residents. A strong community encourages longer tenant stays and positive word-of-mouth.
- Focus on Health and Safety
Health considerations have taken centre stage. Renters want to feel safe and secure in their homes, especially during uncertain times. To this effect, ensure your properties adhere to rigorous cleaning protocols and communicate these measures to potential renters. You can also provide personal protective equipment (PPE) such as masks, gloves, or hand sanitizers to your renters and staff. Investing in air filtration systems and touchless amenities can provide peace of mind in a health-conscious world.
- Adapt to Shifting Lifestyle Preferences
The pandemic’s influence extends to renters’ lifestyle preferences, moulded by prolonged periods spent at home, remote work setups, and digital learning environments. Many renters have reassessed their priorities and inclinations concerning their living arrangements. According to MRI Software, 60% of renters affirmed that their preferences regarding their place of residence have altered due to the pandemic. Reasons for relocating or desiring relocation include:
– Seeking less densely populated areas (44%)
– Craving a change of scenery (41%)
– Wishing to be closer to family (25%)
– Opting for continued remote work, eliminating the need for commutes (21%)
This data points to renters moving or contemplating moving to alternative regions, particularly secondary markets boasting spaciousness, affordability, and improved quality of life. Additionally, it underscores renters’ hunt for properties catering to their work-from-home requirements, such as designated home office spaces, reliable internet connectivity, and tranquil surroundings. Property managers and owners should adapt to these evolving preferences by offering properties aligned with such needs. Highlighting property attributes that resonate with these preferences, including location, amenities, and layout, can be a strategic approach to adopt.
In the end, the post-pandemic era has unfurled novel prospects and challenges for the residential rental domain. Renters’ preferences and expectations have undergone shifts as they grapple with the new norms and hurdles. Adapting to this changing landscape requires creativity, empathy, and a commitment to providing exceptional living experiences.
By embracing these aforementioned points, you can attract and retain more renters with ease in the post-pandemic era. Remember, this is not just about keeping up, but about seizing the opportunity to create homes that truly resonate with the needs of today’s renters.
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