{"id":25464,"date":"2021-09-30T12:24:21","date_gmt":"2021-09-30T12:24:21","guid":{"rendered":"https:\/\/www.parcelpending.com\/blog\/how-to-improve-your-rental-property\/"},"modified":"2023-03-28T21:04:42","modified_gmt":"2023-03-28T21:04:42","slug":"how-to-improve-your-rental-property","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-ca\/blog\/how-to-improve-your-rental-property\/","title":{"rendered":"How to Improve Your Rental Property"},"content":{"rendered":"

Tenant<\/span> needs and preferences continue to shift as the pandemic response evolves. To remain competitive, it\u2019s essential to improve your <\/span>rental property<\/span>. Detailed below are the top six shifts and the concurrent implications for <\/span>any <\/span>rental property<\/span> manager<\/span> interested in learning more on how to improve their rental property <\/span>along with other valuable property management tips<\/a>.<\/span><\/p>\n

1. Consumer Shift: Hybrid Work is Here to Stay<\/strong><\/h2>\n

With the Delta variant raging, employers have changed their tune about returning the office in full force by Labor Day. High-profile companies including Wells Fargo, Apple, Lyft, BlackRock, and Amazon have all delayed their return to office plans. In a recent Accenture study of 9,000 workers, 83% expressed a preference for hybrid work: a combination of work-from-home and work-in-office<\/span>1<\/sup><\/span>. <\/span>As a <\/span>rental property owner<\/span>, taking this shift into account will be essential to success when it comes to planning for amenities and rental property upgrades.<\/span><\/p>\n

Rental Property Implication: A Rental Unit Must Work as a Remote Office<\/strong><\/h3>\n

Speedy <\/span>Internet today is a necessity and not a luxury. A <\/span>tenant<\/span> expects that broadband will be available from the day they move in. Most importantly for <\/span>property management<\/span>, however, is that they are willing to pay <\/span>higher rent<\/span> for high-speed internet access \u2014 about $35 more per month<\/span>2<\/sup><\/span>.<\/span><\/p>\n

A <\/span>potential tenant<\/span> is seeking an apartment t<\/span>hat offers a variety of usable space to <\/span>accommodate their new normal of balancing work and work and personal life at home. <\/span>Making <\/span>rental property upgrades<\/span> by<\/span> creating dedicated workspaces <\/span>\u2014 <\/span>whether in the <\/span>rental unit<\/span> or as an amenity <\/span>\u2014<\/span> is often a competitive advantage. Businesses centers of old are being transformed into new co-working spaces that meet social distance guidelines. Charging centers and extra outlets that make sure residents stay powered up and connected can also appeal to a <\/span>prospective tenant<\/span>.<\/span><\/p>\n

At Broadway Chapter, a 242-unit apartment community under construction in Fort Worth, Texas, developer CRG has <\/span>prioritized such<\/span> property upgrades<\/span> and has redesigned<\/span> some amenities for remote workers. Instead of game rooms or social lounges, the <\/span>rental property<\/span> now includes private study offices, small group rooms and hospitality suites for hosting small business gatherings. Further, CRG\u2019s new development strategy includes amenities specifically designed for the work-from-home <\/span>tenant<\/span>, with pocket offices and what Managing Partner J.J. Smith refers to as \u201cZoom-worthy common spaces.\u201d<\/span><\/p>\n

2. Consumer Shift: Mask Mandates Are Keeping Residents Home<\/strong><\/h2>\n

With the CDC reversing its indoor mask guidance in public spaces regardless of vaccination status as of July 27, many states followed suit. Further, the Transportation Security Administration extended its mask mandate, originally set to expire on May 11, until September 13, 2021. These actions have caused uncertainty with consumers and residents with some of them returning to lockdown habits of staying in, ordering take-out, socializing in a small pod, and refraining from international travel.<\/span><\/p>\n

Rental Property Implication: Design More Flexible Spaces<\/strong><\/h3>\n

According to a recent RENTCaf\u00e9 survey, a <\/span>renter<\/span> wants more space in their <\/span>rental unit<\/span>, making it a higher priority than the safety concerns of last year<\/span>3<\/sup><\/span>. In fact, in 36% of US cities, apartments under construction are larger than those built during the last five years, and units in 33 of the 92 cities studied increased 50 square feet on average. The demand for more space and flexible space is real.<\/span><\/p>\n

3. Consumer Shift: Outdoor Spaces are Safer Than Indoor Spaces<\/strong><\/h2>\n

As the CDC and other scientific institutions have reiterated, outdoor spaces are safest as fresh air is constantly circulating and dispersing the dangerous respiratory droplets of others.<\/span><\/p>\n

Rental Property Implication: Expand Outdoor Areas<\/strong><\/h3>\n

Balconies and outdoor space are a hotly requested amenity for apartment communities. Whereas <\/span>CGI Strategies, a California-based <\/span>real estate<\/span> investment and development company, previously stated that approximately 70% of their apartments<\/span> included balconies, they are now aiming for at least 90% in new projects<\/span>4<\/sup><\/span>.<\/span><\/p>\n

One savvy marketing strategy is being employed by Markwood, a California-based <\/span>real estate<\/span> investment company. It is marketing an<\/span> \u201coutdoor living room\u201d<\/span> \u2014 a covered terrace or space with balcony walls on three sides that protects residents from sun and rain, but still allows children to play and residents to work or entertain outside.<\/span><\/p>\n

Research shows that investing in a roof-top deck not only has a positive return on investment but can also attract and retain a <\/span>potential renter<\/span> too<\/span>5<\/sup><\/span>. Lush <\/span>landscaping<\/span> boosts the aesthetic appeal and acts as a natural insulation lowering heat and air conditioning costs. For example, some <\/span>property<\/span> managers in New York are creating flexibility in their outdoor spaces by repurposing cabanas as outdoor schools and installing movable furniture<\/span>6<\/sup><\/span>.<\/span><\/p>\n

4. Consumer Shift: Residents Got Closer to Their Furry Friends<\/strong><\/h2>\n

Residents were obviously looking for companionship during the pandemic as 13 million households got an animal companion between March and December of 2020<\/span>7<\/sup><\/span>.<\/span><\/p>\n

Rental Property Implication: Create Pet-Friendly Environments<\/strong><\/h3>\n

Research is rolling in that pet-friendly <\/span>rental<\/span> properties act as a competitive advantage. According to 2020 CoStar data, pet-friendliness is one of the top three amenity searches<\/span>8.<\/span> Whether you\u2019re a property manager or <\/span>property owner<\/span>, how can you make your <\/span>property<\/span> better suited to four-legged friends?<\/span><\/p>\n