{"id":23268,"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":"2025-01-29T23:50:53","modified_gmt":"2025-01-29T23:50:53","slug":"how-to-improve-your-rental-property","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-gb\/blog\/how-to-improve-your-rental-property\/","title":{"rendered":"How to Improve Your Rental Property"},"content":{"rendered":"

Tenant\u00a0needs and preferences continue to shift as the pandemic response evolves. To remain competitive, it\u2019s essential to improve your\u00a0rental property. Detailed below are the top six shifts and the concurrent implications for\u00a0any\u00a0rental property\u00a0manager\u00a0interested in learning more on how to improve their rental property\u00a0along with other valuable\u00a0property management tips<\/a>.<\/p>\n

Consumer Shift 1: Hybrid Work is Here to Stay<\/strong><\/h3>\n

Although the\u00a0UK Government guidance<\/a>\u00a0on working safely during coronavirus (COVID-19) has eased, many employers have changed their tune about returning to the office in full force. High-profile companies including Wells Fargo, Apple, Lyft, BlackRock, and Amazon have all delayed their return to office plans, or opted for a more flexible approach. In\u00a0a recent Accenture study<\/a>\u00a0of 9,000 workers, 83% expressed a preference for hybrid work: a combination of work-from-home and work-in-office.\u00a0As a\u00a0rental property owner, taking this shift into account will be essential to success when it comes to planning for amenities and rental property upgrades.<\/p>\n

Rental Property Implication: A Rental Unit Must Work as a Remote Office<\/strong><\/h4>\n

Speedy\u00a0Internet today is a necessity and not a luxury. A\u00a0tenant\u00a0expects that broadband will be available from the day they move in. Most importantly for\u00a0property management, however, is that\u00a0they are willing to pay\u00a0higher rent<\/a>\u00a0for high-speed internet access \u2014 about $35 more per month.<\/p>\n

A\u00a0potential tenant\u00a0is seeking an apartment that offers a variety of usable space to\u00a0accommodate their new normal of balancing work and work and personal life at home.\u00a0Making\u00a0rental property upgrades\u00a0by\u00a0creating dedicated workspaces\u00a0\u2014\u00a0whether in the\u00a0rental unit\u00a0or as an amenity\u00a0\u2014\u00a0is often a competitive advantage. Businesses centres are being transformed into new co-working spaces that meet social distance guidelines. Charging centres, WiFi boosters and extra power outlets that make sure residents stay connected can also appeal to a\u00a0prospective tenant.<\/p>\n

At Broadway Chapter, a 242-unit apartment community under construction in Fort Worth, Texas, developer CRG has\u00a0prioritised such\u00a0property upgrades\u00a0and has redesigned\u00a0some amenities for remote workers. Instead of game rooms or social lounges, the\u00a0rental property\u00a0now 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\u00a0tenant, with pocket offices and what Managing Partner J.J. Smith refers to as \u201cZoom-worthy common spaces.\u201d<\/p>\n

Consumer Shift 2: Many Residents Continue to Stay Home<\/strong><\/h3>\n

With the requirement for mandatory Covid passports\u00a0easing and most venues now able to choose to use the scheme on a voluntary basis, it was expected that life would return to some level of ‘normal’. However, the easing of restrictions has caused uncertainty for many consumers and residents with some of them returning to lockdown habits of staying in, ordering take-out, socialising in small groups, and refraining from international travel.<\/p>\n

Rental Property Implication: Design More Flexible Spaces<\/strong><\/h4>\n

According to a recent\u00a0RENTCaf\u00e9 survey<\/a>, a\u00a0renter\u00a0wants more space in their\u00a0rental unit, making it a higher priority than the safety concerns of last year.\u00a0Residents working from home will make new demands on their living space. This is likely to impact how rooms are used, with bedrooms doubling as studies, and requirements for office-type furniture. It may also be reflected in how shared spaces are designed, with collaborative working spaces forming part of communal building areas.<\/p>\n

Consumer Shift 3: Outdoor Spaces are Safer Than Indoor Spaces<\/strong><\/h3>\n

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

Rental Property Implication: Expand Outdoor Areas<\/strong><\/h4>\n

Balconies and outdoor space are a hotly requested amenity and\u00a0have become a \u2018must-have\u2019 feature for many apartment communities,\u00a0especially in medium- and high-rise apartments where private outdoor space is often limited.<\/p>\n

CGI Strategies, a California-based\u00a0real estate\u00a0investment and development company, previously stated that approximately 70% of their apartments\u00a0included balconies, they are now aiming for at least 90% in new projects.<\/p>\n

Research shows<\/a>\u00a0that investing in a roof-top deck not only has a positive return on investment but can also attract and retain a\u00a0potential renter\u00a0too. Lush\u00a0landscaping\u00a0boosts the aesthetic appeal and acts as a natural insulation lowering heat and air conditioning costs. For example,\u00a0some\u00a0property\u00a0managers<\/a>\u00a0in New York are creating flexibility in their outdoor spaces by repurposing cabanas as outdoor schools and installing movable furniture.<\/p>\n

Consumer Shift 4: Residents Got Closer to Their Furry Friends<\/strong><\/h3>\n

We are a nation of animal lovers and more people than ever before have welcomed pets into their lives and homes. Residents were obviously looking for companionship during the pandemic as 3.2 million households got an animal companion during lockdown.<\/p>\n

Rental Property Implication: Create Pet-Friendly Environments<\/strong><\/h4>\n

In a recently\u00a0revised Model Tenancy Agreement<\/a>, Landlords are encouraged to no longer issue a blanket ban on pets in a bin to support tenants with pets to find rented accommodation.<\/p>\n

Research is rolling in that pet-friendly\u00a0rental\u00a0properties act as a competitive advantage. According to 2020 CoStar data, pet-friendliness is one of the top three amenity searches.\u00a0Whether you\u2019re a property manager or\u00a0property owner, how can you make your\u00a0property\u00a0better suited to four-legged friends?<\/p>\n