04 Apr New Year, New Ideas: What Renters Hope to See in 2021
Well, the last year has been strange, to say the least. The real estate market certainly could not have predicted a global pandemic, but regardless, it was thrusted into the changes 2020 brought along with everyone else. So, how do landlords respond to the major health and social changes that have taken place over the last year?
Well, why not ask the renters?
You’re in luck – after gathering information from 1,000 renters in the United States, we’ve compiled the must-knows for what prospective tenants want to see heading into the new year.
Changes in Housing Needs
A vast majority of the working class has shifted to working remotely in the last year, in addition to providing childcare as kids have made the shift to online learning. With social mandates and local shutdowns to boot, renters have responded by spending far more time at home than ever before.
Here’s the big idea: when a renter spends more time at home, they become much more aware of what they really want out of their living space – and what they really don’t.
Of the majority of renters who contested for experiencing a change in their living preferences, a whopping 44% are ready to trade in urban living for a less densely populated area. Over 40% stated a desire for a change of scenery, while a quarter intend to move closer to loved ones. Lastly, 21% stated they plan to continue working remotely even after the pandemic, and therefore have the option to move further from work.
To put the data quite plainly, renters are ready for change more than ever before. Secondary markets are likely to see an uptick in business as renters relocate to more rural locations, but the property managers who can effectively embrace change will benefit most.
It’s Time to Get Tech-Savvy
More than ever before, the leasing industry is transforming into an online service – and of all the technological advancements we’ve seen over the last decade, perhaps one of the most pivotal to real estate has been the virtual showing. Virtual showings are a fantastic way to attract serious renters, all while saving time and money. They are nearly 2.5 times more likely to be attended than scheduled in-person viewings, and therefore open the door for a more streamlined renting process.
Over half the renters in our data stated they completed a virtual showing before moving into their unit. While renters are pleased with the accessibility, the virtual tour also benefits business by eliminating the risk of lost time and money for in-person appointments that turn into no-shows. Providing virtual tours before meeting tenants for an in-person viewing will ensure you are only meeting with serious renters. Lastly, having the option to virtually view a unit with minimal effort is a major competitive advantage over other listings with a limited number of poor-quality photos.
It’s more than just the virtual tour, too – nearly half of renters stated they’d like the ability to complete rental applications and lease renewals online, as well. An accessible online application is a major competitive advantage over most rental properties, and you’re sure to access more potential renters. Tenants feel heard when there are accessible options to address their needs – and the more you embrace technology, the better you can provide. Not to mention, providing a quality living space with accessible leasing options will encourage renters to stay long-term and renew leases.
Tips for Technology
Embracing technology may seem like a daunting task from the get-go, but there are plenty of tools available to help streamline the process. Remember, technology is supposed to work for you – embrace these tips, and you’ll have happy tenants and more time on your hands.
First up, understand that technology provides more accessibility to all potential renters – therefore, you will likely attract many more inquiries and showings. While more business is a good problem to have, it can be difficult to keep up with – consider enlisting software or artificial intelligence to do the job. Property management and leasing apps provide plenty of assistants to schedule viewings, respond to inquiries and sort qualified renters. This saves you plenty of time and helps to streamline the renting process.
It’s clear renters want to see more virtual leasing options, so create the opportunity to take matters into their own hands. Having the option to self-schedule a virtual showing and download a rental application gives the renter more autonomy and saves you time. Customers are far more satisfied when they have access to their needs without having to speak with someone directly or schedule an in-person appointment – so the more you can move into the virtual space, the better. Taking rent and application payments online, as well as the ability to electronically sign leases or renewals, will make a huge difference in your time and customer satisfaction as well.
There was no way to prepare for the changes 2020 brought forth, but the best action to take when change takes over is to adapt. Enlisting the proper technology to offer tenants the tools to navigate their changing preferences will act as a huge favor to you. Remember, embracing change opens the door for your life to be easier in the present. By making technology work for you, you’ll save time and money, all while being prepared for whatever 2021 has in store.
