While rental demand is still high, as reported in previous blogs, rental demand and consequently, rental price has begun to stabilize and even drop in several major cities. Furthermore, as property development increases in major cities offering a larger supply of rentals, in the future tenants will have more choice in what features they want in their rental including, price, amenities, and location. More than ever it will be important for landlords and property managers to be able to attract new tenants and keep current ones. The amenities and services that landlords and property managers provide will be the key to attracting and keeping tenants as rental supply increases and renters have more of a choice of what rentals to live in.
Amenities: Most landlords and property managers understand the draw that having laundry machines, gyms, and parking as amenities within their property has. However, as more millennials join the rental market the type of amenities that landlords and property managers offer will have to change. The type of amenities millennials are attracted to include nicely kept common areas, easy food delivery and the ability to pay rent online. As E-commerce continues to grow more tenants will expect rental properties to have doormen that will let deliveries into the rental building and that will deliver packages to the tenant’s door.
Communication: Millennials are the first generation that grew up on texting and emailing rather than using a phone. They may be apprehensive to communicate with landlords or supers over the phone and instead my prefer to communicate by text, email or even online chat. Having a website or at least an email address where tenants can communicate issues to landlords is a valuable amenity.
Services: While many younger renters may prefer to communicate electronically, it is still important to have real people who can form relationships with tenants servicing them. These real relationships will let tenants form a relationship with the building and lead them to want to stay.
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Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.