2020 Trends Renters Want
It’s a new year and with that comes new trends. New research is revealing what 2020 renters are looking for when choosing a home to rent and how property management companies can improve the resident’s experience. The Property Management Specialists of Central Florida, a reputable property management company, has a list of what to watch out for in the new year.
Gen Z/Millennial Consumers
It’s no secret that Millennials and Gen Z consumers are populating the market and one thing is for sure: They just aren’t buying it. Unlike previous generations, these young adults grew up with digital technology experience. To reach this audience, leasing marketing campaigns should implement digital marketing strategies via apps and the internet. A human-to-human approach with personable language in messaging is the key to building their trust. Speak to them conversationally — like a friend. Skip the formal language and opt for a more casual approach. Here is a list of top tech tools and amenities property management companies should be providing at the renter’s request:
- Online payment options
- Keyless door entries
- Free Wi-Fi
- Charging stations
- High-tech fitness centers
- Mobile access to portal
Keep in mind, high-tech and in-unit amenities are effective tactics to build revenue and offset costs for the landlord. Renters will receive highly-valued convenience in their day-to-day lives.
Affordability and Incentives
Affordability is a major concern to prospects, especially Gen Z-ers. The main reason people move is to seek lower rent. There is a market overpopulation and much of the market is overvalued. Landlords that focus on affordability over amenities could pay off this year. Rental incentives are being used to attract tenants and retain their business. Typically, the offerings include a discount on rent. However, as we shift towards a digital age, there is an emphasis on digital rewards like e-gift cards. This gives property managers the opportunity to send something to their tenant, with minimal effort for both parties.
Additionally, consumers are requesting rent-payment reporting. When they pay their rent, renters are not receiving credit on their credit report. Tenants are more likely to choose a location if the landlord provides this type of reporting. Not only does this help build the tenant’s credit, but it also boosts positive payment patterns and reduces the risks for property management companies.
Secured Delivery of Packages
We’ve all seen the videos “porch pirates” stealing packages from people’s front porches. With a growing number of packages delivered worldwide, E-commerce is the way of the world right now, which has raised concerns about thieves stealing right from renters’ front doors. Residents are expressing interest in secure package delivery, such as package lockers or rooms with self-service pickup.
For more than 30 years, the Property Management Specialists of Central Florida have been serving the greater Orlando area. Our agents are licensed real estate professionals, dedicated to Central Florida rental properties. Keeping our properties occupied with qualified, happy tenants, in addition to maintaining low management and maintenance costs is what makes us the number one property management company in the city.
Social Intros: 2020 is here, and it’s important you know what renters are looking for!
- Pest Control
- First Rental
- 2020 Trends Renters Want
- Who Handles Pest Control?
- Essentials For Your First Property