As the economy continues on its steady upsurge, the demand for rentals continue to grow. Residents today are renting longer and smarter. According to a recent 2015 Harvard study, the share of US households that rent is at a 20-year high. Real estate developers all over the country are now scrambling to get the best piece of the rental pie, especially in markets like Las Vegas, Raleigh, Chicago and Washington, D.C.
So, what’s driving these trends?
Urban Lifestyle
Renters today, particularly Millennials, want to live, breathe, work and eat in the center of the action. Convenience, modernity, culture and walkability are important to these renters. Those communities truly in the “heart of it all” are taking every opportunity to tout things like location, walkability and cost savings that will result from having all amenities close by, thereby avoiding the need to drive out of the city.
Baller Amenities
Residents today are looking for state-of-the-art amenities that incorporate all of their favorite things—technology, space and we can’t forget the Web. Properties are sparing no expense and thinking outside of the box when it comes to their offerings in efforts to attract this growing crowd. Common areas are being equipped with internet cafes, coffee bars and more. Rooftop pools, decks and dog parks are being incorporated into designs, retail stores are popping up downstairs, and communities are now offering additional concierge services to add that extra special touch. Property managers have improved customer service though website technology by allowing online lease renewals, maintenance request schedulers, live chat features and more.
Green Living
Thousands of Millennials are also flocking to communities that meet their green living needs. Energy efficiency is key with these renters, as they are looking for features like bicycle paths, community gardens and strong recycling initiatives. Many of these units are also LEED certified, offering enhanced performance and sustainability through green design, maintenance and operation. Residents at these particular communities appreciate their lower energy and bills, enhanced air quality and inclusion in the county’s growing sustainability movement.
Downsizing
Several residents are trading in their spacy digs for smaller units. “Micro Units” are now becoming an extremely popular trend among Millennials, especially in larger, urban cities. Designed with a smaller livable space in mind, these 200-500 square foot units offer slightly lower rents, but still include many of the amenities of larger communities.
Get a Piece of the Action.
Does your rental property offer an urban lifestyle, baller amenities, or commitment to “green?” The rental market is growing, and it’s growing pretty fast. It’s time for you to shed some light on your property and all of its glory.
Rentbot broadcasts your community to the world through carefully designed web pages, search engine optimization and responsive web design so that you can not only keep up with the trends, but set your own as well. Each website offers a full suite of online features, like rent payments, contact forms, maintenance requests and more to appeal to the unique needs of today’s modern renter. And with flexible, affordable and convenient payment options, you’ll still be able to focus on prepping your property for the latest industry trends.
About the Author
Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising and copywriting, she has helped a multitude of clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.