Experts: Tenant needs changing as rental values soar

Rental rates have increased steadily over the past five years, but the pandemic has created a sharper price increase. Tenants are placing greater value on accommodations as demand for work-at-home space grows. Landlords should be aware of the shift in tenant expectations with the changing rental market.

Convenience: Higher paying tenants need prompt service at their fingertips, and it begins with application for residency. Smartphones are used primarily by many prospects to view vacant properties and apply for residency. Prospects are expecting to complete mobile-friendly applications and upload all required documents through their device.

They also want to pay rent online and communicate maintenance issues via the internet. Tenants desire the ability to send and receive information quickly, in their own time. Without online access, communications would be through phone calls that are often considered a waste of time.

Flexibility: Tenants are looking for comfort in their rental, which is now their home. Part of feeling at home is to be surrounded by personal colors and photos. They may ask permission to hang paintings; request a change in color of certain walls; accent walls in the bedrooms or the great room are the most common requests. Let the tenant know before they move in what is allowed and, at the same time, exercise some flexibility.

Boundaries: Tenants expect privacy in their home without being disturbed unnecessarily. They require adequate notice before you or agents show up to visit the property, except in the case of an emergency. This is a tenant’s right and should always be respected.

Appliances: Tenants gravitate toward properties that have better appliances. Units with higher-quality appliances command a higher rental rate. Don’t be afraid to upgrade your appliances so you can attract the best tenant.

Crest Premier Property Management Team offers management services that keep your property fully occupied, while earning more rental income from your investment.

 

Maricopa residents Sherman and Euphemia Weekes have more than 30 years’ experience in property management and own Crest Premier Properties. Licensed Realtors and active members of the National Association of Residential Property Management with a Certified Residential Property Management designation.

This sponsored content was first published in the September edition of InMaricopa magazine.