It’s no secret that technology has changed the property management industry for renters and Landlords alike. But which trends are shaping the future of property management right now?
Mobile Leasing Tools
According to an article in Apartment Management Magazine, “ 87% of electronic device sales will be tablets and smartphones” ….which means property managers will need to accommodate mobile prospects and applicants with mobile online leasing tools. If you’re not targeting mobile users you’re missing out on a huge segment of the renter demographic.
One of the latest and most effective tools for potential tenants and property managers to meet is on social media outlets. This has become one of the most effective ways for each of them to learn what type of living rental space is offered and what’s needed. The apartment marketing industry is now utilizing social media more than ever before to connect with prospective renters.
Ratings and Reviews
An online rating can carry a lot of weight with a many potential tenants. Bad reviews tend to get too much attention. Property management companies need to develop a program to get satisfied renters to post positive reviews and give good ratings. These types of programs are a worthy investment that can provide a good return.
Renters are increasingly looking for living spaces that are visually appealing. Gone are the days of cookie cutter apartments with beige carpet and white walls. Renters prefer properties with unique interior design elements like accent walls, plank flooring, and wine racks as well as exterior elements like attractive curb appeal.
Green Living & Energy Efficiency
Todays renters want to see low-energy appliances and better thermal performance from their apartments. Green ratings are becoming more popular with on line listing services so renters can search for and easily identify efficient apartments. There is also an increased demand for green space. Some property managers are providing community gardens and food share programs for their green conscious clientele.
Increase in Renters
The current economic climate has created an environment where fewer individuals are purchasing homes and more are renting. This is especially true with young adults that view renting as more convenient, more affordable, and more flexible than homeownership. This trend is expected to only increase in the coming years.