The 5 Key Rental Trends That Landlords Must Pay Close Attention To
As the housing market has slowly recovered from the financial crisis that drove so many from their homes, landlords have been able to take a fresh approach to the rental process. There has been a shift away from the idea of home ownership in recent years and this has created some trends that proactive landlords must remain aware of.
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Let’s take a closer look at some of the current market trends and how they will affect today’s landlord in 2018 and beyond….
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1. More Pet Friendly Properties
The modern renter is less and less likely to give up their beloved pet in order to secure a property. Since at least two out of every three renters owns a pet, a landlord is placing themselves in an incredibly difficult position when they choose to exclude this group of people. The days of being able to steer clear of pet owners is definitely coming to a swift and decisive end.
2. Millennial Renters Will Continue To Dominate
There is a bit of a misconception when it comes to deciding what age groups are covered under the millennial umbrella but this is a term that is used to describe any adult under the age of 40. This shift is leading more landlords to consider the needs and wants of this group. Landlords should be modernizing the way they do business in order to appeal to this group. For example, online payment services are now the norm and not the exception.
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3. Improved Credit Scores
Those who were forced out of their homes during the recent recession are now experiencing improved credit scores because these foreclosures are no longer included on their report. This provides landlords with a much larger pool of potential renters and increases their chances of finding the proper tenants. Now that renters are not haunted by mortgage defaults, the doors are open to them once again.
4. More Roommates
The average renter is simply not getting married at the rate that they used to anymore. This means that more and more tenants are choosing to double up by living with someone who is not their partner. These arrangements are typically driven by financial concerns. Landlords will need to make sure that these tenants are able to fulfill all of their financial obligations before allowing them to move in.
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5. An Increased Number of High Income Properties
The construction boom has led to an increased number of properties and this housing is typically targeted towards the high income tenant. Meanwhile, tenants who seek low cost and moderate cost housing could be left scrambling. This creates a world where landlords who are in possession of low cost and moderate cost housing can take advantage as long as they are willing to work alongside this group.