In today’s world, residents have certain expectations for what they’d like out of their lease. With increasing competition for quality residents, property managers must constantly be identifying ways to enhance their properties and provide an elevated experience for their residents. Foreseeing what residents are looking for and making sure your property is meeting these expectations will help significantly with both resident recruitment and retention. Here’s a round-up of some of the major assets residents today are seeking most in a rental property:
Safety and security
When signing a lease agreement, residents want to feel they are entering into a safe environment in which they’ll feel secure. There are many measures that can be taken to ensure resident safety. It can be as simple as ample lighting around the building and parking lot to a security guard at the entrance of the property. While some of these initiatives may be a costly investment upfront, they will serve in attracting a wider variety of residents who may be especially concerned about their personal safety, such as single individuals, parents with young children, and the elderly.
Easy and accessible parking
When it comes to creating an attractive environment for residents, providing easy and accessible parking can go a long way. Depending on where your property is located, you will need to assess what type of parking accommodations make the most sense. For example, if your property is in a sprawling suburban area, you may be able to construct an expansive parking lot. However, if your building is in an urban area, you may need to offer residents access to a nearby parking garage. Providing free parking, especially in a city setting, can be a major way to attract residents who want to avoid incurring a major parking expense along with their rent payment.
Upgrades and renovations
If it’s been several years since you’ve upgraded your rental properties, it may be time to modernize your apartment units a bit. Because residents have many options for where they can live (with many of these options being brand new properties), it’s important to make regular updates to your apartments. Updates like new appliances, hardwood flooring, granite countertops, and energy-efficient heating. The more you modernize your property, the more appeal it will have to prospective residents seeking a new and trendy place to live.
These are just some of the many factors to keep in mind as you focus on resident recruitment and retention. By considering residents’ preferences, you can make impactful improvements to your property that will allow you to better meet business goals in 2021.
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Are you hoping to grow your property management team this year? Get in touch with The Liberty Group, with locations in major cities throughout the United States – including offices in Florida, Arizona, California, Georgia, Ohio, and the Carolinas.