Times are changing. An increase in remote work opportunities means more renters have flexibility in where they live, heightening competition between landlords and property managers in Indianapolis and nationwide.
When tenants have the option to move anywhere, it’s no longer enough to offer a nice place to eat and sleep alone. Amid changing preferences, due in part to the pandemic, prospective residents demand more from their homes. It’s vital for today’s property manager to understand emerging renting trends in behaviors in order to attract and retain tenants.
To remain competitive, property managers must create the ultimate resident experience in Indianapolis.
1). High-Speed Internet Solutions
High-speed Internet is essential for work and leisure.
Employees in remote positions depend on fast and reliable Internet access, turning connectivity into a deciding factor between rental properties.The Pew Research Center reports 59% of employees in a career with remote capabilities choose to work from home fully, or most of the time, as of 2022. A property’s Internet speeds must allow these tenants to work from home, or the property isn’t viable.
In terms of leisure, tenants shop online, download files, stream movies, video chat, and game with friends. The National Multifamily Housing Council (NMHC) reports 89% of renters would pay additional monthly rent ($47.93) for high-speed Internet. In other words, a seamless Internet connection is becoming an expectation rather than a desire.
To create the ultimate resident experience in Indianapolis, ensure the property includes access to secure, high-speed Internet.
2). Simplify Life for Renters via Online Processes
Today, it’s possible to order a cheeseburger and fries from a fast food establishment, request a doctor’s appointment, or listen to a music artist’s latest album, all with a few taps on a smartphone. Renters would like the same convenience with paying rent, purchasing renter’s insurance, renewing the lease, and operating smart home accessories (such as apartment lights).
Indianapolis property managers who collect rent online might also send reminders via text and email, or allow residents to opt into automatic payments. Streamlining the renting process for tenants makes life easier for everyone.
3). Engage the Community with Shared Spaces
Give residents a change in scenery from their home office, and a chance to meet their neighbors, with shared spaces. A communal area with coffee and private work spaces will satisfy a range of residents while allowing everyone to socially distance and focus as desired. A safe coworking environment fosters a sense of community and emotional bond that elevates renting to an experience. Property managers are more likely to sign on long-term tenants when successful in creating emotional connections between tenants, neighbors, and the residence.
4). Improve Amenities
Per the NMHC 2022 Renter Preferences Survey Report, 92% of renters are interested in having a washer and dryer in-unit, and 90% desire soundproof walls. Renters are willing to pay more for creature comforts, including air conditioning; walk-in closets; and the aforementioned, high-speed Internet. Find out what items are on the top of the wish list for tenants, and consider investing in these areas to best the competition.
To create the ultimate resident experience in Indianapolis, think about how to make life more practical and convenient for residents while creating a sense of community.
At WILMOTH Group, we’re committed to providing the ultimate resident experience in Indianapolis, year after year. Changes in renter preferences require a response. We continue to review our offerings to attract and engage tenants. If you need a property manager to assist with improvements for residents, contact us at (866) 945-6684.