Rent has been rising at an alarming rate all over the country throughout 2021 and is expected to continue in this trend in the new year, according to a November 2021 Zumper National Rent Report. This study puts median rental prices for the Boston, Massachusetts area at $2470, which ranks as the third highest in the country behind New York City and SanFrancisco, CA.
Rising rental rates come with some expectations on the part of renters and unit owners. New renters want to see some features and amenities that can offset or at least incentivize them to choose one rental location over another.
With these things in mind, today’s blog will be examining some of the rental property features, amenities, and trends that renters are coming to expect in the new year.
Online Payments and Requests
We live in a digital age and renters have come to expect that their dealings with their home should also be convenient and easy. Millennials and other generations want to be able to do many things online such as: pay rent, request in-unit repairs, and chat with management when questions arise.
We recently published a blog that expounded the many Benefits of Association Software as a way to meet the needs of a new generation of renters. This online software can increase communications with renters, improve security, and streamline data for both your unit owners and management group.
With increased rental rates, renters have come to expect that properties will continue improvements such as bonus spaces including pools, fitness rooms, laundry facilities, and terrace areas for urban locations.
With millions of millennials in the rental market, Butterfly MX recently reported that 86% of millennial renters are “willing to pay more for a multi-family home or apartment and are willing to pay more for a “smart” apartment, compared to 65% of boomers who would request the same.”
Obviously each property will have only so much space to expand and make improvements, but renters want to see that not only are repairs being maintained regularly, but that amenities are being added to offset the rate increases.
The Need For Parking Spaces Is Disappearing
In decades past, a trend that would have made this list of wants by renters would be a parking space. The dawn of ridesharing and other mass transit options has moved parking spots from high on the list of wants to a lower category.
What are your list of top features of amenities wanted by newer renters? Drop us a comment below or check us out on our Facebook page.