The Future of the Rental Industry

The rental industry, just like almost every other industry, was affected by the COVID-19 pandemic. The changes that it underwent may have slowed down, but their effects are still being felt by most. Whether you are a renter or a landlord, there are some things that will change in the future of the rental industry, and the following are a few of them.

Many Renters Prioritise Convenience

No, more than ever, many people looking for housing units to rent are prioritizing those close to their places of work, their children’s schools, and more. This is because the pace of life has moved up a notch or two, and people consequently have less time to spend doing something like commuting. If an individual can find a house that saves them the hassle and expense of commuting, they may pick it over other properties that are bigger or have other attractive features. This is important information for future landlords as it can help them make an informed decision on investments they want to make.

Pet-Friendly Options

It’s also becoming more important for people to play their part in keeping the environment green. This has led to more people looking for apartments and other housing units that make it easier for them to recycle, compost, and more. According to statistics, 73% of Millennials who were born between 1981 and 1994 have pets and therefore look for pet friendly apartments. This makes it important to not only consider the people renting a property but also any pets they may have. Pet friendly apartments are likely going to increase in demand. The design of buildings and their environment as well as thinking about rules that would allow people to live comfortably in rental units will become more important than ever.

There Is an Emphasis on Technology

The current and upcoming generations of renters have different rental needs from past generations. One of the biggest changes is the fact that more people rely on technology, either for work or for entertainment. This has affected their decision-making in terms of the places they live, and it’s a trend that won’t slow down in the future. To have a good chance of renting out a unit in the future, therefore, landlords will have to make careful considerations for things like internet connectivity and wiring in rental units.

From technology to pet friendly apartments, there are a number of things for future landlords to think about. With this information, it’s possible to make fitting plans for the future of the rental industry whichever side of the board you are on. Give us a call today for more information on pet friendly apartments.

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