Ever since the start of the pandemic, the remote workforce has increased tremendously. That said, now that more people are working at home, they need more living space. Additionally, renters need more amenities and quiet rentals that allow for remote work. All in all, the remote workforce has changed the demand for rental properties. Read along as we discuss what that means for the rental market.
What Does a Remote Workforce Mean for the Rental Market?
The remote workforce wave has an undeniable effect on the rental market. Although it may not seem like the two are correlated, they go hand-in-hand. Here are some of the effects of remote work on the rental market.
- Increased Demand for Rentals
- Specific Rental Needs
- Higher Rental Rates
Increased Demand for Rentals
With more people working from home and looking for remote jobs, the demand for rental homes has increased dramatically. Additionally, the location of highly-desired rentals has changed. For instance, people that worked in-office had to live closer to cities and towns to make it to work. Now that more people work remotely, they can live outside town and more in the suburbs.
Specific Rental Needs
Now that more people work from home, they need specific amenities in their rentals to make it work. For instance, it’s important to have high-speed internet and extra space for an office. Additionally, remote workers need a quiet space to focus on work and make phone calls. As such, sometimes, a busy apartment building isn’t the best option. So, many remote workers may look for a quiet duplex or single-family rental home.
Higher Rental Rates
Increased demand for rentals also allows landlords to increase monthly rental rates. That said, with home prices growing everywhere, remote workers are relocating to more affordable housing markets. However, this is driving higher rental rates to keep up with the increased demand. In turn, it’s becoming harder and harder for renters to find affordable housing. Next, let’s go over what members of the remote workforce look for in a new apartment.
What are Renters Looking For in a New Apartment?
People that work from home require a particular environment that adheres to their work duties and schedule. Unfortunately, finding the perfect work environment in a rental home can be challenging. However, if you’re a landlord or property manager, it’s essential to know what renters look for. Here are a few key necessities for renters who work from home.
- More Living Space
- Exciting Amenities
- Pet-friendly Rentals
- Quiet Living Spaces
- Outdoor Options
More Living Space
People that go to work don’t have to share common areas for work and living; the remote workforce doesn’t want to either. On the other hand, tenants that work from home want more space so they can live and work comfortably in the same rental unit. If you don’t have much space in your rental unit, consider knocking out a wall or adding more space. Although it’ll initially cost more money to do so, you can charge higher rates for additional updated space.
More tenants these days are looking for specific amenities in their rentals, especially if they’re working from home. For instance, members of the remote workforce look for high-speed internet, air conditioning, and soundproof walls. In fact, most renters are willing to pay a premium in additional rent for these features. So, if you don’t have them already, consider adding them to your units and charging higher rates.
The majority of renters have pets, so it’s important for them to find pet-friendly rentals. After all, since remote workers are at home working, it’s easier and more convenient for them to care for a pet. As a result, many pet owners looking for rentals will only consider an apartment if it’s pet-friendly.
Pro Tip: If you have help from a rental property management company in Northern Virginia, you don’t have to stress about managing pets in your rentals–we’ve got you covered!
Quiet Living Spaces
Noise-related issues are an issue for members of the remote workforce who live in rentals. After all, while working at home, it’s crucial to have a quiet space to make phone calls and concentrate on your work. As such, renters that work from home often look for rentals with soundproof walls or less-busy apartment units. The cost of soundproofing may be an additional expense, but if your tenants are willing to pay more for it, it’s not a bad idea.
Renters that live and work at home need a little getaway sometimes. So, having an outdoor space to escape to throughout the workday or an outdoor oasis to relax in after work is a highly desirable amenity among renters nowadays. In fact, some tenants are willing to pay extra for a rental with a balcony, patio, or outdoor community pool. So, if you have a renal with these features, make sure to highlight them in your online listings.
Tips for Making Your Home Stand Out to Remote Workers
If you want your rentals to stand out to the remote workforce, you have to consider their demands. If your rental property doesn’t have what they need, they will look elsewhere. So here are some tips to consider to make your home stand out to remote workers.
- Add a Designated Office Space- If you’re directly targeting the remote workforce, advertise a designated office space in your rental property. If you don’t have one, consider making it a priority.
- Invest In Smart Technology- Most renters, in general, look for innovative technology within an apartment. Consider adding security systems, a smart thermostat, or water-saving features.
- Consider a Pet-friendly Lease- Many remote workers have pets. If you want to attract more tenants, consider making your rentals pet-friendly.
- Spruce Up Outdoor Spaces- To make your rental more desirable, create an outdoor getaway for your tenants. For example, if you have a balcony or patio, consider adding some furniture or landscaping to make it feel more welcoming.
- Include Desirable Amenities- Most tenants pay attention to the amenities they’ll be getting while choosing a rental to live in. As such, consider including the most desirable amenities, like high-speed internet, access to a washer and dryer, air conditioning, and soundproof walls.
Protect Your Investment with Professional Property Management
No matter which group of renters you want to stand out to, it’s important to manage your properties with professionalism and expertise. Luckily, Professional Property Management in Northern Virginia has just what you need.
PPM can help you manage tenant relations, keep your rentals compliant, and perform all your necessary maintenance procedures. Contact us today if you need professional property management services in Northern Virginia.