Another month, another normal, another way we can adapt to the new rental market landscape.
While it seems like moves from layoffs and to be closer to family have leveled off, this month we saw a lot of moves from tenants who realize their work environment will continue to be their own couch for the near future.
Therefore, tenants seek larger apartments to accommodate a work space. I am seeing a lot of movement from tenants who are looking to move out of a roommate situation and into a one-bedroom apartment of their own. Even though they are looking for one-bedrooms, they are still looking for additional space that can be used as a work area. Couples, who are currently in one-bedroom apartments, are now looking for two bedrooms as they are tiring of timing Zoom meetings around each other’s schedules and are looking for an office space. Enter the ZOOM ROOM!
During these times, it will be important to adjust your advertising to meet new demands, attract interest to fill vacancies quickly, and maximize rents even amidst a fall.
- While tenants are cooped up more, they are looking to bring the outside in. If your apartment has great natural light, take a photo of it during the optimal time of day to highlight this feature.
- Tenants are cooking and baking at home more, so highlight features that make your unit’s kitchen stand out. Does it have a gas stove which tenants prefer? An open floor plan to other parts of the apartment? A dining area? Tons of storage? Abundant counterspace? These are all features that will set your unit apart from the competition.
- In-Unit laundry is a plus for tenants now more than ever as they try to limit their exposure to other residents and the public. If your apartment doesn’t have this already, install small stackable or combo units if you can.
- As tenants work from home, they are also looking for more quiet apartments. If your vacancy is on a quiet street, or perhaps on a busy street but at the back of the building away from the noise, highlight this in your ad. Also, look for small alcoves, large walk-in closets or other areas you can call an “office” or “work area.”
- Highlight outdoor spaces. Outdoor spaces whether it’s a common area, balcony, or private patio are in high demand right now, as tenants spend more time at home and seek outdoor space nearby to catch some sunshine and fresh air. If you don’t have an outdoor space to offer, clean up a neglected alley or backyard a