Zillow recently released its 2022 Housing Trends Report, and, boy, have renters evolved!
They are going on fewer in-person tours, are more likely to have pets, care more about floor plans, and put a higher value on amenities than in previous years. As the rental market continues to change, property managers and single-family rental investors need to know what renters are looking for in 2023.
There are five key elements at play in today’s changing landscape of single-family rentals. Use these in your rental marketing strategy to ensure you’re ahead of the curve with your properties.
1. Pet-Friendly Homes
Renting to pet owners can be a great way to attract more renters and fill vacancies faster. When advertising your single-family rental, mention that pets are welcome and any pet-friendly features in the house. This will increase your pool of potential tenants. Consider adding features such as pet doors or fenced yards, which will make it appealing for pet owners to rent your property.
You should also have a policy regarding the pets allowed and any additional fees associated with renting to pet owners. Be sure to communicate this clearly, so there is no confusion when it comes time to sign the lease agreement. Finally, remember that your insurance provider may not cover some breeds, so do your research before accepting certain animals into your rental property.
Pet-friendly homes are an excellent option for rental investors, offering an attractive amenity that can help increase occupancy and attract quality tenants.
Next, we’ll explore how Smart Home Technology can make renting out single-family homes even easier.
2. Smart Home Technology
Smart home technology is increasing in popularity in single-family rental properties. It offers convenience and peace of mind for tenants and property managers. Tenants can use smart thermostats to adjust the temperature from their phones while also providing property managers with data on energy usage. The ability to control smart appliances remotely allows tenants to check if they left something running or shut off after use. Smart locks provide an extra layer of security for both parties and a way to grant access without having to meet up in person. Property managers can even monitor when someone enters or exits the premises through notifications sent directly to their phone.
Smart home technology makes it easier for everyone involved in a rental property transaction. Tenants have more control over their environment and greater security; property managers have better insight into the unit’s usage and maintenance; and investors benefit from increased efficiency throughout the process.
Let’s look at how safety measures can help protect your investment.
“Smart home technology: the ultimate convenience for tenants and property managers alike. Keep your rental secure, efficient, and up-to-date with the latest tech. #rentalproperty #smarttech #convenience,” Click to Tweet
3. Safety
Safety is always top of mind for families. Smart locks are an easy way to ensure that only the right people can access your property. You can program them with unique codes for each tenant and easily change them when tenants move out. Good lighting around the home’s exterior will also help deter unwanted visitors from entering your property after dark. Security systems provide peace of mind by monitoring activity 24/7 and alerting you if something suspicious occurs.
Key Takeaway: Property managers and single-family rental investors should install smart locks, security systems, pet-friendly fencing, and smart home technology to keep their properties safe.
4. Floor Plans
Floor plans are an important tool for marketing single-family rental properties. They provide potential renters with a visual representation of the space they will live in and help them decide if it is right for them. Floor plans should include accurate measurements and any special features, such as fireplaces or balconies.
Consider how tenants can make the most of the space when creating floor plans. For example, if they could easily convert an extra bedroom into a home office or playroom, highlight this feature on your floor plan to show its versatility. Don’t forget to include outdoor spaces like patios and decks so that tenants can get an idea of what their outdoor living experience would look like at your property.
Floor plans also give tenants a better understanding of room size and layout before they commit to renting a property—which helps prevent misunderstandings down the line when move-in day arrives. Be sure to calculate each room’s size so that prospective tenants know exactly what they’re getting when signing up for your rental unit.
Including detailed floor plans in your listing materials gives potential renters more confidence in their decision-making process by making it easier to envision themselves living in your property, ultimately helping you find great tenants faster.
Floor plans are an essential part of rental marketing, providing a detailed overview of the property’s layout and features. With 3D virtual walkthroughs, you can now give potential tenants a better view of your single-family rental before they even step foot inside.
5. Virtual 3D Walkthroughs
Virtual 3D walkthroughs are an innovative way to showcase single-family rental properties. They allow potential renters to explore the property from the comfort of their own homes, without having to visit the property physically. This can be a great time saver for renters and property managers.
3D virtual walkthroughs are becoming increasingly popular among single-family rentals because of their convenience and cost-effectiveness compared with traditional in-person viewings. Property managers now have access to powerful online tools that make showcasing their properties effortless. At the same time, tenants gain peace of mind knowing exactly what they’re getting into before signing on the dotted line.
With the right combination of the features renters crave, you can create an attractive listing that will stand out from the competition and attract more qualified tenants.
Are you a single-family rental property owner looking for an effective way to market your listings? PlanOmatic provides comprehensive photography, floor plans, and 3D walkthroughs that help showcase the beauty of your home. Our solutions will give potential tenants a detailed understanding of what they can expect from their future living space while making sure you maximize interest in your listing. Contact us today to get started!