4 Trends For Renting In 2023
For people considering investing in property, especially for longer-term residential prospects involving renting, it’s always a good idea to pay attention to the market. Knowing what’s happening is often the key to exploiting certain opportunities and garnering a better return on investment than just coming up with a plan and sticking to it regardless of the market climate.
For 2023, here are some of the trends in apartment rentals that property management should keep in mind to make the most of today's market.
Mixed Use Is On The Rise
There’s always been a need for mixed-use properties that may combine retail, business, and residential needs. Today, however, that mixed-use popularity is growing stronger than ever. People are increasingly staying close to home and finding mixed-use properties that can address various needs, such as an apartment complex that houses retail outlets on the ground floor, which can sometimes be more attractive, especially for certain affluent lifestyles.
If you’re considering developing a property for rental or looking to invest, mixed-use properties are a good investment.
Remote Work Is A Big Factor
Another major point that has changed the rental market dynamics is the increasing growth of remote work. While remote work was a necessity during the pandemic years, it proved so popular that many companies now offer remote work options to employees if they want to retain desirable talent.
Many people are now willing to work for a lower salary in exchange for better housing options in other parts of the country that don’t require them to show up at an office five days a week. As a result, many apartments in unlikely locations for certain professions and industries are now finding themselves popular choices for renters looking at specific lifestyle options, not proximity to workplaces.
Rental Diversity Is Important
The demographics for renting are getting more broad so that even the “Baby Boomer” and “Generation X” demographics are still in the market, as well as “Millennials” and “Zoomers.” Because of this, there’s a need for diverse kinds of apartment needs and other renting options.
While there will always be a market for a standard vacant apartment, fully furnished apartments, homes, and even single rooms within a rental property are all ways that investors can maximize their chances of getting healthy returns on the properties they support.
Digital Payment Options Matter
Younger renters, particularly, live in a world where they may have money, but not necessarily a bank account—let alone a bank book—with a traditional banking institution or credit union. Because of this, it’s important for property management to spread the broadest possible net regarding payment options.
Accepting payment methods such as PayPal, Venmo, or Zelle is a way to attract younger renters who are very active in the digital transaction space. If you don’t want to miss an opportunity being able to cater to residents in this market, it’s critical that you have the digital infrastructure to support these kinds of payment options.
If you’d like more help keeping your rental investments profitable, contact Occupancy Solutions and let us help.