It's no secret that rental property owners are feeling the pressure of the pandemic. With many people staying home during this time, property owners have to adapt to meet the needs of renters looking for more space to accommodate an at-home lifestyle.
One way to keep your rental properties competitive is by adding a work-from-home friendly amenity to your properties, including dedicated home office spaces. Today our Seattle property management team talks about a valuable lesson we've learned during the pandemic and how owners can adapt to serve more renters working from home and increase renewals.
We're property management experts, so we can't also claim to be job-trend experts. However, we believe that the shift toward more remote work and work-from-home-friendly business and careers is here to stay.
During the last year or so, as businesses have been forced to accommodate at-home workers to continue daily operations, more people have adapted so well that their remote work situation has become long-term—or even permanent. As a result, rental property owners are finding it increasingly necessary to make their rental homes attractive to renters who work from home.
We've seen how drastically expectations have changed at our Seattle rental management company over the past few years. During this pandemic, we're seeing increased requests for photos of rental homes that include other non-traditional living quarters, such as garages converted into bedrooms or even attics turned into dens and offices. Rental property management companies have seen that this trend toward creative space conversions isn't just limited to small rooms either! Some areas, like spare finished basements, are reconfigured to include a kitchenette and even full bathrooms to make room for more family or create a professional-looking home office.
Property managers believe that providing these types of rental homes is an important step rental owners can take to stay competitive during the pandemic (and beyond).
Maybe you have under-utilized space in your rental property, and it's "under-utilized" for a reason. It lacks enough electrical outlets or wiring to support request use or to become a home office.
A property owner can invest in additional wiring, USB-charging outlets, and high-speed internet access to position that space as useful to renters needing home office space. A property management company can help you add a wall or door to an open room to help potential renters see the appeal of a private space they can use for their work-at-home careers.
Appealing to the Seattle, Wa remote workforce is not just about adding more bedrooms or converting existing non-traditional spaces; it also means rethinking how you market your properties.
Seattle property management experts know that not only are renters looking for more space (and specifically, office space in their homes), they need to find properties that offer this amenity easily. One of the best ways to make your properties stand out as excellent work-and-home-life spaces is to shift your marketing approach and target the remote workforce in Seattle.
That spare bedroom or enclosed deck needs to invite prospective renters to see those spaces as ideal for working at home. While we're not suggesting investing in significant renovations to create extra rooms for offices, our property management experts recommend adjusting rental listings to frame specific spaces as having the potential to become a home office.
If you're struggling with a lengthy vacancy or you haven't found the ideal renters for an investment property (at a competitive price point), it's time to rethink your listing and marketing strategy. A property management company can help:
A property manager can tell you that many work-from-home renters have been stuck with setting up their equipment in the corner of a bedroom or a space that isn't conducive to productivity. When your rental property offers dedicated space that can be used as a home office, your properties become more attractive to today's remote-work renters! Keeping up with what renters want (or need) in a home helps investors maximize return on investment.
Rental properties that don't deliver what renters need stay empty and lead to rental income loss for owners. The real estate market has seen this play out with the recent pandemic, but there's a valuable lesson we've learned through our experience as Seattle property management experts marketing rentals during a time of crisis.
Helping potential residents envision their home office space can keep your rental competitive, justify a rent increase, and minimize vacancies to boost returns! Contact us today if you're interested in learning more about how Real Property Associates markets rentals and delivers expert property management services so that property owners stay competitive while maximizing return on investment.
In addition to marketing a home office space, what can owners do to increase ROI? Find out in our free resource, "10 Things You Should Do To Increase the ROI for Your Investment Property."