Rental Trend Predictions For 2018 In Property, Process And Policy

Dec 22, 2017

For landlords, preparation for the future is a major key to success. From having a backup reserve of funds for emergency repairs to planning the right rent rate increases, looking forward is a critical part of landlording.

With a new year upon us, it is time to prepare for what 2018 will hold for the rental market. The following are the rental trends I see coming in 2018 and how you can best prepare for them.

Property Trends 

One of the ways you can help your rental business thrive in 2018 is by focusing on trending property upgrades. With the influx of the Internet of Things, renters are looking for increased connection.

You can start simple with items like USB outlets and smart thermostats, or go as big as installing home monitoring systems. According to a survey conducted by SoftwareAdvice, the biggest demand for smart devices is found in the sector of condo and apartment renters. Another survey by Wakefield Research and Schlage found that nine in 10 millennial renters are open to paying more for a rental that is outfitted with smart technology.

With technology only improving and increasing its reach, I don’t see this trend ending anytime soon. The following technology-related upgrades are worth considering, particularly for condo and apartment owners:

• USB outlets.

• Smart thermostats.

• Smart smoke / CO detectors.

• Wireless internet.

• Home monitoring systems.

• Smart sprinkler systems.

Source: Forbes