Rental property owners and landlords face a wide range of demands from varying demographics
To understand what amenities tenants want and expect, especially with an increase in rental rates, it’s imperative to know who the tenants are. Tenant demographics serve as a guide to what will make them happy, e.g., seniors have different care-abouts than younger professionals or growing families.
Who Wants What
Young professionals, many of whom are millennials, want a close proximity to their work, as many still go to the office at least part of the time. And since more people are working from home, a flexible workspace is important. Even if they are hybrid workers, having a ‘home office’ is attractive to this demographic group. Smart access control and technology upgrades are also high on their list.
Seniors look for amenities that include elevators, safety ramps, good location for shopping and recreation, and adequate parking spaces. Many seniors also work from home, even if just part-time, so access to smart technology is a big plus. Pets are high up on the senior tenant’s priority list, too.
Growing families consider property location important. Schools, libraries, and parks top the list for this group, along with a residence large enough to accommodate each family member. Due to the pandemic, working from home is a commonality among most demographics, so space for mom or dad (or both) to have a home workspace is important.
Across the Board
Raising the rent is not a popular subject among any demographic group and it’s not an easy topic for landlords or property managers either. But the reality is, rental rates do go up for one reason or another.
When this happens, tenants feel they have a right to ask for the amenities they want. Property owners/managers/landlords must look from a broader perspective to meet the varied care-abouts of each tenant group. In general, rental preferences and amenities will fall under some or all of these categories:
- Property location – good neighborhood, proximity to work and school, outdoor venues
- Property affordability – everyone wants the balance of getting what they pay for
- Flexible workspaces – whether within the residence or in a community facility
- Updated technologies – Wi-Fi, internet access, and nearby printers are priorities
- Outdoor space – parks, walking paths, recreational facilities
- Smart access controls – tenants prefer to control the temperature in their own residence
- Convenient services – nearby shops and services are a plus for everyone
- Pet amenities – beloved pets are part of family, especially since the pandemic
- Storage – onsite storage is a bonus amenity
- Parking – anywhere there are vehicles, parking can be an issue, but many people love having access to their cars
- Transportation – easy, nearby access to public bus or train stops; bicycle facilities, too
Cousin James Management, property managers for more than 25 years, stays informed about real estate activities, rental markets, buyers, sellers, and renters. If you’re in one of these categories and would like to know more about the rental market in North Texas, give us a call at (214) 810-1850, or contact us online.
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