Rental Market Trends in 2020

It is hard to ignore the rising Gen Z cohort while talking about the future of renting. Unlike past generations, Gen Z has never existed without technology, so leasing and marketing efforts should be aimed at integrating technology in some way.

FREMONT, CA: Today's landlords and property owners are facing a conflict between increasing demand for rent, shifting laws, decreasing income and a shortage of affordable housing. In the new year several variables will affect the future of real estate and the rental market.

Let us look at some trends in the rental market:

The "Typical Renter" is to ChangeTop Rental Management Consulting/Service Companies

Historically, renting was a rite of passage and the first step one would take before they move into homeownership. Renters were also from younger generations.

Now for every generation, it is a lifestyle option. Studies show that almost one in two tenants would like to own their houses, but are not in a position to purchase.

Tactics for attracting and retaining tenants must be consistent with a wider population in 2020. If one is targeting young adults, families or pensioners, they should make sure to deliver rental rates at all income levels.

Focus on Gen Z

It is hard to ignore the rising Gen Z cohort while talking about the future of renting. Unlike past generations, Gen Z has never existed without technology, so leasing and marketing efforts should be aimed at integrating technology in some way.

Gen Z is extremely involved in smartphones and the Internet, all of which serve as excellent marketing channels. This coming generation also places emphasis on trust, equality and a more casual approach to communication.

To ensure an effective meeting with Gen Z's prospects, one needs to shed the formal language and opt for more informal messaging through technology.

Technology Use to Grow Further

Technology is part of almost every facet of the modern world, and the rental industry is no different. Technological facilities will begin to expand in 2020.

In the coming year, technological solutions will be available for almost every aspect of property management. One can consider these facilities as a revenue builder and provide them free of charge or as a subscription service for tenants.

Some of the main activities made simpler by technology would be landlord contact, online rental payments, climate regulation, protection and social communities. Renters can also request even more technical services, including free Wi-Fi, keyless door access, outdoor fireplaces and heaters, and high-tech fitness centers.

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