Every year, the yearning for real estate increases due to the ever-increasing rise in population and people searching for somewhere better than their previous location. As people keep moving from one place, there is also a rise in their price for such a location.
As a homeowner who has made your property open for rent, here are four major features that renters are looking for in 2022. These features open up more opportunities to get more home seekers, increasing your price.
We are sharing the opportunities in the multifamily real estate open to you. If you do not know much about Multifamily real estate, click on this link to read our last post on multifamily real estate. Most renters and tenants prefer multifamily houses. Understanding what they need will help give you (a house owner) a more competitive edge in getting reasonable prices and getting the best tenants.
- Outdoor Living Opportunity: Ever since the covid, people have begun to appreciate outside time. Many individuals were “trapped” within their homes and could barely go out. There is a need for your house to have space for engagement outside of the room or living space. This will create more room for your tenants to engage with nature, rest, and have more freedom for themselves.
Such outdoor spaces can be either a large compound or having enough space on the balcony and having numerous terraces. The need for balconies is also on the rise, as covid has restricted social engagement to the minimum, so each home must have its own private outdoor space.
If you are constructing a new building, you should factor the balcony into its design. If it’s an existing building, develop an extensive walking path with landscaping so that your tenants can connect with nature. If you have space, include garden beds within the building or allow container gardening on the balcony. This will bring your tenants closer to nature without taking them from the comfort of their homes. - Healthy living environment: in 2020, a study by McKinsey Research found that 79% of respondents believed that wellness was essential, and 42% believed it was a top priority. From the aspect of a multifamily house owner, it is important that everything in your building aids the good health of the tenants. There should be general cleanliness, a free-flowing water system, a clean gutter, and a bush-free compound. Allowing fresh air within the building through an open good window location, and also with the use of low-VOC (Volatile Organic Compounds).
Having or organizing a regular cleaning schedule for the compound and house areas is important for owning a house. This could either be handled by the tenants or by the house owner through the tenants’ payment. But whichever one is selected, there must be regular cleaning and clearing of the areas within the house. - Home WorkSpaces: With Covid enforcing the need for people to work from home, there has been an increase in the need for spaces or extra rooms where people can work from home. This space can be created either within the main living apartment or within the house premises. Allowing workers to work from home with workspaces will increase your house’s appeal and increase both its perceived value and monetary value.
Having a co-workspace within the house that enables tenants to not go out of their houses yet have access to a desk, Wi-Fi, and quiet can relieve a lot of stress. You can take it a bit further by adding fast internet facilities and other remote working amenities to give your renters and tenants extra breathing room and comfort. - Pet-Friendly Environment: The love and care for animals have grown over the years, and we find many Nigerians owning dogs, cats, and other pet animals. Owning a convenient accommodation can make life easier for pet owners. Pet-friendly options like having spaces for animal houses, waste bags around the place so that trash can be consistently be discarded with ease, without allowing the pet owner to walk too far to get one.
These four concepts can be implemented at various levels, depending on your target tenant and renters. Also, the economic level of the target renters will determine the type of concept you implement. But you are adding these features to your house.
Customer Satisfaction always pays, regardless of the income of the customer. Deloitte research found that customer-centered businesses are 60% more profitable than companies that are not focused on the customer. Owning a house for rent is no different from a restaurant or shopping mall along the road. What is significant to all sorts of businesses is the satisfaction of their customers. Catering to the needs and desires of your customer will set you apart from other house owners and increase both the demand and price of your house.
Have more ideas or concepts to add to the list? Leave them in the comment section below
