10 Influential Single-Family Housing Trends Impacting Property Management

Due to the different single-family housing trends and demands, property management companies must strive to meet the needs of their renters. Doing so will ensure that they’ll survive in the industry. 

If you’re a property owner, manager, or staff in the rental industry, take a look at how these trends affect property management.

1. More Interest in Single-Family Rentals

According to the U.S. Census Bureau, the occupancy of single-family homes reached 95% in the first quarter of 2021. The main reason for this is the fact that people are becoming hesitant to handle the responsibilities of owning a home.

Take note that the rise of single-family housing trends equates to high demand and an increase of competitors looking to take advantage of it. As a property owner or manager, you have to ensure that your single-family rentals will stand out from the competition. One way to do so is to invest in software from ExactEstate. 

2. Large Firms Eyeing a Single-family Home

As mentioned above, the demand for single-family rentals has grown exponentially. That’s why investors, developers, and large property management firms are now focusing on their local markets. At first glance, this may spell the doom for small property management companies. But this shouldn’t be the case. 

Small rental properties in the state will ask for help from local property managers who utilize state-of-the-art software like the ones offered by ExactEstate. In addition to having much-needed software, property managers should also be willing to assist in running these properties.

3. The Rise of Build-to-rent Communities

Build-to-rent communities, or single family rental communities, are mainly developed for them to be rented out. This type of community is often situated in amenity-rich and low-density locations. 

Since more people are becoming more attracted to renting than owning, managing any type of property in a build-to-rent community translates to more clients for property managers. 

4. “Zero-touch” Demand From Residents

Due to the pandemic, renters now prefer paying rent, managing maintenance issues, and communicating online. Additionally, since employees are now working from home, it’s important for property managers to meet this zero-touch demand. 

By using software from ExactEstate, property managers will be able to provide a solution to this demand. For one, the software mainly revolves around providing both property managers and renters the opportunity to process and receive payments online. 

Secondly, the software can be customized to fit the needs of a property manager. This way, property managers won’t have trouble navigating and learning about the system, allowing them to focus on the needs of their renters. In return, they’ll have loyal clients, ensuring a steady cash flow.

5. Online Payment Collection

As mentioned above, online rent collection is preferred by most renters, which is why it has become a key part of a property manager’s operations. This mode of payment will continue to rise as renters appreciate the convenience and simplicity that online payment brings. 

Landlords will also benefit from online payment collection. In addition to collecting payments digitally, the software provided by ExactEstate will also allow them to set automatic reminders, notifying renters to pay in due time.

6. The Need for Personal Amenities

Given the competition, more and more single-family rental communities are adding amenities to their lots. Not only will this attract new tenants, but it also decreases turnover rates. 

Personal amenities, whether it’s available for everyone in the building or in every unit, may range from fitness rooms to an entertainment center. As a tip, use the software from ExactEstate, as it allows property owners to screen potential renters. This allows them to know their hobbies and interests. They can then use that as an opportunity to purchase amenities that gravitate around their renters’ needs. 

7. The Rise of Technology

In the past, managing any type of property may be difficult since there was no technology yet. Traditionally, property managers have to manually account for their entire cash flow and other necessary records on a piece of paper. This results in a mountain of paperwork, making it troublesome to look for a specific piece of information when needed.

With the rise of software like ExactEstate, property managers can easily collect payments, manage their staff, and even provide excellent customer service. All of these are important for single-family renters, especially since most of them expect good relations with their landlords, which is made possible with ExactEstate. 

8. Virtual Tours

It can be tedious to hop from one single-family home to another. This is especially true for someone who plans to relocate from another state.

As a solution, property managers have utilized virtual tours. This is so effective that a survey shows that 70% of renters will rent a property if there’s an option to virtually tour the space. 

Using virtual tours will also save time for property managers. This is because it’ll eliminate the need to show someone the unit but won’t fully commit to it. Thus, property owners and managers alike should offer a virtual tour of all of their listings. This way, they won’t only save time but it’ll also increase their odds of finding the right renter.

9. Importance of Greenery

The presence of plants will help improve airflow, as well as make the space more liveable and appealing in single-family homes. Hence, incorporating greeneries is one of the many rising single-family housing trends. 

As a property owner, then, one way to attract clients isn’t only to showcase the space of the unit but also to introduce plants. Just make sure to remind renters to water them appropriately, which you can conveniently achieve by having software from ExactEstate, as you can now regularly communicate with your renters.

10. New Generation Entering the Market

The marketing for single-family homes shouldn’t only be limited to millennials. Even if marketing to millennials is still effective, take note that there will be an exponential growth of future renters in the coming decade. This is because Gen Z, or the true digital natives, will now look for a comfortable place to live in. Gen Z’ers are also attracted by progressive and unique digital strategies. 

For example, since this generation harnesses the power of the internet, the majority of them will find single-family rental communities on the web. Selling your properties by simply placing a “For Rent” sign on the door may not attract this market. Instead, make sure to have an online presence for your properties. Given the prevalence of social media, these channels are a great option. 

Furthermore, since the new generation heavily relies on technology, property managers who still haven’t utilized technology to their advantage will be considered a red flag for the new generation. Hence, as early as now, it’s important for property owners to already master using software like ExactEstate. 

This way, once the true digital natives enter the market, they’re already fully acquainted with the technology.

Takeaway

Continually monitoring and analyzing the trends in the real estate industry allows your business to find any gaps, making sure that you know what you’re doing wrong. Also, even if you’re doing well in the industry, it doesn’t make you immune to failure, especially if you don’t evolve with the emerging trends. In other words, always make room for knowing and adopting new things. 

By adapting your business to the ever-changing real estate industry, you can rest assured that you’ll remain profitable. Also, your properties will always be marketable, regardless of the generation. 

As a start, if you haven’t invested in property management software yet, make sure to find out more about ExactEstate and set up a demo today.