Like any industry or area of life, the world of owning and renting out properties has its own trends. Most of the leasing trends arise out of tenant needs and regional or cultural developments.
The following are some current leasing trends that landlords might consider adopting in their own rental businesses:
1. Smoke-Free Properties
More and more Americans are aware of the risks and health hazards of smoking. As many cities and states adopt laws banning smoking in varying degrees, landlords are following suit. Many people have quit smoking, and fewer young people are being swayed to try this health-eroding habit. A smoke free policy can help to keep properties clean, fresh, appealing and healthy for all renters.
2. Electronic Rent Payments
One of the other leasing trends in property ownership is the acceptance of rent payments digitally. The world is increasingly becoming paper-free, and many tenants appreciate the ability to use their PayPal account, a mobile app or e-check banking to make on-time rent payments.
3. A More Flexible Pet Policy
Some landlords have a 100 percent ban on pets with little to no flexibility. However, leasing trends lately have shown many property owners adopting more flexibility on this issue and are allowing pet-friendly apartment. Allowing one cat or dog for an increased security deposit is one option. Landlords might also establish a weight or size limit for pets.
4. Creating and Enforcing a Subletter Policy
There are a variety of approaches to the idea of allowing existing tenants to sublet the unit they are renting. Landlords should include a clear, concise subletting policy on the lease. Whether they allow tenants to sublet a room or the whole unit, clarity about this issue is key to avoiding misunderstandings down the road. Some landlords forbid subletting altogether; if so, this policy and its consequences should be clearly stated on the lease.
5. More Stringent Applicant Screening
In addition to the leasing trends mentioned above, landlords are also less willing to take risks with their properties than ever before. In today’s world, the potential for financial issues or criminal behavior is just too great. Better to avoid a high-risk tenant than have to deal with the stress of handling bad behavior down the road. Professional tenant screening can identify applicant red flags so that landlords can connect with the highest quality tenants for their units.
Like any area of life, there are trends that come and go in the world of property rental. Landlords should consider these leasing trends and ideas for their own properties. Doing so just might result in higher tenant satisfaction levels and more success as a landlord.