We are thankful that 2020 is behind us and we are so ready for a new year. As we reflect back over the past year and the changes it has had for the Real Estate and Property Management industries, we believe that 2021 will be an important year for Property Managers as renters’ needs continue to evolve.
At the drop of a hat, Property Managers had to make some incredible changes as they prepared their properties to not only be safe for their current residents but to also continue to attract new residents as they search for their next home all while renters’ needs started to change as well.
A recent survey of over 1,000 adult renters from across the United States gives Property Managers an insight into what renters are looking for and what steps they can to do to adapt to this new, highly competitive marketplace.
Overall 60% of renters surveyed agreed that the pandemic has changed their own preferences on where they want to live. The top reasons were to find a location that was less populated and/or to have a change of scenery. In addition, about a quarter of respondents said they would like to live closer to family and to continue working remotely. This data shows us that renters are interested in relocating and secondary markets are likely to benefit in our near future. From the lack of state income tax to the sunny weather to the diversity the State brings, Central Florida continues to be a great place for renters to relocate to.
With these trends, it is a great opportunity for Property Managers to capitalize on these opportunities. One great way to do so is to expand their reach utilizing new technologies. Virtual showings skyrocketed during the pandemic. Not only for locals looking to make a change but also for those from other regions. Renters are able to view units and submit their applications completely online. And with a greater percentage of the leasing journey taking place online, it often helps renters make decisions faster, apply with ease and save time.
By leveraging technology, Property Managers are able to better meet their renters’ needs and fill vacancies at a much quicker pace. Our team at Mosaic Property Services is ready to help you and your Central Florida property go to the next level.