An essential role of property management companies is keeping abreast of tenant preferences. The National Multifamily Housing Council publishes a renter preference study every two years. The council surveys 172,703 renters living in 4,220 rental communities across 77 markets nationwide to find emerging trends. They found the following:
Long Term Renters
Renters stay longer because many tenants cannot afford to buy in today’s market. Mortgage rates may dip slightly in 2024, but not enough to alter the for-sale market’s dynamics. Many people view renting as a more practical housing option as their path to homeownership dims. DenCO Property Management (DenCO) caters to the needs of our tenants to keep them happy. Happy tenants are more likely to renew their lease.
Remote Work Services
Companies across the US in 2023 focused on returning their employees to the office. Their effort obscures that the pendulum will never return to its pre-pandemic position and probably never will. Property managers and owners should expect many new tenants to set up home offices. According to the National Multifamily Housing Council survey, high-speed internet and reliable cell reception are musts for these renters. Traditionally, home renters purchase internet services from CenturyLink, Comcast, and other providers in Denver. With most people using cell phones as their primary number, reliable cell reception is at the top of the list for 86 percent of renters, with 39 percent saying they would not rent without it.
Renters Want Neighbors Who Follow The Rules
Condo and apartment renters in 2024 want considerate neighbors. No one wants to live next to someone who makes a lot of noise, such as barking dogs, heavy footsteps, or loud parties late at night. They want their neighbors to follow the rules and expect property managers to enforce them. Property managers should set expectations with all tenants and deal with issues respectfully. Home renters increase their chance of home enjoyment by renting homes in nice neighborhoods and expect their property manager to help them deal with problematic neighbors.
Renters Want To Feel Welcomed
Savvy property managers make their renters feel welcome by dealing with tenants respectfully and responding quickly to tenant requests. A strong lease lists the responsibilities of the tenant and the property management company during the rental agreement term and sets the foundation for a successful rental experience for both parties. DenCO recommends two inspections per year. The primary purpose is to identify needed repairs and conduct property maintenance to enhance the home’s habitability. Advanced notification gives the tenant time to clean and fix any damage they may have caused. If the problems are presented to the leaseholder politely and professionally, we have found that they respond well and stop the violations.
Rents Cooling Off in Denver
The Denver rental market is cooling off after years of rent spikes. Apartment and condo complexes will probably face price pressure because a large inventory of newly built units is coming onto the market this year. According to the Denverite, “Median rent in Denver…is $1,391 for a one-bedroom and $1,720 for a two-bedroom. That’s down nearly 1% from this time last year.” These newer complexes are amenity-rich and offer generous move-in incentives, creating excellent renting opportunities for renters. DenCO does not expect the same rental pressure to affect single-family home rentals since these tenants need more space and yards. Well-managed and marketed rental homes in good neighborhoods should demand top dollar in 2024. The hardest hit will be renters looking for affordable housing since fewer units are available and new construction applications are trending downward.
Professional property management companies help owners meet renter expectations and market their properties to maintain rental income and lower vacancies. DenCO manages 150 rentals in the DU, Washington Park, and other Denver neighborhoods and has been in business since 1999. Call us at 303-722-9688 or click here to complete a Contact Us form.
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