Cater to this Type of Tenant
Recent reports have confirmed what we like to think we’ve known all along: the women are in control (especially when it comes to the rental market)! Rentals, which bring a certain degree of freedom, are being favored more than ever by young women.Surprised? Don’t be! Later marriages, lower birth rates, and more women than men in college and graduate schools have all contributed to women enjoying the lifestyle that only a rental can provide. While being a tenant may not necessarily be the savviest option in our humble opinion, this knowledge opens up a window of opportunities for investors.
Image via nydailynews.comWith interest rates at historic lows and a stronger-than-ever rental market, now may be the time to invest in that rental property you’ve been considering. A recent Raymond James report has estimated over 1.3 million new renter households in the past year alone! Still not convinced? Tenant turnover and move-outs are at their lowest level in decades, meaning you’ll likely have a strong group of truly committed renters. A few ways to cater to young tenants include allowing pets, offering flexible lease terms, enhancing kitchens, bathrooms, and closet space, and featuring a security system!