Average rent growth is projected to continue, but without knowing if the Federal Reserve will continue to change interest rates to rein in inflation, it’s challenging to make any significant rental market predictions. Nonetheless, factoring certain trends into your company’s big-picture vision is a sure way to stay ahead of the game.
The shift to remote work is continuing post-pandemic, meaning people are eager for homes with spaces that can serve multiple functions. Features like coworking spaces, lounges and meeting rooms, as well as rooftop patios and in-building gyms or saunas will make a rental/leasing business more competitive. As mortgage interest rates rise, individuals wishing to become homeowners may wish to continue saving up for a bit longer–which also bodes well for the rental industry.
To stay competitive, the adoption of technology–such as Ring doorbells, keyless entry and digital payment methods–will become vital. So will sustainability measures such as solar panels, low energy usage appliances, and environmentally friendly construction materials.
