For landlords, preparation for the future is a major key to success. From having a backup reserve of funds for emergency repairs to planning the right rent rate increases, looking forward is a critical part of landlording.
With a new year upon us, it is time to prepare for what 2018 will hold for the rental market. The following are the rental trends I see coming in 2018 and how you can best prepare for them.
One of the ways you can help your rental business thrive in 2018 is by focusing on trending property upgrades. With the influx of the Internet of Things, renters are looking for increased connection.
With technology only improving and increasing its reach, I don’t see this trend ending anytime soon. The following technology-related upgrades are worth considering, particularly for condo and apartment owners:
• USB outlets.
• Smart thermostats.
• Smart smoke / CO detectors.
• Wireless internet.
• Home monitoring systems.
• Smart sprinkler systems.