More tenants will be thinking about how potential rentals can serve their working needs in the coming years as the surge in remote work continues, making dedicated workspaces a priority for your investment property.
More than two-thirds of the American workforce is expected to be working remotely at least part of the time, a trend that accelerated after the global pandemic surfaced in March 2020. So, what does this mean for rental property owners? Our Chester County property management experts share insights here!
Consider the ROI of Home Offices
To ensure a strong ROI on your real estate investment, property owners must position a property to best serve the needs of the rental market. Your investment property must meet tenant expectations to stay competitive. Remote work is likely here to stay, and many renters will be searching for rentals that allow them to work comfortably from their homes. When property owners can adapt to trends like this, their homes become more attractive to prospective tenants!
Create a Home Office To Show Off the Space
Creating an efficient workspace in a home doesn’t have to be challenging or costly. When analyzing the rental unit and how you can market it to work-from-home tenants, discuss your options with a Chester County property management professional.
Offering tenants a separate workspace to accommodate their remote work for the long term can also help you increase the monthly rent amount when your property becomes more competitive! However, hastily throwing together a makeshift home office space in an unsuitable area is not the answer either. Be thoughtful about how your property can meet the growing needs of workers who use their homes as an office.
Scout New Rental Properties With Home Offices in Mind
When deciding to invest in a residential property, real estate investors should take into account the demands of remote workers. Execute design ideas in your property that help accommodate the needs of a tenant who works from home.
Property managers recommend making changes that create dedicated spaces for work, maybe even two areas that can accommodate a married couple who both work from home. Consider staging a room or under-used space as an office for listing photos. Adding a wall or a door to an open room helps see a space as a potential office area. Added features like soundproofing would make your rental property even more attractive and could justify higher rental charges.
Perhaps your investment property already features a separate office space or an area that can easily be converted to a workspace. For example, advertising a bedroom as a potential office space can highlight the benefits your property offers to tenants interested in working remotely.
Highlight Home Offices In Rental Listings
There are a number of options available to investment property owners to market their condo, single-family homes, or apartment as a rental that features a separate area to comfortably work from home. A basement space could be advertised as a home office, assuming that it has the necessary utilities and electrical services to run an office. Even if the basement space is unfinished, it may be profitable to upgrade at least part of the area to include potential use as a workspace, which would increase the square footage of living space available in the investment property and its market rent.
A property manager can tell you that other existing rooms in an investment property can be advertised as a space easily converted into a home office. For example, a bedroom that includes windows with a view that could be converted into an office space would be a strong selling point to highlight in your rental’s listings. Some properties that include enclosed storage areas in a garage or an existing closet space also could serve as a remote office, even if first you need to complete a little finishing to provide drywall, electrical, and heat and air conditioning to the space.
A Chester County Property Management Company Helps Market Properties!
It used to be that the highest-priority amenities that renters sought in a rental property were things like access to a gym, a swimming pool, and rooms wired for cable television. These days, many renters have rearranged their priorities and now want space that caters to their new work-from-home lifestyle. Not only do they expect a separate space for their home office, but prospective tenants want features in a rental that meets their work-from-home needs, such as high-speed WiFi.
For your investment property to maintain a healthy ROI, it must offer prospective tenants the features renters need! With a little extra effort and some guidance from Chester County property management experts, you can make any necessary adjustments needed to deliver quality rental homes that generate long-term tenants and consistent rental income. If you’re ready to learn more about how Rentwell’s property management services can help, reach out soon!
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