Rental management is an ever-changing profession, and one of the biggest jobs property management professionals have is to keep up with the latest trends. The rental management business has changed even faster than usual during the past two years, and as we head into the second half of 2022, these are the top trends we expect to navigate. In this article we will take a look at some of the top property management trends 2022.
Top Property Management Trends 2022
Online rent collection
During the COVID-19 pandemic, property managers were forced to rely on online platforms that allowed their tenants to pay their rent electronically. Although this trend was already well underway prior to 2020, the pandemic significantly sped it up. Almost overnight, it went from being an increasingly popular option to an absolute necessity.
We don’t expect this aspect of property management to change any time soon. Now that the efficiency of online rent collection has been established for renters and property managers alike, it has become clear that it’s the simplest and most convenient way to pay rent. Today’s renters will soon come to expect it, and property managers are quickly learning that this technology increases on-time rent payments. It’s a win-win all around.
Property managers spent more time communicating with tenants than ever before during the pandemic. In particular, property managers have acted as mediators between property owners and renters, helping both parties navigate the ever-changing legal and financial challenges of renting during a global pandemic.
In a way, all the uncertainty of the past two years has changed the property manager-tenant relationship. Increased communication has created a new level of trust between both parties during challenging times, and it’s unlikely that this will end, even as COVID-19 continues to recede. Rental management professionals who continue to foster good communication with tenants can reap many benefits from that relationship.
The next generation
As younger renters begin looking for housing, we expect them to change expectations within the property management industry throughout 2022 and beyond. Millennials have driven the conversation for the past decade, but as Gen Z increasingly becomes a dominant force in the rental marketplace, landlords and property managers will need to meet their needs.
As of 2022, Gen Z as a whole is more interested in renting than buying. Most Gen Z renters have higher expectations than their predecessors when it comes to having tech integrated into their living spaces. Amenities like highspeed Wi-Fi and smart locks are often expected, and most young renters are more comfortable paying their rent and using other services online.
Location, location, location
Location has always played a key role in the rental business. There may be no single more important consideration than determining the types of locations that will be most desirable to renters. Unsurprisingly, this is another aspect that the pandemic has changed; but in this case, the change may not be as long-lasting.
From 2020 into 2021, we saw a big shift in renters leaving the city for the suburbs. It has a lot to do with urban amenities being shut down, as well as more people being able to work from home. This may still be the case for some renters—many, after all, have continued to work remotely—but we expect that there will be increased demand for rental properties in urban areas as renters decide to move back to the city.
Contact us today to learn more about the top rental management trends of 2022 and talk to our team about how staying on top of these changing trends is beneficial for renters, landlords, and rental management professionals alike.