Top Rental Trends in 2021
The real estate market for landlords and renters alike has bucked traditional trends since the coronavirus hit our shores. Another year has gone by and, instead of normalcy, we are still being regaled by tales of new variants. However, we have seen certain patterns emerge from the chaos. Here are the most important rental trends to be aware of for 2022, whether you are a landlord or a renter.
Work and home
Work certainly affects the mood in the home, but the work-from-home (WFH) phenomenon is having an increasingly significant impact on population demographics. Office workers who were previously compelled to find accommodation close to their workplaces no longer have to.
There is a growing shift towards renters, and even some homeowners, opting to reside away from the most metropolitan areas. The obvious attractions are less crowding, lower living expenses, and a cleaner environment, all of which lead to a better quality of life.
Moratorium ends, disarray begins
While the recently-ended eviction moratorium was a godsend for many struggling families, it also incentivized irresponsible behavior among some renters. With its conclusion, they are facing massive outstanding bills and landlords who are strapped for cash themselves.
The main issue was that renters were given a pass, but landlords still had to fulfill their tax and maintenance obligations. Now, we could see a wave of mass evictions as landlords attempt to rid themselves of difficult renters. Moving forward, landlords’ criteria for filtering candidates will also be stricter.
Both landlord and prospective renters should familiarize themselves with the associated legal framework to ensure that there is no discrimination.
Adapting to change
The agile bird gets the worm. If you are a landlord, renovate your properties to fully utilize the current shift towards WFH. Advertise space that can be used as an office. If the home has an open area such as a terrace, it will attract interest from renters starved for nature because of the lockdowns.
Renters should keep themselves informed of Covid-related incentives and programs from local and federal government bodies. Those who prefer an urban lifestyle should make the most of rental price changes. It is the perfect time to either renegotiate your lease or move to better accommodation.
Please contact us today if you have any questions about being a renter or a landlord in today’s unstable housing market.
