Why Should Rental Investors Keep Up With New Home-Building Trends?
New Home-Building Trends
If you are a real estate investor looking to step up your rental property game, it’s essential to recognize new home-building trends. Like how fashion trends change, home design trends change too, just a little less drastically.
These days, homes are built and designed much differently than ten years ago. For example, many Pennsylvania homes incorporate large open windows, modern technology, and energy-efficient appliances. That said, whether you are a rental investor or interested in purchasing a property, read on to learn about new home building trends.
Why Should Investors Keep Up With Trends?
There are quite a few reasons why rental investors need to keep up with new home-building trends. First, although landlords may not be building the home themselves, they should look for properties that will be desirable for prospective tenants. After all, nobody likes an outdated home with older appliances.
Second, real estate investors should look for ways to increase their ROI, or return on investment. Adding new appliances, installing new flooring, painting the walls, and partial remodels are great ways to increase ROI without spending too much.
Finally, rental investors should know which location to buy homes in. More people are moving out of cities and toward the suburbs these days. Similarly, people are looking to live in less dense areas. Although it may not affect your current rental properties, keep in mind what types of homes people are interested in for future opportunities.
What are Home Design Trends to Watch for in 2022?
Throughout 2020 and 2021, we’ve seen a lot of changes in home designs due to the Covid-19 pandemic. With people spending more time at home, there is an increased need for homes with functionality, privacy, and ways to enjoy the outdoors. That said, investors looking to buy rental properties should read up on the latest home design trends.
In 2022, experts predict that people will look for homes with multifunctional spaces, low-maintenance flooring materials, and outdoor entertainment areas. As we continue to navigate life during the pandemic, people look to live in sustainable and comfortable spaces. That said, the trends don’t stop with home decor or interior designs. Let’s go over some of the exterior design trends to look for in 2022.
Exterior Home Design Trends
When touring a rental home, the first thing that prospective tenants will see is the exterior, so it’s important to make this space look presentable. While trends change every few years, the pandemic has created new ways of living at home. Read on while we go over some of the most recent exterior home design trends.
Creating a comfortable outdoor getaway has been one of the most prevalent design trends since the pandemic hit the United States. As a result, there’s been an increased need for outdoor entertainment centers throughout lockdowns, quarantine, and work-from-home transitions.
If your rental property already has a patio, one of the easiest ways to create an enjoyable outdoor living space is by adding outdoor furniture. That said, if you’re looking made additions to your rental, consider adding a deck or patio large enough for a set of outdoor furniture.
Homes with large windows and natural lighting are extremely popular these days. Although it’s not necessarily a “new” trend, real estate investors should still pay close attention to this one.
Most people look to live in homes with large open windows and plenty of natural light. Therefore, prospective tenants will likely be looking for these desirable features as well. If you’re an investor looking to purchase a new property, pay attention to the windows and interior lighting trends.
Luckily, you can always make upgrades whether you own a rental property or are looking to purchase one. For example, you’ll want to keep up with painting the home’s exterior. Not only can you potentially increase your ROI, but you can also attract new potential tenants with a freshly painted home.
Colors like gray, beige, and cream are typically safe when it comes to your rental home’s exterior. However, it’s best to avoid bold, bright colors like blue, orange, or yellow. Instead, try thinking like a potential tenant while looking at real estate or upgrading existing rental properties. Making your rental home’s exterior look neutral, clean, and modern will undoubtedly catch the eye of someone looking for housing.
Interior Home Design Trends
Although the home’s exterior will most likely make the first impression, the home’s interior is just as important. So let’s go over some of the interior design trends you’ll see in 2022.
Multifunctional rooms and versatile spaces are extremely important in a rental home. A guest room that doubles as an office is a great space-saving solution. At the same time, tenants may use the space in other ways, like a kids’ playroom or an exercise room. Rooms that serve multiple purposes are great selling points for rental properties.
Another easy way to make a multifunctional space is by creating an open-concept kitchen, dining, and living room area. This lets tenants interact with guests and family from wherever they choose comfortably.
Making energy-efficient upgrades to your home is excellent for the environment and can help attract new tenants. That said, there are many things that property owners can do to implement energy-efficient upgrades to their rental homes.
Although it’s initially expensive, installing things like solar panels will save you and your tenant money over some time. However, if you don’t want to make that large of an investment, you can also add energy-efficient upgrades like low-flow toilets and water-saving faucets.
Smart Home Technology
Any technology updates are a good idea, especially if you have security devices for your rental property. These days, landlords are installing smart locks for their rental homes. This technology allows tenants to safely lock and unlock their front door from anywhere using a smartphone app.
Rental investors can also add smart thermostats or lighting fixtures to their properties. These smart technology systems can help investors and tenants save money on utility payments. In addition, since you can use most of these devices with your smartphone, you can turn the lights off or turn down the heat in your home from almost anywhere.
How to Incorporate New Home-Building Trends into Your Rental Property
There are many things to consider when preparing a rental property. That said, as the property owner, you should know what prospective tenants are looking for in a home. Both indoor and outdoor home improvements are great for boosting your ROI and can create a solid first impression for future tenants.
Whether it’s a minor upgrade or an extensive renovation, improvements to your rental property can make all the difference to the overall value. Now, let’s go over ways landlords can incorporate new design trends into their rental properties.
- Focus on the Exterior- Curb appeal is extremely important with a rental property. Although it can be easier to focus on the interior, the outside gives the very first impression of the property. These days, people are looking to enjoy their outdoor spaces, so consider adding a seating area outside the home.
- Create an Office Space- If you have extra space in your rental property and don’t know what to do with it, consider making it an office area. With more people working from home these days, occupants will likely appreciate the extra space.
- Install Modern Flooring- Rental property owners should consider investing in durable flooring. Lots of modern flooring options include hardwood, tile, and laminate. Since hardwood and tile flooring is usually more costly, laminate is an excellent choice since it’s affordable and comparable to higher-priced flooring.
- Fresh Paint- Whether it’s the exterior or interior of the home, a fresh coat of paint can be highly beneficial. Since home design trends are constantly changing, landlords should consider keeping up with color trends for inside and outside their properties.
- Smart Technology- Technology makes everyone’s lives undeniably easier and can be incorporated into rental properties to do the same. For example, installing smart locks makes things more convenient and safer for tenants.
Need Help With Your Rental? Hire Professional Property Management
Implementing strategic, periodic home upgrades is essential in finding quality tenants and increasing the overall value of your rental property. Since styles are ever-changing, it’s imperative to keep up with new home-building trends. As we enter 2022, investors should read up on what types of spaces people want to live in.
With that, keeping up with all the tasks of owning a rental property can quickly become overwhelming. At Bay Property Management Group, our group of professionals can help with screening new tenants, monthly rent collection, maintenance requests, and more. Contact us today if you are a landlord of one or more properties and need help managing your rental business.