• Mid to late career professionals renting as a matter of personal choice rather than economic necessity. In the not-so-distant past, relocating renters tended to be young college grads or early-career professionals, likely single, and moving solo. While still a significant segment of today’s relocators, the mix of these renters is extremely diverse, including: With remote work and job creation in tech fields, today’s tenants are moving away from home ownership and are more inclined to relocate frequently.
Advantages of Relocating Renters:
• They operate with urgency. Relocators have a small window to tour available properties, and they have a deadline to make a decision. If a relocator is touring your property, chances are it’s only up against a handful of other rentals. The combination of less competition and the limited amount of time a relocator has to make their decision will lead to a swift close. • They’re independent and responsible. Moving a significant distance from familiar territory demonstrates these qualities and informs their handling of rental responsibilities, such as timely rent payments and maintenance of the property. They can, and prefer, to operate independently with little reliance on the property manager. • They’re financially stable. Most relocators are moving for work, indicating not only that they have a job, but that they’re highly committed to it. Additionally, many jobs offer financial relocation assistance. • They most likely have professional movers. Relocators typically use professional movers as they simply cannot split the move into several small trips and corporate relocation assistance almost always covers the cost. Professional movers do less damage and provide a smoother move. • Remote and “bleisure” workers are gentle to property. Short-term ”rental hoppers”, often remote workers, travel lightly and stay lightly. They are unlikely to alter any of the property significantly and are more likely to be quiet neighbors. If their remote work includes being on camera for virtual meetings, they are likely to be very tidy.
• Younger tenants moving to apartments instead of dormitories.
RELOCATING RENTERS CAN BE ESPECIALLY LUCRATIVE TENANTS Relocating tenants have traits and assets that make them great custodians of a rental property, but they often face challenges in finding housing. Utilizing property management tech that can lower their hurdles will make them more likely to choose your property. • Many choosing to rent given the barriers to purchasing a home, such as high housing costs, high-interest rates, and limited inventory. • “Bleisure” workers, a term that refers to blending business and leisure, seeking destination housing that complements remote work arrangements.
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