With a large portion of the workforce working from home—resulting from the COVID-19 pandemic—everyone is looking for a way to adapt. And that definitely holds true for landlords.
Even as vaccinations for COVID-19 continue to roll out around the world, many employers have already decided to stick with remote work (either for the time being or permanently).
So, if you’re a landlord, it’s a wise decision to renovate your properties to cater to the work-from-home (WFH) crowd. This will go a long way in improving the appeal of your rental property.
Follow These Tips
No two rental properties are the same, so the approach you take with one may not be the same that you take with another. However, there are some basic tips that you can utilize to accommodate for amenities renters will be looking for as a result of the pandemic.
1. Don’t Let a Small Space Stop You
Some small apartments may seem like they don’t have enough space for a home office. However, when you let your creativity run wild, fitting an office into an apartment is a lot easier than you think.
Maybe you can turn a small second bedroom into a bedroom/home office. Or maybe you can turn a closet into a working space. Perhaps there’s enough room to build a dedicated space for working from home.
Consider every idea, no matter how far-fetched it sounds.
2. Know What Tenants Who Work from Home Want
Depending on how long you’ve been a landlord, you may have a firm grasp of what renters in your area are seeking. There are many easy amenities that tenants are interested in—especially as the result of the pandemic.
Are they most interested in a dedicated office space? Are they okay with a home office in a nook?
In addition to pulling from your data, learn more about other rentals in the area by searching online. This will help you better understand what other landlords are doing to connect with work from home professionals.
3. Stage the Space to Make it Attractive
Don’t rely on potential renters to see your vision. Show it to them by staging the space as a home office. It only takes a little bit of time to do so, and it can go a long way in showing a renter what they’ll get upon moving in.
A home office space with good vibes is one that will attract your target audience. Use light paint colors to make a space feel bigger, pull in as much natural light as possible, and accessorize with indoor plants.
The Financial Side
Your goal is to increase the appeal of your property in relation to the WFH boom by ensuring that your rental properties attract the proper audience. However, you have to balance this with the financial side of making upgrades.
Once you get into the right frame of mind, this shouldn’t be too difficult.
Here are some things to think about:
- It’s an investment, not an expense. Yes, you have to put money out to upgrade your property, but it’s an investment that can pay off in the long run. Every improvement you make will help you secure your next renter. Not to mention the fact that it also increases the value of your property.
- Your taxes. Check with your tax professional to determine if any of the upgrades you made qualify as deductions.
Benefits of Creating a Space for Tenants Who Work from Home
As a landlord, there are many ways you can adapt your rentals to accommodate the increased number of tenants who are WFH. And with this trend picking up more momentum by the day, the opportunity to win big will be available to you well into the future.
Don’t miss out on your chance to attract long-term tenants, boost your income, and grow your business.