To rent or buy? For consumers, the answer varies widely across the board, depending on their needs and lifestyle at the moment. Given the current climate of the New Jersey housing market, many are choosing to rent rather than buy, revealing a great opportunity for property owners and landlords. This post is brought to you by Vreeland New Jersey property owners insurance programs.
To appeal to renters, property owners must focus on the lifestyle of the individual as a whole, rather than just renting the unit. Catering to a “lifestyle” appeals to millennials, who are the largest segment of the renting population. Work-life balance is important to the newest generation of professionals, who want to maintain a healthy balance between their working and professional lives.
This sentiment translates into several distinct characteristics for the housing and apartment industry. According to the National Association of Home Builders (NAHB), builders and developers are focusing more on urban projects near public transportation. Easy access to restaurants, shopping, and nightlife are important to today’s renters.
The design of the building is also important to renters. Amenities are a huge appeal factor for renters. Larger, open common rooms are popular. Many developers have added fitness centers and outdoor areas, including yoga and Pilates studios to appeal to renters. Outdoor spaces such as patios, decks and pools are a lure for renters who want to host friends and family. Other amenities include dog runs, garden plots and bike storage.
So what are the implications for landlords and property owners? If you’re looking to upgrade, focus on providing amenities for your renters. When marketing properties, make sure to highlight the amenities, and present your building not only as a Above all, builders are promoting a lifestyle to renters, rather than simply a place to live. This has several implications for property owners and landlords, especially in terms of marketing.
As a New Jersey business and property owner, you know how important it is to protect your investment with an insurance plan that takes into consideration the exposures your property faces. At Vreeland, we specialize in providing our clients throughout New Jersey with insurance solutions that address the risks business owners face when they purchase New Jersey property owners insurance. Contact us today for more information about our New Jersey property owners insurance programs.