The workforce landscape has changed significantly over the past couple of years as a result of the Covid pandemic. While the work-from-home trend has been happening for about a decade, many companies have allowed more workers to office at home as a result of the pandemic--and that trend doesn't appear to be reversing any time soon.
So instead of leaving an empty room as storage or last-minute guest space in a rental property, property owners should consider advertising it as a potential office space to attract those who want to work from home. How can a home office impact your return on investment? The best property management company Cache Valley offers has insights for investors!
Working From Home Is Here to Stay
No one could have predicted the impact of a pandemic on the predominantly white-collar workforce and where they conduct business. Yet, as companies were forced to close access to buildings to prevent the spread of a virus, business still needed to take place without workers in a designated office building.
As a result, many industries saw their workers set up shop at home. Whether it was a corner of the kitchen table or transitioning a guest room into a make-shift office space, nearly two-thirds of white-collar workers reported working from home some or all of the time as of September 2021. While many workers have returned to an office building, a significant percentage of those who transitioned to working at home have stayed and will continue that trend indefinitely.
Working remotely has proven effective (and preferred) for many employees and companies who can save costs on office space, utilities, and equipment when workers work elsewhere. So, what does that mean for rental property owners in Cache Valley? It's an opportunity to attract consistently-employed renters who need home office space daily!
A Home Office Can Boost Returns For Rental Property Owners
What might have been under-utilized space in a rental property can now be marketed as an ideal work-from-home space. Struggling to find families to rent a multi-bedroom home can shift into an in-demand property for anyone needing separate in-home space to work every day.
Today's renters spend more time at home for both work and play. When real estate investors can offer more space for families or professionals, they're more likely to command higher rental prices to meet the increasing demand for homes that offer plenty of room for conducting business and enjoying time with friends and family. Higher rental rates and reduced vacancies lead to better ROIs for property owners!
Market Your Property to Attract Work-From-Home Renters
What's the trick to delivering the office space renters need? An investment property management company recommends a few strategies to promote a home office space, including:
- Smart renovations to convert a guest bedroom or breakfast nook into an office for tenants. These updates can include wiring for high-speed internet, additional power outlets (including USB charging outlets), or adding a wall or door to create a quiet office space.
- Savvy marketing to attract working renters. Advertising an extra room as an ideal home office and staging the space for listing photos can catch the attention of prospective tenants who need a property just like yours.
- A competitive rental rate that attracts quality renters without overpricing the property for the Cache Valley market. In many cases, renters are willing to pay a little more for a space that's ready to use for a home office on move-in day.
The combination of the ideal monthly rent amount and dedicated office space helps property owners generate better returns!
A Property Manager Helps Meet the Work-From-Home Opportunity
If you're not sure how to make smart updates to deliver a home office or market a rental property accordingly, the best property management companies can help. Reaching long-term ROI goals requires monitoring trends and adjusting rental property strategies to accommodate changing renter needs. The best property managers stay current on the right trends and help investors make smart decisions about upgrades, rental pricing, and marketing strategies to stay ahead of competitors in the market.
Whether you've struggled to keep one rental home occupied and generating consistent cash flow, or you have several rentals that could use some upgrades and a marketing refresh, now is the time to work with a Cache Valley property manager to capitalize on the work-from-home opportunity to find the renters you need.
Choose the Best Cache Valley Property Management Company for Better Long-Term ROIs
Managing rental properties requires short-term adjustments to reach long-term goals! The best Cache Valley property management company is a valuable asset to meet the needs of local renters and maximize returns continually. If you're looking for help to make your rentals work-from-home friendly, Reeder Asset Management can help! Our residential property management services include tenant screening, rent collection, property maintenance, and up-to-date insights into reaching the tenants you need for consistent cash flow and ROIs. Reach out soon to learn more about our full-service property management!
Find more tips for improving returns in our free ebook, the "10 Things You Should Do To Increase the ROI for Your Investment Property."