Rental Market Trends: Adapting to Changing Tenant Needs

Evolving rental properties according to the changing needs of the tenants is one of the most challenging things in the modern-day real estate market. Anyone can see some luxury residential properties for rent, but is it possible that all of them would be just as they want them to be? No right?

To be honest, 80% of the properties do not match people’s needs and in the end, they set them for less because the ideal property sometimes does not even exist and even if it does, the price is too high. High rental prices are one of the most prominent reasons that people try to adjust to uncomfortable and not so preferable options.

Furthermore, in 2024 the prices have touched new heights. So what do you think? Why are property rates so high? Is it the location, furnishing, or something else? Let us tell you a secret. In today’s world tenants don’t pay for a flat but for the features, modern furniture, and appliances. 

It is justifiable as well. After all, who would not pay extra to get a smart property, right? Tenants nowadays just want ready-to-move homes, and this is what real estate owners need to take care of. That being said, let’s see how real estate owners can meet the demands of tenants.

Building Smart Homes

You know, when it comes to residential properties for rent, especially in Gujarat, the market has changed a lot.  See we all know that after COVID-19, a drastic change in the tenants’ needs has been noticed. Moreover, this change has given birth to modern-age homes also known as smart homes.

So, which rental properties will you consider to be smart homes? Those who are located in a posh area or those who have high security? Well, we think something different.

Modern real estate owners need to focus on building an all-rounder space for them. Rooms with smart furniture, bathroom, and kitchen appliances, keyless lock systems, sensors on the door, voice-activated devices, etc. will help a lot.

Creating Work-from Home Friendly Ambiance

One of the most prominent demands of tenants after the COVID era is to have a home that is work-friendly. Rental properties nowadays must have a work-from-home friendly set-up. Companies can do it in two ways. Either they can create a space within a particular flat with noise cancellation doors, window facing table, or design a separate wall where the projector can run, etc.

However, the most effective option is to create co-working spaces within the society, so that any flat owner seeking to work from home, can do it efficiently. The space would be highly equipped with electronic devices, wifi, and any other things that a corporate employee needs.

Lease Flexibility

Now, let’s talk about flexibility in contracts especially when it comes to residential properties for rent. One of the major drawbacks that rental property owners face is disputes between tenants and them because of the redundant policies or hard-to-manage lease policies. Therefore, if some flexibility can be induced in the contracts, it would be a cherry on the cake situation. 

Owners can start by designing monthly renewal of contracts, creating different types of contracts so that they can give properties to people with various needs, this will ultimately increase sales.

Digital Communication

See, security and health precautions are something that owners have been doing already and to stand out in this competitive market, rental properties need to be highly digital.

It means that residential properties for rent should follow a digital way of communication. It can be an application or website portal or anything where the tenants can be connected with all of their data intact. This would not only make the process easy for both parties but also it would help reduce the possible conflicts.

What We Have to Offer?

Tulja Estate Pvt. Ltd believes in evolving with the changing needs of the tenants. Be it property valuation or registration, we will assist you in every way. Be it residential or commercial we provide 360% assistance to make your property more visible and accessible to the desired tenants. 

You must know that people not only buy properties to live in but for investment purpose as well. Therefore, as property owners, it becomes mandatory to retain the trust of such investors while they are away. That’s why we believe in complete transparency. Moreover, we also provide services for real estate brokers and developers. 

The real estate market is one of the richest markets to invest in India. NRIs are also investing in this market, therefore it becomes a huge opportunity for us to give our tenants or clients something that others are failing to provide. To do that, one needs a reliable partner, and Tulja Estate is happy to help! So, don’t waste your time further, and give us a call today!