The landscape of the the rental market is changing. According to Goldman Sachs, 60% of millenials in the United States ages 25-34 chose to rent rather than buy in 2013. It’s a shift that the industry has seen in recent years, and with that shift comes a need to reevaluate how tenants’ needs are being met.
Most software in the rental industry is focused in on meeting the landlord’s needs, which makes sense when you think of it in terms of that the landlord has purchased the home, therefore will have a steady need for such services moving forward. But in reality the tenant is the user. It is their rent payments that make the landlord profitable and by providing simple and well designed services to the tenant you are increasing the likelihood that they will stay for the long term.
Until recently, many people chose to rent only until they could make a purchase of their own. As the millennial generation pushes that purchase further and further down the line, they are remaining a steady part of the rental market. It’s time to approach their needs with as much care as we do the landlord.
Landlord Station has spent a considerable amount of time weighing these needs, and the end result is a product called “TenantProtect”, a tenant subscription product that allows tenants simple, online access to protect their belongings and their personal information all from one easy place.
Rental Insurance is a growing trend with both landlords and tenants. Many landlords will not hand over the keys to their new tenant until proof of rental insurance can be provided. While homeowner’s insurance would protect an individual’s belongings if a disaster hit, a landlord’s insurance policy on the rental property would not cover their tenant’s belongings. As people choose to rent for a longer period of time, it makes more sense to take these precautions that most would take if they chose to buy.
Homeowners can rely on timely mortgage payments to help boost their credit scores and provide a more accurate representation of their payment history across the board, but renters often miss out on this. A new trend of rent reporting helps give renters (often younger individuals that are looking to build their credit anyway) the same advantages that homeowners receive without locking themselves down into a mortgage by reporting their rent payments to the credit bureaus, allowing those timely payments to be reflected.
Millennials are handling more of their life online than any other generation, so it is important to give them a way to monitor their credit and prevent online fraud. Especially since any impact to their credit can greatly impact their ability to qualify for future rentals.
If you are a current tenant of FPT Home Solutions, LLC please contact us directly for more information. We are a subscriber to Landlord Station and can make these products available to you.