Even though property managers and owners have felt the strong financial impact of the pandemic, especially for small-portfolio owners, they still have a reason to be grateful because according to a recent survey, the number of dwellers who are still eager to live in the city through renting is still growing. Despite confusing government regulations, financial insecurities, and the seemingly dystopian and surreal challenges many people have to go through, progress can still be seen in the property rental business. For landlords and property managers, giving up is definitely still not a choice because not only there is a very good chance to recover but also to expand. It is definitely unlike before, but still, there are opportunities visible on the horizon.
Because of the current situation as well, more and more property owners are hiring property managers. According to research, since 2020, many landlords or business owners totally rested their trust on the hands of the management companies in taking care of their rental business mainly because of the complexity that the system has become during this time of COVID. These days, more and more people owning a rental property are coming to property managers for a desperate need of professional systems of approach. Unlike before, property owners who choose to manage their rental business independently are becoming lesser compared to 2019 and prior years.
Though not all the time and depending on the state, additional changes in rental property business include requiring renters to larger deposits and advance payment, enhanced screening method, and stricter payment system. Some property management companies also focus on attracting more qualified tenants, managing the tenants, income background check, and even verifying tenants’ criminal records in more rigid terms. However, there are also increases in property costs as the pandemic has also affected the chain of material supply and other related resources. Consequently, it also impacted the vendors and their services which in turn affected the labor and the entire rental business industry.
To sum it up, even though there are several positive changes that are becoming a trend, the satisfaction of the tenants, in general, has plummeted because of, again, the lack of workforce to respond consistently to the requests in the maintenance. On the other hand, the digitization of the system in the rental business due to health protocols and government restrictions, which in reality is impossible to see the connection, has made everyone comfortable, especially those who really believe the official narrative behind COVID. This narrative, yet to be proven and justified, is no doubt significantly affected not only the rental business industry but the entire real estate industry itself.
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