The real estate sector saw some turbulent times in the recent past. A slump in revenues during the initial COVID period was followed by a robust recovery in 2021. The rental industry also went through a similar recovery with record rents reported last year. What does the future hold for home rental management companies?
Trends in rental management services
Here are some of the emerging trends that will dictate the industry in the coming months:
Lagging supply to dictate soaring rents
House rents jumped by 23% in the 2019-2022 period. An ANAROCK report shows that even luxury markets have seen an 18% growth in the same period. With supply still lagging behind demand, this trend is expected to continue its upward curve in 2023. The gap in supply can be traced to the pandemic when construction came to a complete halt. With the available inventory still falling short of the demand, rents are expected to rise further.
Evolution of hybrid approach
Traditionally, the rental market was run by local brokers. Online portals entered the market majorly as a listing platform. However, the trend has now moved towards hybrid services where online access is backed by personalised services.
ApnaComplex is a home rental management company that offers extensive listing to ease the process of finding a home or tenant. In-person services by Estate Portfolio Managers help tenants and homeowners through the process. Read our article to know How ApnaComplex is Driving the Change in Rentals.
Proptech taking the lead
Like other industries, technology is changing the game in the home rental industry. Today, the average person is more likely to look for a home or tenant online. Proptech like ApnaComplex Rentals allows landlords to list their property without any hassle. At the same time, it makes it easy for tenants to find a home. Other solutions include rent payment, easy data access, negotiation and rental agreement support. Other benefits like tenancy score can be gamechanger in securing a desired home.
Data analytics and insight
Home rental management companies are now leveraging data to gain insight into market trends, tenant behaviour, and rental rates. This information can help identify investment opportunities, improve decision-making, and maximise rental yields.
Enhanced service experience
With the intense competition, rental management companies are now focusing on enhancing the delivery of services to both tenants and landlords. ApnaComplex eases the rental process at every step, from easy property listings to negotiation support. Other services include KYC and move-in/move-out assistance.
Home rental management companies are now increasingly focusing on ensuring legal compliance. Even where state laws are ambiguous, rental agreements and contracts are signed and registered. ApnaComplex Rentals took the lead by further protecting the interests of tenants and landlords through KYC and background checks.
Gated communities get a preference
As rentals increase across the top cities, gated communities have emerged as the preferred address. Typically, homes in these housing societies are priced higher and tenants are willing to pay the extra buck. The reason for this preference is better security and the availability of amenities like sports facilities and fitness centre.
Improving rental yield
Soaring rentals mean that rental yield will also continue to improve. The average yield in the pre-COVID era was around 3%. With rents going up by 23%, yields have also improved in the top 7 cities. ApnaComplex has facilitated rental yields up to an impressive 4.2%.
If you want to know more about ApnaComplex Rentals, visit realty.apnacomplex.com or write to us at email@example.com.