As a landlord, you shouldn’t overlook national trends in the workplace. Employment is a factor that influences many renters’ housing decisions.
One of these trends is remote work. Before the pandemic, remote jobs were relatively uncommon. Now, remote work is prevalent across numerous white-collar jobs.
According to a Gallup poll from 2021, nine out of ten work-from-home (WFH) employees want to continue working remotely to some extent in the future. You might even work remotely yourself and use a real estate software tool to run your business from home. Clearly, an overwhelming majority of people enjoy and seek the benefits of remote work.
Your current or future tenants might be remote workers too. How can you accommodate your WFH tenants and adapt to changes in the workplace?
Here are the best features for attracting and supporting WFH tenants in 2022.
High-Speed Internet
Fast, reliable internet is a requirement for most remote positions.
If you offer an internet package on move-in day or include internet in your tenants’ rent, WFH tenants will be much more attracted to your properties. It’s also a good idea to have an IT specialist on hand to solve WiFi issues or answer tenant questions.
Offering internet has a huge appeal but remember that your tenants’ livelihoods depend on the quality of service you provide.
Alcove or Den
WFH tenants need a dependable space to work every day. Preferably, this space should be separate from a tenant’s living accommodations. The division encourages productivity and a healthy work/life balance.
Due to space constraints, it may seem impossible to designate a separate working area in studio or one-bedroom apartments. However, you can convert your units into WFH havens by installing desk alcoves or dens. These spaces should be separate from a bedroom, living, or kitchen area but not closed off behind a door.
The idea is to provide additional working space without adding another room.
While the open floorplan might not work for families with kids, it would be great for single renters looking for a dedicated space to be productive beyond the kitchen table.
Convertible Studio Floorplan
Convertible studio floorplans are also popular among WFH renters. If it’s not in the budget to rent a unit with a second bedroom or home office, many renters will look for an open floorplan with divided space.
The same idea applies here as above: separate or divide the space somehow so there’s a clear distinction between ‘working’ space and ‘living’ space. This can be done as simply as purchasing large area rugs to section off open rooms.
If you have a little more money to work with, consider installing a small alcove, partial wall, or other division to establish the different spaces. Then, you can show the unit and advertise its suitability for WFH tenants.
Community Co-Working Space
Many remote workers still want to approximate the experience of “going to work” even while working from home. They’d prefer to work outside the house at a coffee shop, library, or other working space.
You can appeal to tenants who fall into this category by investing in a community co-working space. If you have extra office space, transform it into a friendly working space complete with conference rooms, computer stations, excellent lighting, and high-speed internet. This way, your tenants have the choice of working quietly among their other WFH neighbors instead of sitting at home all day.
Outdoor Amenities
Finally, what WFH tenants will appreciate more than anything is outdoor amenities. Workers who spend all day inside their homes need the ability and space to get active outside. Time outdoors lowers stress, increases focus, and helps WFH tenants survive the day. Any outdoor amenities you can offer will meet this need.
Here are a few ideas for outdoor amenities:
- A community garden
- Nature trails or dog-walking paths
- Pet stations
- Grill and barbeque areas
- Playground area
- Swimming pools
- Firepits
- Tennis courts
- Bike racks
Adding these amenities will also increase the overall value of your property. Depending on their nature and location, many outdoor improvements can be added to your building’s cost basis and depreciated alongside it. Other land improvements, including most permanent structures like swimming pools, are depreciated over a much shorter period (15 years), meaning you can recover the full cost of the project faster and achieve excellent tax benefits.
Accommodating WFH Tenants
No one can assess your tenants’ needs better than you can. If you rent to WFH tenants or hope to in the future, getting to know your tenants will help you decide which amenities, floorplans, and improvements they prefer. Implementing even a few of these can help both you and your tenants thrive.
