The landscape of the rental market is shaped by a variety of components from the state of the economy to supply and demand changes. However, one of the most influential factors is renter’s preferences. As the rental market revolves around filling vacancies and retaining tenants, considering renter’s preferences will significantly enhance your rental experience and maximize your tenant retention rate.
As the rental market is ever changing, so are tenant’s preferences. While we saw tenants compete for properties shortly after the COVID-19 era, times are changing. Rental supply has significantly increased, shifting the state of the market and tenant’s expectations. Let’s evaluate some essential renter’s preferences for 2025 using data from Buildium’s 2025 Property Management Industry Report.
Stability & Affordability
Over the past couple of years, the real estate market has fluctuated significantly. From sharp rent and population increases in 2020, to high inflation and interest rates in 2024, renters are seeking stability and affordability in 2025.
Luckily for property owners, 47% of renters are planning to remain in the current residence. In a market where tenants prefer to stay put, retention rates increase and so do your profits. With decreased vacancy periods and a stable cashflow, property owners will build equity in their properties and avoid the expenses associated with finding new tenants and vacancy periods.
The 47% of renters planning to stay in their current residence is the highest percentage since 2021. This can be attributed to high interest rates and a decrease in homeownership priority. With mortgage rates at a national average of 7%, many residents are holding off on purchasing a home of their own. Until mortgage rates decrease significantly, rental properties will remain in high demand as only 29% of movers plan to buy a home this year.
These trends put Florida rental property owners at an advantage for 2025.
Better Customer Service & Communication
Rental property owners and property management companies can benefit significantly from considering renters’ preferences regarding customer service and communication. Your renters’ satisfaction can determine the outcome of your rental property experience and profitability, and in 2025, renters prefer proactive communication and customer service.
An essential aspect of modern rental property management is providing your renters with an online portal that allows renters to pay rent, access lease information, and submit maintenance requests 24/7 at the click of a button. While a majority of renters prefer and expect online tenant portals, flexibility is also important—property managers and landlords should offer multiple payment and communication options to accommodate those renters that do not prefer online processes.
However, this doesn’t mean that landlords can remove themselves completely — active communication is essential, especially in times of maintenance or repairs, quarterly inspections and lease renewals. In today’s day and age of technology and streamlined communication, members of Gen Z and Gen Y are expecting clear and frequent communication from their landlords.
Professional and Responsive Property Management
As the current leader in build to rent homes, Florida’s rental market provides an abundance of options for renters seeking the perfect home. While the home itself is a significant selling point, the importance of professional and responsive property management is not lost.
Tenants expect well maintained properties and services that match the price they are paying, especially those paying higher rent. Professional and responsive property management can make all the difference in your tenants’ satisfaction, allowing property owners to benefit from lease renewals and continuous rent payments.
Our TLC Tenant Benefits Program provides our tenants with a world-class experience, including:
- Online Resident Center
- Fitness On Demand
- Utility Connection Concierge
- HVAC/AC Filter Delivery
- Build Positive Credit
- Renters Insurance Accessibility
- After-Hours Live Support
- Pay Rent Online 24/7
- Digital Move In & Move Out Inspections
- Late Fee Forgiveness
- Free Home Buying Assistance
While we are always there for our tenants, our professional property managers know the value of privacy and proper notice. To ensure our tenants are comfortable and respected, we emphasize the importance of issuing proper notice before entering a unit. We understand that some property owners feel they have the right to enter the property at any time, however, Florida law states that you must issue proper notice 24 hours prior to entering. Respect and privacy are essential to a healthy living environment and tenant retention.
Transparency & Fairness in Rental Property Leasing
Trust and transparency set the foundation for your relationship with your tenants. Now more than ever, tenants are expecting complete transparency about the unit, neighborhood, and management processes before applying.
With hundreds of online rental websites, tenants have access to thousands of listings, many of which detail everything you need to know about living in that unit. In this day and age, few people have time to waste; if your property description’s vagueness does not align with a renter’s desires, they will likely move on to the next. Your rental property listing should detail specifics about the unit and location, rent payment process, fees, amenities, and restrictions.
Clear lease expectations lead to a smooth rental process. Both the tenant and the landlord are expected and legally obligated to uphold their end of the lease agreement.
Maximizing Your Tenant Retention
Maximizing your tenant retention rate stems from the consideration and implementation of your tenants’ preferences. For the most part, tenants want to feel seen and heard, and live in a comfortable and safe environment. As a property owner or manager, providing your tenants with a satisfactory living experience emphasizing stability, communication, professionalism, responsiveness, and transparency will promote tenant retention and maximize your profits.
If you’re interested in working with the best full-service property management company in the Tampa Bay area, contact us today at The Listing Real Estate Management, your boutique property managers. We’ve helped hundreds of property owners just like you!
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