Landlords have a lot to deal with. Depending on the size of their property, a landlord can have dozens of tenants with individual needs. It can be difficult for one landlord to manage this alone, but with property management tools, the task is simpler.
Property management equally has benefits for tenants. To contact their landlord about issues, they can get in touch via tenant management tools. They can register their issues on an online platform and see the resolution process. Tenants will know that their problems will be promptly handled without inconveniencing their landlord.
Property management tools have various uses, from tenant application tracking to maintenance management to coordinating payment. No matter what features you need, there will be a property management tool for you. You can choose from a dedicated property management team or a virtual platform that streamlines the process for you.
We compiled some compelling rental statistics to demonstrate to landlords and tenants how property management tools could make their lives easier. For landlords, these statistics provide insight into how landlords can adjust their methods to increase their profits. For tenants, these statistics show the expectations of a landlord so that you can prepare yourself.
Property management tools are essential for both landlords and tenants.
What Is Property Management?
Property management is when a third party organizes the day-to-day operations of a landlord’s properties. They can manage multiple properties at once. Their duties include overseeing maintenance, and repairs, sorting new tenants, and collecting payments. Property management bridges a gap between tenants and landlords to make their lives easier.
Rental Statistics That Everyone Should Know
Every landlord and tenant should have an understanding of the rental market. Landlords should be aware of how property management could improve their workload and income. As for tenants, these statistics can help them understand what landlords are looking for in a tenant.
1. Every year, 1.64 million people receive eviction notices for not paying rent.
Failure to pay rent is a widespread issue across the US. As the statistic shows, it often results in eviction. With a property management tool, you can organize rent payments through an app.
This reduces the risk that your tenants won't pay their rent on time and should help to reduce the need for eviction. You won’t have to chase tenants as much, and your life as a landlord will be overall simpler.
Related: Tenant Inspection Checklist: Necessary Things to Look For
2. In 2020, the average credit score for a renter was 626.
This will help landlords make better and more informed decisions about tenants, so they have a shorter turnover. Potential tenants should check their scores and see what they could do to improve them, as it could make them more attractive to landlords.
3. 82% of people reported having difficulty finding a rental property that allowed pets.
If a landlord bans animals from their property, they are reducing the number of tenants that will register interest. This diminishes the chances of having good and reliable tenants.
4. When renters did find animal-friendly homes, they tended to stay for 46 months on average.
According to this statistic, pet owners stay in a tenancy for 28 months longer than the average tenant without a furry friend. If landlords make their properties pet-friendly, they will reduce their turnover and save money overall.
As well, if you ask for a security deposit, you can ensure the protection of your property against potential damage. Deposits are easy to manage with online property management tools.
5. Since 2019, there has been a 59% increase in using credit cards to pay for bills.
More and more tenants are choosing to pay for their bills, including rent, with credit cards. Landlords need to be able to offer an easy and safe solution for tenants to do so. With property management tools, tenants can pay rent safely, receive reminders of upcoming payments, and landlords can keep an eye on their ingoings.
6. For 61% of landlords, maintenance is the worst aspect of the job.
Maintenance is a vital part of managing a property and keeping your tenants happy. However, with lots of tenants and no system, it can easily be overwhelming.
A property management team could streamline maintenance requests, assign maintenance workers, and coordinate with tenants for an easier experience. Tenants will receive the efficient response they desire. Meanwhile, landlords won’t feel as pressured by maintenance requests.
7. On average, a landlord owns three properties.
If a landlord has many properties, they will also have a lot of tenants to juggle. This may mean that they won't have enough time to maintain the property to a high standard. With this in mind, tenants should ask landlords whether they use property management tools. This will indicate the level of care that they will be able to provide your building.