With the end of 2020 fast approaching, most owners, investors and renters are eager to start thinking about the possible changes that we might see in the 2021 rental market.
In this article, we’ll discuss the 2021 rental housing market and provide you with insight into some of the things that you can expect to see from the rental market in the year to come.
The big issue that is going to immediately affect both owners and tenants in 2021 is evictions. This concern has been unavoidable since the start of the pandemic as evictions have been continuously delayed into the future. By January 2021, the future will have arrived and landlords and tenants alike will have to handle evictions again.
Unless the federal government makes a big move to cancel evictions and foreclosures, we can expect to see evictions moving forward as normal by the first month of next year.
After evictions, another big trend that we could see happening on a large scale in 2021 is outward migration. Outward migration is when large swathes of people leave a high-cost area in search of lower cost-of-living locations with more job opportunities.
While outward migration has been on property owners and managers’ radar for some time, the COVID pandemic has shed light additional light on the issue. As people’s routines and living situations are shaken up due to working-from-home or financial difficulties, they may be more inclined to seek new accommodations in cheaper areas.
Having more inward migration to relatively low-cost states such as Arizona and Nevada could mean that we may see rental property prices in cities like Phoenix and Las Vegas go up. As more people eagerly move to more affordable cities, the supply will dwindle. It’s likely this change to supply and demand will shake up the rental market.
Roommates May Become A Big Trend In 2021
Even though adults’ living together as roommates is by no means a new trend, co-habiting situations are looking to become increasingly popular in 2021. COVID-19 has dramatically changed the economic circumstances of many people across the United States, including renters.
As renters seek to lower their housing costs due to economic difficulties caused by COVID-19, we may see an increase of tenants across the United States embracing the roommate model.
More Rentals Will Go Contactless And Digital
More property management companies have used the pandemic as a reason to implement contactless and digital technologies for showing clients’ rental properties.
In 2021, it’s likely that more property management companies will be eager to implement advanced digital technologies, such as Rently self-showings. Services like Rently enable landlords to streamline the renting process while cutting down on the need for face-to-face contact, which can increase the number of rentals without also increasing the time spent on them.
At GoldenWest Management, we’ve been using the latest digital technologies to market and rent our client’s properties. This has also enabled us to do our part to slow spread of COVID-19 while responsibly renting out local properties to the most qualified tenants possible.
Contact GoldenWest Management
At GoldenWest Management, we specialize in full service, ‘boutique-style’ property management. This means we work hard to treat every customer like they are our only customer.
Our specialized approach to property management also guarantees that our team is going to be focused on helping our clients to see the highest return-on-investment from their rental properties possible.
To learn more about what you can expect from the rental market in 2021, or speak with us about our Property Management Services, contact us today by calling (866) 545-5303, or click here to connect with us through our website.