Remote workers can live wherever they want. It’s one of the benefits to not having to go into the office every day.
This is a trend that was already taking hold in the last few years. Then, the pandemic arrived and working from home became more the rule than the exception. It was so popular over the worst year or two of the pandemic that a lot of companies decided to make this a part of their culture.
How does remote working impact the Merced rental housing market?
Well, it helps. Professionals from all over California are realizing that they can spend a lot less money on housing even while they earn their high salaries working remotely. They also enjoy a better quality of life in communities like Merced, Atwater, Livingston, and nearby neighborhoods.
Our rental market has benefited from the remote work trend, and we can help you attract these tenants who are moving into areas like ours for the short and long term.
Why Is Remote Work Good for Merced Rental Property Owners?
It’s about cost and quality of life.
Historically, workers have had to live where they could find jobs. That was good for large cities, which attracted major companies and employers. Everyone who worked in tech would have to live in San Francisco or Silicon Valley. If you were in entertainment, New York or Los Angeles were the only places you would want to live.
That’s not the case anymore. Tenants can hold onto their jobs and not necessarily live within commuting distance of their employer.
There are choices, now, and these choices mean that remote workers can live in a place that provides everything they love about a city without most of the headaches.
Merced and the surrounding areas have a lot to offer remote workers. They’re still in California, and within striking distance of a major metropolis if they want to get there in a day. But, it’s not overwhelming in terms of crowds and traffic and cost. The housing market is hot, but it doesn’t stay is inaccessible as markets like San Francisco or New York. There’s still a way in for people who would not be able to afford homes - or rents - elsewhere.
Merced is exactly the type of city that remote workers want to call home.
Remote Work has Also Contributed to Rent Increases
The remote work trend has had market-specific impacts.
There are a lot of reasons that rents are going up. There’s inflation, the rising price of homes on the sales market, and the general demand for rental housing.
Rents are higher now because more tenants are in the Merced rental market.
More tenants are here because remote workers make up a lot of the tenants who are
looking for rental homes.
The population is growing in our area, and there’s no reason to think that growth will stall.
How Can Your Merced Investment Property Attract Remote Workers?
The remote work trend and the high demand for well-maintained rental properties are both positive developments if you’re a
rental property owner in Merced. Thanks to remote work, you will have an easier time finding a reliable pool of well-qualified tenants. You can also count on higher rental prices.
You want to have a home that these remote workers are hoping to rent. You’ll find they make excellent tenants, and there’s no reason to believe they won’t pay rent on time, take care of your property, and follow your lease terms.
Here are some of the best ways to position your
rental property to attract remote workers.
- Provide a dedicated working space in your rental property
Your remote working tenants will look for a dedicated work space. They’re working from home and they might be taking classes from home, too. They’ll be most attracted to homes that have an office space or a den. There might even be a loft or a built-in desk that gets their attention. If your property is an open floor plan without a lot of dedicated work space, make the most of that loft feel so you can accommodate a tenant’s desks, filing systems, and bookcases. When the space can accommodate remote work, tenants will be attracted to the possibilities.
- Make sure strong internet is available
Internet is perhaps just as important to remote workers as all the other utilities. You might leave it up to your tenants to choose their own internet providers, but be prepared to make some recommendations on which local providers offer the best packages and the strongest speeds. They’ll be doing Zoom meetings and streaming content. Internet services have to keep up.
Another way to help your property stand out in the market is by offering Wi-Fi in the rent. This doesn’t have to be forever, but if you offer it as an incentive for the first three months, you’ll get the attention of tenants who may be grateful that they don’t have to worry about establishing their own account after moving in. They’ll have the internet available and working so they can get started as soon as they pick up the keys.
- Consider flexible lease terms
Most leases are for a year, and that makes sense when you’re renting to long-term tenants. You might find remote workers are looking for more flexibility, however. Some of them are more nomadic than they’ve ever been. They might want a six-month lease agreement. Be willing to consider that because it means you can ask for more monthly rent than you would with a longer lease.
