The Next Big Multifamily Amenity: Flexible Rent Payments

The conversation surrounding which amenities are a must-have for multifamily properties has a funny way of changing as the market cycles. From a landlord’s perspective, offering unique or highly desirable amenities can give a property the extra oomph it needs to stand out in the marketplace. With a recession around the corner and the Fed gearing up to raise interest rates yet again, nearly everyone is bracing for the impending economic downturn. So what’s the trendy amenity forecast for this market cycle? All signs point to one in particular: flexible rent payments.

2023 is slated to be a bumpy financial year, especially for renters. Projections from the Federal Reserve Bank of Dallas show that rent inflation is expected to accelerate this year, which puts additional monetary pressure on multifamily tenants. Landlords aren’t spared from this strain either. Aside from the emotional toll and reputational damage that comes with having to evict a tenant whose only offense is a financial struggle, landlords know that it costs more to acquire new residents than it does to keep current residents. But by offering a flexible rent payment schedule, where renters can split up their rent payments into smaller increments over the course of the month, property owners and managers can support their residents without sacrificing revenue. 

See AlsoFebruary 26, 2023Flexible Living Is the Path to Growth in Multifamily

The gift of time

Flexible rent payments have been around for a long time, although the specific types and options have evolved over the years.

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