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Home » Property Management » How Property Maintenance Companies Can Contribute to Addressing Housing Shortages

The country is currently experiencing a housing shortage—this is when the demand for housing can’t be met by the available supply. In other words, when there aren’t enough homes to accommodate the population’s immediate needs.

This shortage can arise due to many factors, such as when the population surpasses the rate at which new housing units are being built. Economic downturns are also a common cause, making it more difficult for individuals to secure homes they can realistically afford.

While the local government is what most people turn to for answers, there’s no need to wait for their initiatives. Property maintenance companies, as well as landlords, play a crucial role in addressing the housing shortage. We discuss why in this article.

How a Property Management Company Can Help with the Housing Shortage

The most straightforward solution is to add more properties, but this is easier said than done. Local authorities often lack funds to finance new homes and apartments. What’s more, potential investors may be hesitant to enter real estate due to the time and monetary commitments the industry is associated with.

Property management companies can ease these concerns by doing the heavy lifting on their behalf. They can carry out background checks, rent collections, marketing, etc., resulting in a seamless experience for landlords.

Plus, property maintenance companies provide comprehensive guidance on figuring out rental property pricing strategies, managing potential legal issues, etc. Their hands-on assistance not only puts landlords at ease but also dispels misconceptions they may have about being rental providers.

Strategies for Easing the Housing Shortage

In addition to encouraging individuals to invest in rental real estate, property maintenance teams support landlords in their goal of alleviating the housing burden. Because, even though the goal of many landlords may be profit, it’s also important to consider the broader impact of rental operations.

We’ve put together some strategies your property maintenance team may implement to help you accomplish this goal.

Convert Your Holiday Home into a Rental

Convert Your Holiday Home into a Rental

Transforming your vacation home into a short-term rental during certain periods of the year can help ease the housing shortage, particularly if your property is in an area with high rental demand. By converting a rarely used property into a rental, you not only increase the supply of rental properties, but also benefit from additional income during the off-season.

Collaborating with a property maintenance company streamlines the process, as they handle all rental-related responsibilities, allowing you to avoid the burden of extra work.

Offer Flexible Lease Agreements

With the support of your property maintenance company, you can consider offering flexible lease agreements, such as shorter lease terms or month-to-month arrangements. This way, you cater to the diverse needs of renters, particularly those who may only need temporary housing solutions, such as professionals who often move due to work.

Furthermore, flexible leases can be appealing to a specific market of tenants seeking to reduce financial risks, or are cautious about the cost implications of long-term contracts. It’s important to note that most lease agreements usually extend for at least one year, necessitating both a downpayment plus advance rent—obligations that may be unfeasible for some tenants.

Convert Spacious Units into Smaller Ones

For investors who own multi-family properties such as apartments, dividing vast spaces into smaller units can be a way to contribute to alleviating housing shortages. This can be particularly impactful in markets where the main demographic isn’t specifically concerned about space, such as in college towns. In addition to providing investors with additional rental income, this move offers more tenants the chance to secure a home.

Turn a Single-Family Home Into a Duplex

Turn a Single-Family Home Into a Duplex

One of the most common transformations that single-family homes go through is being converted into a duplex—a multi-family property with two units within a single building. Doing so multiplies the number of available homes in the market, which not only benefits apartment-seekers but also investors looking to boost their income.

Property maintenance companies can facilitate this transformation by tapping into their vast network of vendors. This not only guarantees that work is done properly, but also opens doors to cost savings due to discounts they’ve earned through their long-standing partnerships.

Implement Upgrades to Reduce Tenant Utility Costs

Another way property management companies can contribute to addressing the housing shortage is by implementing cost-saving improvements. These can lead to reduced utility costs for tenants. For example, Energy Star-rated appliances use less power than traditional options, while low-flow shower heads use far less water—both of which can substantially lower utility bills. This can make housing more affordable for cost-conscious tenants.

Allow Roommates or Multiple Leases

Allowing roommates can be an effective way to combat housing shortages. This enables multiple tenants to share one residence, and broadens the pool of available homes on the market without necessitating new construction.

Furthermore, renting with roommates is more affordable. By splitting the costs of rent, utilities, etc., tenants can access housing options that may be beyond their individual budgets.

If you’re concerned about the risks of renting to roommates, consider working with a property maintenance company. These professionals will not only conduct meticulous tenant screening, but are also well-equipped to handle problems that may arise, such as when a tenant breaches the terms of their lease. Hiring a property manager will ensure that you effortlessly handle multiple leases, and that all roommates uphold their duties and financial commitments.

Want to Help Ease the Housing Shortage? Invest in Real Estate with the Help of a Property Manager

Easing the housing shortage doesn’t solely rest on the local government’s shoulders. Rather than waiting for new construction—you and your property management team can actively play a part in addressing this issue.

At Luxury Property Care, we consider your goals to be our goals. If you’re committed to making a positive contribution to the community by easing the housing shortage, we stand ready to be your trusted partner. Not only will we make the process of running a rental simple and streamlined, but we’ll also make sure your tenants have a stress-free experience that’s tailored to their circumstances.

For more information, call (561) 944 – 2992 or complete our contact form.

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