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In recent years, the number of workers who have left the office and transitioned to remote work opportunities has skyrocketed.
In 2016, it was estimated that four per cent of Canadians spent worked the majority of their hours from home. However by 2021, that number had increased to 32 per cent. While a large portion of this increase can be attributed to pandemic restrictions and precautions, there has been significant increase in the demand for remote workers.
So, as more and more companies hire remote workers to bolster their work force, the rental market will continue to change.
This shift in lifestyle for Canadian workers has resulted in a different set of needs for Canadian renters with remote workers looking to find a place to live. This means it is your job as a real estate investor to try to make your investment properties accommodate these needs.
So, to help you attract these tenants, here are five ways your rental property can be more attractive to remote workers.
But first, if you manage your investments as a remote worker, you will be glad to hear that our professional mortgage process if available entirely online. To learn more or to get started today, click the link below for a free strategy call with our team at LendCity.
Extra Bedrooms or Office Space
One of the cornerstones of a healthy work-life balance is a separation from your work and your day-to-day lifestyle. In the case of remote workers and other people who occasionally work from home, this can be a difficult balance to create if they have a shared workspace and living space.
So, in order to help maintain that healthy separation, these workers will often look for units that have a dedicated office, or an extra bedroom they can use as a workspace. If you are offering a rental unit that is already furnished, you may find it valuable to include a desk and comfortable chair in the event your tenant needs that dedicated workspace.
If your unit does not have an extra bedroom or office, some people will convert the dining room into an office space. This can be an excellent way to maximize space in smaller units, especially since dining rooms have been falling out of fashion in recent years.
Remote Workers Will Appreciate a High-Speed Internet Connection
Remote workers are incredibly dependent on Wi-Fi and high-speed internet. While most investors already offer internet connection in their properties – either included in the rent or paid for monthly by the tenant – advertising fast connections can help you attract more tenants.
After all, while an average internet connection may suffice for typical everyday use, it can quickly become a drag once you have multiple users, video calls and live data sharing all eating away at the bandwidth. So, you should consider taking the time to check your local internet providers and see who offers the highest speeds at the best rates.
Pet Friendly Environment
Remote workers spend a lot of time at home, and as a result typically find themselves looking for an extra sense of companionship to help them get through the day. For many, the solution to this problem has reliably been pet ownership.
Of course, this means that these tenants are going to be looking for properties with room for their pets to roam and get comfortable, as well as potential yard space so they can let their pets outside to play during the day.
Fortunately, if you have invested into single-family homes, you typically have everything you need already in place. Of course, some investors may choose to be cautious and avoid carpets or rugs in their units if they plan on renting to pet owners. This way the risk of lasting odours can be greatly reduced.
It is also important to remember that in Ontario, you cannot include a “no pets” clause on a lease agreement, so even if you do not advertise your property as pet-friendly, your tenants may decide to get pets anyways.
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Noise and distractions are the enemy of productivity. That is why remote workers often dread loud neighbourhoods and busy streets.
So, in order to cater more towards these tenants, you may want to buy investment properties in quieter areas further away from distractions that can become problematic during the workday.
If that is not enough, you may also be able to improve the soundproofing in your rental units by updating the insulation and redoing the seals on all of your windows and doors. This way you can promise your tenants a peaceful working environment.
Sometimes, workers do appreciate peaceful background noises that they can listen to without it becoming a distraction. If you have a property located by a nature reserve, a stream or even a park that attracts a lot of birds, you can advertise the white noise.
While quality lighting can be a draw for any prospective tenants, it is especially important that you offer a bright well-lit environment for remote workers looking to rent your property.
During the workday, a poorly lit room can cause serious eye strain. Which is detrimental to the eye health of your tenants. As well, lights that are too soft and relaxing may make it difficult for a remote worker to focus.
Try to aim for a bright, neutral lighting scheme for your properties. If you want to offer softer lighting, you can always install a dimmer switch to allow your tenant to adjust the lighting to their needs. For a furnished apartment, you can also provide lamps to make the lighting more customizable in the property.
Financing Your Income Properties
Many real estate investors work from the comfort of their own home. So, you may very well understand the importance of a comfortable workspace as a remote worker.
However, as an investor you want more than a comfortable home – you want comfortable mortgage financing. At LendCity we pride ourselves on giving you a relaxing and hassle-free mortgage experience to help you get the best financing available for your investment properties.
If you are ready to get started or have more questions about the world of real estate investing, you can give us a call at 519-960-0370 or visit us at LendCity.ca. Alternatively, click the link below to book a free strategy call with our team today.