Remote working is not just a necessary trend that arrived thanks to the COVID-19 pandemic. It’s actually here to stay.
That’s good news for the Temple City housing market.
Here’s why remote working impacts the rental market and the entire housing industry in our region. We’re also talking about what you can do to attract those remote workers who are looking for high-quality rental housing.
Remote Work and the Housing Industry
California has always been one of the most expensive states to live in. When we talk about Temple City, we know we’re not quite where San Francisco and Los Angeles housing prices are. It’s still a competitive market, but it’s also accessible.
That’s good news for remote workers. People who are employed by large companies in expensive cities can choose to live in an area like ours. They’ll pay less for housing and enjoy a happier quality of life.
Attracting Remote Workers to Temple City
Temple City is exactly the type of city that remote workers would gravitate towards. It’s not nearly as expensive as other cities across California. The cost of living here is attractive to workers who now can live wherever they want, even as they collect competitive salaries from their employers.
So, the remote work trend has had market-specific impacts. Rents, for example, are going up. There are a lot of reasons for the increase in median rents. There’s inflation, the rising price of homes on the sales market, and the general demand for rental housing.
Rents are also higher now because more tenants are in the Temple City rental market. The population is growing in our area, and there’s no reason to think that growth will stall.
With remote workers living wherever they please, housing prices in the sales market have soared. That’s keeping more and more people in their rental homes. Add those numbers to the population growth in Temple City and surrounding areas, and you’ll see why the shift to remote working has benefited our market.
Making Your Temple City Rental Home Attractive to Remote Workers
With remote work having a positive impact on the Temple City housing market and driving demand for well-maintained homes, how can you leverage your own rental home to attract well-qualified, remote-working tenants?
Here are some ideas based on what we know about the high-quality tenants who are looking for homes in and around our area:
- Offer dedicated workspaces in your rental property
Homes will be more attractive to work-from-home tenants when they have a dedicated workspace. That might be an office, a den, an additional bedroom, a loft space, or even a large and open floor plan that can accommodate a desk or two. That will attract your remote tenants.
- Provide good technology
Remote work demands a strong internet connection. Internet is perhaps even more critical to remote workers than their 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 greatest speeds.
- Competitive rents
People move to Temple City for affordability, among other things. Make sure you’re renting your home at an amount that earns you money and keeps up with the market but also attracts good tenants who are seeking value.
We like the impact that remote work has had on our market, and we’re using our experience to ensure that tenants and owners have the best possible opportunities. When you’re thinking about Temple City property management, please think to contact us at ZenPro Property Management.
