Finding Rental Tenants in an Ever-Changing Digital Landscape

Renting rates among millennials is lower than ever and a new renting demographic is rising. Staying on top of this important change can make or break your business.
The US rental industry is renowned for numerous issues that both renters and property managers have to face, be it prices, demand, or even technological advancement. The recent trends in the market are bringing new challenges to landlords, real estate agents and property management firms. So how do we keep up and stay ahead of the constantly shifting landscape?
Is Rentership in the US Dropping?
Apart from the major metropolitan areas, the number of renters in the US is decreasing for the first time since 2014. Millennials that rent property have dropped to 0.8 percent, according to the Harvard State of the Nations Housing study. There are a number of reasons for this. Rising costs of rent and stale income growth are a few examples. With nearly a third of renters earning less than $60,000, a trend towards doubling-up in rooms with relatives or friends to keep down expenses is growing.

Demand is still growing high in areas like Silicon Valley, with rent prices there being the highest in the world (a one-bedroom apartment outside the city center starts at $1,800). Surprisingly, 59% of employees in the Bay Area cannot afford to buy a house there, and 49% consider leaving California because of the extreme prices.

At the same time, there has been an increase in renter household earnings, from $50,000 - $100,000 and up. They comprise segments that will be sought after in upcoming years, and it will be increasingly important to know exactly what their needs and expectations are.

Aiming for a Bullseye
There are plenty of platforms people use to search for rentals, but most of the time the experience is far from pleasing. Apart from some new marketing advancements like VR property tours, it's incredibly time-consuming for tenants to find exactly what they need. Even if they find what they want, there is still the issue of credit checks and providing personal information to avoid potential unlawful discrimination suits.

With the help of BitClave Active Search Ecosystem (BASE) you can get direct access to potential tenants by making the process smoother and easier for them (and for you). Buyers in the BASE ecosystem can provide their personal details that you will need to determine their tenant eligibility in an encrypted way, so that no party can access personal information without the tenants direct permission.
A Better Way To Rent
So what does this mean for your business? It means you will be able to offer real, verified people a rental offer based on their reputation in the system and the anonymous data they choose to share with you. Apartment and rental home seekers are also incentivised to share as much relevant data as possible by the reward system and personalized offers that businesses like you can provide.

In a world where privacy and security on the web is becoming a priority for everyone, taking advantage of the technological solutions that BitClave and blockchain offer is a game changer. It's time to start marketing smarter.