Who Are Our Landlords? The Stats Are In

We understand that to make a property management app that is actually useful for our users we need to listen to what they want.

This is why we frequently ask our users what features they want us to build next in our property software – and then we build it.

However, just knowing what our users want is only a part of it. If we want to be the best property management app out there we need to understand more about the landlords that use Landlord Studio. With this in mind we recently did our biggest survey to date.

We sent it out to over 1,500 Landlords. Our aim was to get a better understanding of what our users actually want and how we can make our software even better.

Why do Landlords Become Landlords?

Landlords want to become landlords – although some become landlords out of opportunity, or necessity the majority planned for it.

There are two main reasons landlords choose to become landlords was first, to generate some extra (passive) income.

The second reason was due to concerns about retirement. Landlords are often planning way ahead and their properties are an investment into their retirement fund.

Landlords are Always Learning

Apart from a small percentage all the landlords we surveyed actively spend time learning more about being a landlord. Some had strategies others simply made sure to stay on top of the news.

The most common methods landlords use to learn are through #1 Social Media, #2 Youtube, and #3 Books.

Landlords Face Some Big Challenges

There are a lot of challenges that a landlord will face in their career. And we got feedback suggesting over a dozen were major concerns for the landlords we surveyed.

However, the biggest problem with quite a margin was dealing with maintenance issues. The property falling into disrepair can be not only an expensive problem but can strain relationships with tenants and take up large amounts of time to properly manage.

Other major challenges included finding tenants, dealing with the taxes and finances and automating tasks to reduce the time they are forced to spend on management.

Nearly 40% of surveyed landlords find dealing with property maintenance their biggest challenge.

Landlords Are Getting Younger and More Tech Savvy

Nearly 20% of landlords surveyed were under 34 years old. This Millennial generation then, despite increasingly expensive property costs, climbing student debts, and stagnant wages, are trying hard to improve their lives by generating extra income through property investments.

On top of this, 80% preferred using their mobile device to manage their properties, appreciating the freedom that a mobile application gives them.

Only 1.8% of surveyed landlords were under 24. And the largest segment was in the 45 – 54 range which didn’t surprise us.

Conclusion

Landlord Studio is the perfect solution for the modern Landlord. We are a mobile-first option for the modern landlord offering a mobile property management solution that tackles some of the major pain points.

On top of this, we have a selection of new features coming out over the next couple of months. All of which was suggested by, and voted for by our users.

It’s an exciting time to be a Landlord!