Investing in rental property is like starting a business. You need to put your money into something that will be successful. When it comes to rental properties, you need to own real estate that people want to rent. Tenant’s desires and tastes change over time, so it’s important to stay up to date on what tenants want.
Does your property have these five things that tenants look for in their next rental home?
1. Location
A home that’s in a good community is more desirable than one that’s in a declining neighborhood. It should have a low crime rate, conveniently placed retail and grocery stores, restaurants, and entertainment. There’s also no getting around it, tenants want a home that’s near where they have their life’s activities. If they have to commute over an hour to work and their children’s school, then it will start to wear on them. The location of a rental property directly contributes to the lifestyle that the property can offer. Many tenants will overlook a less desirable aspect if it means they can live in a desirable neighborhood.
2. Parking
For some properties, this isn’t an issue. The home comes with a large garage and driveway. For other homes, this can be an issue. No one wants to drive around for 40 minutes when they get home from work just to find a parking spot. Or worse, when they come home with a trunk full of groceries and need to get them in the house because the ice cream melts.
3. Ready For Move-In
Tenants want to view a property that’s beautiful and ready for them to move into. First impressions matter, so make sure that all repairs are done before you start showing the property to interested potential tenants. Secondly, no one wants to deal with disruptive repairs after they move in. Make sure that the first impression your property gives is one that inspires thoughts of a desirable lifestyle.
4. Appliances
No tenant wants to deal with the hassle of outfitting your rental property with large appliances. Buying them is a hassle because they will have to move them when they move. Renting them means an additional expense for the tenants. While many landlords outfit their homes with the basic fridge, stove, and microwave, you can go further. Adding a washer and dryer to your rental can make your property more attractive. Heading to a laundry mat is tedious, time-consuming, and expensive. Being able to do laundry at home entices tenants to consider your home over others.
Additionally, newer appliances are also more attractive. They are more energy-efficient and perform their duties better. There’s also a reduced risk of them breaking down and requiring repair.
5. Outdoor Space
Upgrading and maintaining the outside of your rental home is just as important as the inside. The front of your home should have pleasant landscaping that increases the curb appeal of your home. On the backside of the house, add a pleasant place to hang out. The outdoor living lifestyle is trending, so upgrading your rental home’s exterior can help your tenants embrace this trend. You don’t have to go all out, a simple patio with lighting and plants can create a simple backdrop ready for outdoor furniture.
Turn your Property Into What Tenants Want
Knowing what tenants are looking for can help you choose the right properties to invest in. It can also ensure you maintain your property and that it remains desirable to potential tenants. The more desirable and attractive your property is, the less vacancy time it will have, which maximizes your profits.
Contact our skilled team of property managers who can help you make your rental property more attractive to tenants.
