The residential market is evolving rapidly and so are the needs of tenants that property managers are trying to fulfill. So the big question here is, what do prospective tenants look for in rental properties? This article will break down some of the biggest factors that fuel the decision for renters to live in your rental property:
1. Maintenance and Cleanliness
One would think that this would be an unnecessary section in this post, but the truth of the matter is that some landlords don’t keep their properties in the best shape. While these properties may have been able to get away with it a couple of years ago, tenants nowadays are a lot tougher to attract and neglecting these basics is a huge no-no.
Ensuring that your property is in good condition isn’t all that difficult either. Therefore, you should try to keep your property’s fixtures and fittings up-to-date and have them decorated so they don't seem a little dated.
2. Security and Safety
Another important thing property owners need to look out for is how safe tenants feel when considering their property. This particular point is usually a gut-feeling and there are many things that you can do to make their subconscious mind feel safe in your unit.
Naturally, you will need to address numerous security and safety concerns and this can easily be done by following the law, but that’s not always the case. Sometimes the solution may be as simple as changing the locks.
3. Location
This is perhaps the most cliché property advice, but for a good reason. You see, location is still a relevant concern among renters and where your rental unit is located can make or break the decision of prospective tenants.
Besides, there is also that little detail that your location also determines what kind of rent you can collect on a monthly basis. Naturally, if you inherited your property, there’s nothing you can do about its location, but those who are considering investing in properties should think again.
One thing you need to remember here is that there is no ideal location for all tenants and each tenant's choice depends on their own preferences. What you need to do is identify what demographic of renters will be most attracted to your rental unit. For instance, if there is a large university nearby, you are bound to come across numerous students looking for an affordable place to stay.
4. Storage Space
Nowadays, most renters are in it for the long-run and therefore, factors like sufficient storage play an important role in determining their decision. The good news for you is that you can offer a solution for tenants even if your rental property’s current layout leaves behind very little room for storage space.
With a little planning and some money (of course), you can transform your property to show off effective storage spaces for your prospective tenants. Consider the following:
- Plenty of cabinet storage
- Floored Attic spaces
- Buying a shed if the property has room in the backyard
- Adding storage space in the kitchen
Final Thoughts
Now that you know what all of your prospective renters are looking for in your rental unit, it's time to get to work. Of course, if you can’t escape from your daily schedule to implement all of the above, you can always delegate them to your property manager.
If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.