Top 10 Things Tenants Looking for in a Rental
Attracting and retaining quality tenants is the key to your success as a landlord. Whether you are looking to invest in rental property or renovate a current property, it helps to understand the needs and wants of modern tenants so that you can deliver a positive living experience and stand out within a competitive market. Run through this list for ideas and priorities for your investment property.
1. Location, Location, Location
Perhaps the most important aspect of a home, tenants typically look for homes near their jobs in the city, community parks, great schools, grocery stores, restaurants, and a degree of nightlife. It’s wise to invest in a property that is close to such amenities offering your tenants a quality lifestyle outside of their home. They are also more than likely willing to pay a higher rent for the convenience of a desirable location.
2. Security and Safety
Carefully researching the area and its crime statistics is a smart move when purchasing a property that you intend to rent out. A safe environment where one can feel secure is a powerful motivator when selecting a place to live. If you are upgrading existing rental properties, investing in an alarm service or a smart alarm such as a doorbell camera is an effective additional security feature. Adequate outdoor lighting and well-maintained locks are also essential features that help your tenants feel safer.
3. Proximity to Great Schools
Proximity to a good school is an indicator of the quality of the neighborhood and the people inhabiting it. This is especially a motivator for renters who have children and are looking for a long-term living situation.
4. Convenient Parking
While off-street parking is more common in suburban areas, it is not always the case in the city. If possible, try to invest in property that has nearby street parking or if you are looking to purchase rental properties in an apartment or multifamily home make sure they have access to a dedicated parking garage or a lot. Nobody wants to haul groceries to their apartment from 6 blocks away because they couldn’t find parking.
5. Pet-Friendly Accommodations
Consider making your home pet-friendly and extending your property to renters and their furry companions. After all, they make up about 72% of the rental pool and there is a heightened rental demand for renters and their pets. There are many benefits to making your rental pet-friendly including tenant loyalty and a positive property image.
6. Onsite Washer and Dryer
Renters are more likely to rent a home with an included washer and dryer. Laundromat runs can be costly and inconvenient so homes without these appliances can be a deal breaker. Consider investing in a rental property that has a washer and dryer hookup, or adding the pair to your existing rental as soon as possible.
7. Upgraded Appliances
Updated appliances are not only more reliable than the oven straight out of the 80s, but they offer your kitchen a major facelift as well. Tenants are looking for energy-efficient and dependable appliances that won’t cut out in the middle of making dinner. This will save you the headache of scheduling an emergency maintenance visit and save you money in the long run.
8. Storage
Whether the home is a four-bedroom house or a studio apartment, renters appreciate some extra dedicated storage space. Installing cabinets in the bathroom or shelves and hooks in closets helps make the most of a living space. If you anticipate the needs of your tenants by installing these correctly, there is less likelihood that they will attempt to install storage cabinets and shelves incorrectly.
9. Outdoor Space
A private yard or balcony is an incredibly attractive facet that many tenants look for in a home. Whether they have pets or not, an outdoor space where renters can have plants or soak up a little sunshine greatly increases the quality of living.
10. A Cooperative Landlord
Many quality and long-term tenants are looking for a strong, courteous, and cooperative relationship with their landlords. Building a positive partnership with your tenants benefits both parties by improving communication, trust, and problem-solving.
