The core duty of every landlord and property manager is to screen and verify candidates to pick the best tenant. However, it is also safe to say renters deserve value for their money, and that value renters get depends significantly on their budgets and choice of housing type and location. Candidly, who doesn’t want a comfy home that allows them to live a better and convenient, quality of life? Before you put up a property for rent, ask yourself one valid question…. would I rent this property if I was a tenant? As a landlord and property manager, you need to understand the top features renters want in a rental property in order to keep attracting tenants and ensuring a thriving rental property business. Whether you are as start-up or a long-time investor, these top six features will make your rental property one that every tenant wants – which for you means steady cash flow and a booming business.
1. Best Price
Don’t get it wrong. A good price doesn’t mean cheap; it simply means every penny is worthwhile. There are overpriced rental properties out there that do not live up to their price tags. No tenant wants to get ripped off or made to feel like their money is more valuable than the property they are paying to live in. Overpriced rental properties will repel potential tenants, and if a tenant manages to rent the property to live in, there’s a 95% chance it will be short term and they will not renew their lease when it expires. In fact, the implication of overpriced rent may also be that no real estate property manager will want to manage the property as they typically are paid based on the gross rents collected. If no rent is collected, then they don’t get paid so they will not usually be willing to work for free. They would neither accept to manage it nor refer future renter leads to your properties which may further cripple your rental property business even more.
2. Flexible Pet Policies
One out of every 2 or 3 tenants will most likely have a pet, and because their companionship with their pet means they are part of the family, they will definitely look to prioritize applying to rental properties with at least 75% of their rental options they are seriously considering will have pet-friendly policies. Although allowing pets to cohabitate in your rental property might be a bit risky, instead of a firm no pet policy, you can determine an approach and policy that allows you to be covered in case of damages. You can include an extra monthly charge as pet rent or a pet deposit fee per pet. Make sure to study your state laws to ensure you are taking the right step. Along with the soft pet policy, a quick tip is you can also provide pet care facilities or common areas on site to your property to enhance comfort for tenants and their precious little companions, building a small to large community to further increase the amenities appeal of your property and thus entice tenant lease renewals.
3. Upgraded Kitchen
Renters always want their kitchen to be modern and classic. From the sight of a kitchen, potential tenants can quickly determine whether or not they’re renting a home. In fact, kitchens are one of the first things renters lookout for during the home inspection. Consider a kitchen upgrade for your rental property to get renters hooked without hesitating to move in within no time. Think of the latest countertops and stainless steel appliances if you’re rental property is in a mid to high end property value neighborhood. Also, consider new washing basins, kitchen cabinets, and pantries to give it that luxury finish. By the time you upgrade these features, renters, especially food lovers, will be impressed and happy to pay even when it comes time for you to increase their monthly rental rate.
4. Outdoor Space
Outdoor space also comes on the top features renters want in a rental property. The arrangements and feel of your outdoor space are one of the main attractions when renters seek out a rental property. From a balcony to a fenced yard, outdoor furniture, and fire pits, a sumptuous outdoor setting can be incredibly attractive to urban dwellers. To differentiate your property from others around your vicinity, make sure to add ample space to enjoy the sunshine and fresh air. Add some flowers, shrubs, and other creative ornaments to enhance the ambiance and improve the curb appeal.
5. Parking Space
In whatever location the property is located, parking is an essential factor that every landlord must consider. Nobody wants to spend extra time finding a parking spot after a hectic day at work. In urban areas where parking is usually challenging, renters are usually always struggling to park their cars and their guests cars. Do not assume your tenants won’t have a car, or maybe two…or three. Instead, create a garage within the house, but if the available space is too tight to contain a decent attached or detached garage, make plans for outside parking around the property and ensure the place is safe from burglary and theft to the best of your ability to do so.
6. Safety And Security
Safety is non-negotiable. It is one of the top features renters want in a rental property. Everyone wants a safe haven for their family and property, so renters lookout for safety features when searching for housing. A well-fenced and gated home is one highly important amenity that may often be overlooked by real estate investors when renovating or purchasing investment rental property. Additionally, there are other standard security amenities such as security cameras, alarm systems, and automatic locking doors. Having these installed will enhance safety and ensure renters’ peace of mind knowing their home is secure.
These top six features and amenities are applicable anywhere globally, whether the property is located in urban or rural settlements. They are highly recommended if you want to keep your rental property occupied and succeed as a landlord by getting rentals rent ready in the shortest time possible. Even if you’re learning new ways to attract tenants, keep in mind that these factors will always come first while other things follow as this will not be an exhaustive list of the end all be all of how to rehab or purchase a quality rental unit and attract quality tenants to rent your property out of the many other options they may have at any given time.
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