Top Things Tenants Are Looking For In A Rental
A good tenant is one who pays rent on time, respects the property, and has an ongoing lease. Attracting and retaining high-quality tenants is the key to your success as a landlord. The landscape is competitive because most landlords are aware of what makes a good tenant. These features can make your rental stand out and increase your chances of finding a great tenant.
These are the top things tenants are looking for when renting a property. These factors will help you attract more tenants and increase your chances of finding a great tenant for your property.
Location
Like any other business, your location can make a huge difference in how much you earn. Good tenants will look for properties that are close to their work, grocery stores, restaurants, and parks. If the neighborhood is great, a great tenant will often be willing to pay more for the unit or overlook the less desirable aspects.
Tenants looking to make a permanent home can find it difficult to live in a place they love. You can attract better-quality tenants and charge higher rent if you're in a desirable area.
Safety & Security
Location is key. Safety goes hand in hand with safety. Great tenants are motivated by a safe environment. It can be difficult to fall asleep at night if you are worried about your home or car being broken into.
Researching crime statistics is a crucial step when purchasing property in a new area. Renters will feel safer and more secure in their existing properties if they have an alarm system or other security features.
School District
A high-quality tenant may also consider the school district. The school district is an important consideration for tenants who have school-aged children. Quality education is a top priority for parents who want the best for their children. Many tenants consider the quality of the school district to be a key indicator of the neighborhood's quality, even if they don't have children. It is therefore a key factor for any tenant who wants a long-term home.
Parking
No one wants to spend hours searching for a spot for parking, especially when they have groceries or a container of melted ice cream. Parking may be available in suburban areas. Parking is a must in urban environments. If off-street parking is not possible, direct tenants to a garage located within five to six blocks.
Parking is provided. Make sure you outline the rules and place signs to inform others. To protect your tenants against unauthorized parking users, the next step is to consistently enforce these rules.
Move-In Ready Condition
Common areas or units that need repairs can be disruptive and frustrating. A property that needs painting, carpeting or cleaning could put off a potential tenant. Make sure all repairs are completed before you show the property. You will lose interest if the tenant has a negative impression of the property.
If the property's condition is poor when the tenant moves into it, this sets the expectation of how they will treat it. It is important not to create a negative impression. Renting a unit in move-in condition is a sign that the tenant will uphold high standards of cleanliness.
Appliances Included
While a homeowner may expect to pay for the appliances and their maintenance, a tenant renting a property will not. Tenants don't want to have to pay for large, expensive appliances they won't use in the future or for repairs if they do. Tenants love new appliances because they are less likely to have to coordinate repairs and the appliance will break down in an unfavorable time.
Washing clothes at the laundromat can cost a lot and take a lot of time. Tenants are more willing to pay higher rent if there is an in-unit washer/dryer. You can provide them on the property if you don't have the space and ability to install a washer or dryer in your unit.
Upgrades And Renovations
It is the small details that make a house feel like home. Hardwood flooring and stainless steel appliances are two examples of strategic upgrades that can attract better tenants. Tenants are attracted to renovations in their kitchens and bathrooms. Even simple improvements like a new backsplash or updated hardware can make a difference. Central air conditioning can be a great investment if you live in a warm climate. A great tenant will stay longer if it feels like home.
Age Of Property
Tenants want to avoid costly repairs. This means that tenants will often look for properties with more modern plumbing, electrical, or HVAC systems. They are less likely to need repairs and may choose to live in older properties. You don't have to give up on a property you own. You can still attract great tenants by maintaining your property well, making repairs, and cleaning it up.
Open Floor Plan & Storage
A combination of open floor plans and ample storage can make the square footage seem larger. You might remove a wall or add a closet to the bedroom. You can also offer storage outside the unit, such as in a basement or an outdoor storage shed. You should offer tenants the possibility to store larger and more seasonal items, such as skis and bikes. It will make the home more comfortable and allow tenants to entertain guests.
Outdoor Space
Urban dwellers will find a private balcony or backyard a very attractive addition to their property. It can also be a way to distinguish your property from the one next door. You can attract more tenants if you offer a little space for them to have fun and enjoy the sunshine.
A Cooperative Landlord
The ideal landlord-tenant relationship should be friendly, cooperative, respectful, and courteous. To attract good tenants, you should set expectations and make promises. Tenants who are satisfied with your performance will expect you to keep your word. They may even look for other places.
