What tenants want: Make your property stand out
As a landlord, nothing can be more gratifying than finding outstanding tenants who stay for the long term, always pay their rent on time and take great pains in caring for your property.
With excellent tenants, you can depend on a steady stream of income from your investment property. Moreover, you have the assurance that the house or apartment you’re renting out won’t be requiring extensive repairs any time soon.
However, finding model tenants depends on your knowledge of what they tend to look for in a rental property. You need to know how to make your rental property profitable – that is, by making it attractive to the right kind of tenants.
So, if you’re in search of a way to improve your chances of getting good, long-term tenants, you’re in the right place. Here, we reveal what tenants want so you can make your property stand out.
What do renters really want?
Renters in general aren’t too complicated. Knowing what they value only requires a bit of empathy – put yourself in their shoes for a bit, and imagine what they’d be looking for in their prospective home.
-
Move-in ready, tidy and in good condition
No one wants to live in a decrepit or poorly maintained property. Even if you, your agent or property manager presents a rosy picture of the property AFTER repairs and improvements, a tenant searching earnestly for a new home would much rather see the outcome than the BEFORE version of your rental home.
So, before marketing your property for rent, make a list of items that need to be ticked off before advertising it and showing the place to prospects. After all, investing in rental properties entails committing to maintenance, repairs and improvements to attract the best tenants.
Consider doing simple renovations that can make a huge difference to how your property looks:
- Repainting the interior and exterior
- Including new appliances such as a washer/dryer or a dishwasher.
- Providing new cabinetry in the kitchen or additional storage
- In hot climates, including an air conditioning unit and or ceiling fans
- New or cleaned carpets or hardwood flooring
- Kitchen and/or bathroom cosmetic updates
By taking care of these details, you’ll not only attract good tenants but also improve how much you can expect in terms of rental yield.
-
Private, safe and secure
Tenants look for privacy, safety and security across all types of rental properties – whether single or detached homes or apartments, residential or commercial real estate. This is why every rental property should have security features such as fences, door and window locks, and secure parking.
If you provide added safety features such as sensor lighting, toggle access, CCTV and security screens (or at least fly screens), you can charge a little extra, too.
-
Outdoor features
While providing a great view when there’s none is practically impossible, there are things you can do outside to make it attractive. Invest a bit into making improvements in an existing garden or have the backyard undergo a bit of sprucing up.
If you have a budget for external improvements, include some shade and outdoor furniture. To make your garden or backyard more attractive, include garden maintenance in the rent. This way, even tenants who don’t have the tools or the time for garden upkeep will be attracted to the prospect of living in a place with a well-tended garden.
-
Pet-friendly
One common complaint among otherwise great tenants is the difficulty of finding rentals that allow pets. Of course, such policies stem from the fear of potential property damage arising from dog or cat ownership.
Well, times are changing, and landlords are realising that pet owners tend to be good long-term tenants. Some tenants are also willing to pay more as long as they find a comfortable home where pets are also welcome.
To protect yourself, ask your property manager to include a clause citing special conditions (e.g., flea or tick infestation and potential property damage from pets).
Attracting the right tenants
Whether you’re investing in new property or making improvements on what you have, considering the above factors can help to attract the tenants you want.
If you need help with getting the right tenants and improving rental yields, please reach out to us.
