Spotting reliable tenants are half the battle in owning rental property. A high-quality tenant pays on time, will likely stay longer, and is respectful of your property. We’re talking about not damaging your property nor disrupting other renters.
With an excellent tenant, your rental property generates more income and is less likely to cause you stress. However, as the demand for rental property increases, it becomes harder for rental owners to find quality tenants.
Given this fact, it becomes crucial for landlords to boost their chances of landing these tenants. Read on to learn more about the features that allow your rental property to stand out from all the rest, thus attracting high-quality tenants.
How to Make Your Rental Property Attractive to Quality Tenants
#1 Location
Like any other business, location is critical in generating revenue on your rental property. Good tenants will look for housing closer to their work as well as commercial and entertainment centers. They are more than willing to pay extra to stay in a good neighborhood.
For tenants looking for a long-term place to stay, having to go out of their way to buy groceries or get a nice dinner can be a deal-breaker. If your property is in a desirable location, then surely you will attract high-quality tenants and could even charge higher rents.
#2 Safety & Security
Safety is just as important as location. For high-quality tenants, renting a safe environment is a must. It can cost you your peace of mind if you cannot sleep every night, worrying whether your car might be stolen. Paying for more is all worth it as long as you feel safe and secure.
If you plan to purchase a new property to set up a rental business, thoroughly conduct research on the crime statistics of the neighborhood. As for your existing rental properties, consider adding security features, like a security alarm system, or hire a contract security company to man your property.
#3 Move-in Ready
Ongoing repairs in the units or common areas could discourage an excellent prospective tenant from pursuing your property. Make sure that before you show the property, you have done the necessary repairs. The first impression lasts, and you naturally want your property to put its best foot forward.
Furthermore, if the state of your property is in poor condition when tenants move in, they are likely to believe that this is how you expect they should treat the property. But if you maintain high standards of cleanliness and orderliness in your rentals, tenants are sure to imbibe this standard.
#4 Parking Space
Parking spots are another major consideration for tenants. Who would want to drive around for minutes or hours just to find a parking spot? This is particularly difficult if you are carrying bundles of groceries in your car. Though parking spaces are not a problem in suburban areas, they can be in an urban setting.
If you cannot offer off-street parking to your tenants, you can consider directing them to a parking garage a few blocks from your property. But if you can readily provide for parking, make sure to outline specific rules and enforce them consistently.
#5 Outdoor Space & Open Floor Plan
Most tenants prefer renting units with open floor plans and adequate storage spaces. You might have to knock off some walls or even remove closets to increase the square footage of your rental property. Nonetheless, you could offer a separate storage unit for your tenants for them to keep seasonal belongings.
An outdoor space is also another feature that attracts tenants, particularly if your rental property is in the city. It could be a private backyard or a balcony. No matter how small this space seems, it can still provide ample sunshine and fresh air. And quality tenants are more than willing to pay extra for this.
#6 Upgrades & Renovation
Also, strategic upgrades can make your rental property more enticing to quality tenants. Providing stainless steel appliances or installing hardwood flooring is attractive to hip, young, and quality renters. Even a simple repainting on your kitchen cabinets can have a huge impact.
Final Word
Some of these suggestions mean shelling out some cash. However, these are proven features and are worth it in the long run.
Perhaps the most crucial tip for your rental property to attract more quality tenants is to be a cooperative landlord. Just as you expect good tenants to follow your rules, pay on time, and respect your property, they expect you to keep your side of the bargain. This means following up on promises you made and making sure you are thorough with the upkeep of your property.
Spotting reliable tenants are half the battle in owning rental property. A high-quality tenant pays on time, will likely stay longer, and is respectful of your property. We’re talking about not damaging your property nor disrupting other renters.
With an excellent tenant, your rental property generates more income and is less likely to cause you stress. However, as the demand for rental property increases, it becomes harder for rental owners to find quality tenants.
Given this fact, it becomes crucial for landlords to boost their chances of landing these tenants. Read on to learn more about the features that allow your rental property to stand out from all the rest, thus attracting high-quality tenants.
