When searching for a rental property, renters have a variety of features they look for to meet their needs and preferences. Landlords and property managers want to attract high-quality tenants that will bring a good income stream, thus need to foresee what these potential renters are looking for. These attributes might consist of things such as location and safety to amenities and responsive management.
By keeping these features in mind, landlords can create the perfect rental properties that are attractive and appealing to potential tenants, while also being able to generate consistent rental income. But what are some specific features renters usually look for?
Let’s go over some examples together in this article
One of the primary factors renters considers when on the lookout for a place to live is the location. We all know about the inconvenience of walking for long periods of time to find the bus or metro station so we are not late for work or school. Having a property that’s easily accessible to public transportation can boost your estate in the eyes of potential residents. Some other bonuses that might appeal to people are grocery stores, restaurants, and other essential amenities.
Another location factor that tenants look for in a property is the neighborhood, as nobody wants to live in an unsafe neighborhood with a high crime rate. They want a nice, danger-free district that suits their lifestyle, whether it’s a quiet residential area or a bustling downtown. They also want to feel comfortable and accepted in their new community, so they can consider factors such as the diversity and the friendliness of their neighbors.
Safety and Security
We’ve established the need for safety in the neighborhood, but what about the security of their home? People want to feel shielded and guarded in the home they buy, and this request can be met easily by doing things like installing cameras around the property, having secure locks, smoke detectors, alarms, fire extinguishers, and a good security system. These features can help the tenants feel more at peace and relaxed about moving into a new house or apartment.
Size and layout
The size of the property is another make-or-break deal for tenants when renting a new place, as a house that is spacious and bright will overcome one that is cramped or dark. People are in need of a place that can accommodate their lifestyle and also with enough space to store their belongings and furniture. Some tenants might be looking for an open layout while others for one with a separate dining room or kitchen.
When it comes to the size of the property, the most desirable feature among renters is the amount of storage it has. For example, big walk-in closets, an extra storage room, and a spacious pantry where they can store their groceries can be an absolute dream for a leaseholder.
Most people that own pets may prioritize rental properties that are pet-friendly. They are on the lookout for features such as a dog park or designated pet areas that can be a selling point for pet owners. They want to know if the rental allows pets, what types of pets are allowed, and if there are any restrictions or fees associated with pet ownership.
However, if you have a strict policy regarding the ownership of a pet on your estate, transparency in this situation is the best option. Be open with your tenants and explain the rules clearly.
Appliances and amenities
It’s needless to say that the appliances need to be in good shape and working properly. The newer the appliances the better the energy rating will usually be meaning that a tenant will expect to have lower bills. Appliances are a pivotal feature in a person’s day-to-day life, as they are constantly used. Some examples of needed appliances you should make sure to have on your property are an oven, washing machine, drier, and AC.
Moreover, potential tenants are looking for a rental that offers amenities that suit their lifestyle. They may be attracted to rental properties that offer a plethora of amenities such as a fitness center, pool, or outdoor space. These characteristics can help them feel like they are getting more bang for their buck.
People are looking for a rental property that is safe, updated, well-maintained, and meets their individual needs and preferences. By understanding what renters are looking for, landlords and property managers can create rental properties that are more attractive and appealing to potential tenants.
A property manager will know best how to promote and highlight the best features of your house so you can find good tenants quickly. They will also advise you on what features you can add and how you can improve your existing ones so your property can be transformed into every tenant’s dream.
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