If you are looking for the perfect investment property or trying to increase your portfolio, buying a property that matches most, if not all, of the tenant’s criteria makes sense. Your property would always be easier to rent and nearly always demand the maximum rent for the surrounding area.
In today’s post, let’s go over what tenants are looking for in their neighborhoods.
Proximity to work
Closeness to work is often cited as a key determining factor for tenants in selecting rental accommodation. This can be a big concern for most tenants because being close to your workspace is detrimental.
Public transport
Public transportation is one of the primary factors renters consider when looking for a place to live. We all know about the inconvenience of walking for long periods of time to find the bus or subway so we are not late for work or school. Having a property that’s easily accessible to public transportation can greatly boost your estate in the eyes of potential residents.
This can be great for people who don’t always want to drive or use their car, but also for the ones who don’t have a license or a car, since there are also factors like renting out to elders who prefer not to drive or even the kids who can walk to school by themselves if they have easily accessible public transportation.
Near school
This is applicable if you are renting out to a family or students and could be a great way of attracting these types of people to rent your property. The same could go for couples who are looking to start a family. Having your home next to your school is an amazing bonus that saves a lot of time. It’s convenient for both parents and children.
Security
Nobody wants to live in an unsafe neighborhood, and this can count as another location detail that tenants look for in a property. They want a nice, danger-free district that suits their lifestyle, whether it’s a quiet residential area or a bustling downtown. What makes an area safe are factors like video surveillance, gates, and security locks, bodyguards at the front gate.
Parks and pet-friendly spaces
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, and you can use this as a strong selling point if you’re comfortable with renting to pet parents.
Proximity to a dog park, in this case, would definitely boost the property’s appeal in the eyes of prospects since pet owners always have their animal’s interest in mind, and moving to a neighborhood with no access to a space to take your pet for a walk would be unfortunate and extremely inconvenient.
Outdoor areas
If you have a front porch or patio, adding outdoor seating can make your property feel more welcoming and inviting to tenants. Outdoor seating is a good and effective way to add value and appeal to your property, and this encourages the people touring your estate to envision themselves living on the property.
Consider adding a bench or a couple of chairs to the front porch or patio to give the tenants a relaxing recreation area and fresh air. Also, outdoor seating can be a great selling point for attracting tenants who enjoy spending time outdoors.
This is exceptionally great if you have a family renting out from you, as they need some outdoor space for their kids to play. A nearby park or even a pool would attract the eye of renters since this is a fun feature everybody would like to have.
Clean and nice neighborhood
When viewing a property for the first time, tenants want to see the clean and well-maintained area. They desire a clean neighborhood with no trash on the street, the lawns are taken care of, and the sidewalks have no dirt. All these cause big inconveniences when they’re not looked after.
Now, let’s talk neighbors. There is a right that tenants and occupants have that is known as the right to quiet enjoyment. In the case of rentals, tenants have the right to enjoy the contracted property as they wish and without unnecessary interruption. This raises the need for a nice and relaxed area with quiet neighbors that are respectful of others and kind.
Conclusion
If you tick all the boxes for a tenant, you can normally expect the maximum profit and a happy and long-term tenant. A neighborhood plays an important role in a renter’s decision, but knowing all these facts can ensure a perfect home for them.
A property manager will know best how to promote and highlight the best features of your property so you can find good tenants quickly. They know what kind of neighborhood tenants are looking for and can aid you in finding the perfect location with high demand. This way keeping the tenants coming, and your business is always profitable.
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