Each rental property out there is unique, the same is true of each potential tenant! The majority of tenants have a set of common features, amenities, and characteristics they are looking for. Taking a bit of time to understand what tenants are looking for can help guide you as you make property purchasing decisions.
Location
Possibly the most important consideration on any tenant’s list is the actual location of the property. If you are looking for properties to purchase, finding one in desired location can go a long way to making your investment a profitable one! Tenants are looking for places that are close to work, good schools, restaurants, entertainment, and other amenities that enhance and simplify their lives.
Parking
Available off street parking that is safe is a huge selling point for most tenants. Keep this in mind when considering properties to purchase. If you already own a property and parking is not ideal, is there a way to make it more attractive to potential renters?
Unit Readiness
No tenant wants to move to a place that is not ready for them to fully enjoy day one. Making sure everything is clean and in working condition is a must. Unforeseen issues can come up but every effort should be made to limit inconveniences and surprises to the tenant.
Outdoor Space
Having outdoor space available with your rental can often allow you to charge a premium. A backyard, balcony, deck, or even a park nearby can boost the price tenants are willing to pay for the luxury of having space to enjoy the outdoors.
Pet Friendly
There is no steadfast rule as to whether or not you should allow pets at your rental. However not allowing them does limit the pool of potential tenants. Allowing pets does increase the number of people who will consider your property. Definitely something to consider!
Renovated/Upgrades
The nicer the property the more high quality tenants you will attract. Small upgrades can go a long way! Adding actual or perceived value with even small upgrades is something every landlord should consider.
New Appliances
Appliances are somewhat costly but older units can cause higher utility bills which may cause would be long term tenants to become short term ones. Replacing older units should be looked at as an investment in tenant satisfaction. Replacing old and out of date appliances will also cut down on maintenance and service repair requests.
Responsive Landlord/Management Company
The ideal tenant-landlord relationship is one where both parties are courteous, cooperative, and respectful. If you tell your tenants you are going to do something for them, you need to follow through. Building trust with your tenants and showing them you value them choosing your property will hopefully keep them leasing year after year! When deciding on a property management company take your time to find the right one!
You may not be able to hit everything on every potential tenants list, but when purchasing a property with the intent of turning it into a rental property making decisions based on what is important to tenants will prove to be the best practice.