You want to get as much money as possible for your rental unit, but the only way to do that is to understand what renters are looking for.
Because of our experience, we know the five most common things renters look for.
1. Big, Bright Spaces
There are many ways you can brighten up a unit. Regardless of what you decide, you just need to take action and get it done. You can paint rooms, reduce clutter, install darker floors, change lighting or add reflective accents. Regardless of what you do, brightening your space brings more energy to a space.
The location of your property will really determine how you define your ideal tenant: a house outside of downtown is more likely a target for families and a downtown property is more likely a target for a young professional or couple.But, location is about more than just general location.
People want to know what’s nearby, too. If you’re close to stores and services – like banks, schools, or grocery stores – you need to let it be known when you advertise your unit. Being close to these places means you will be able to attract the ideal tenant and it also means that you will be able to charge more rent every month.
3. Good Landlord
It makes perfect sense to be a good landlord – it reduces turnover and makes it easier to keep tenants for the long-term. The best landlords invest some extra time early in their relationship with a new tenant to educate them about the rules and to make sure the apartment is as pristine as possible.
Being proactive is also a great way to not only keep tenants happy, but also to keep ahead of maintenance. However, even the most proactive landlords will still need to fix things from time-to-time. Whenever a tenant points out something that needs to be fixed, quickly respond to their concern.
Finally, one of the best ways to make a great impression on your tenants without a lot of work is to periodically give them a little gift. It doesn’t have to be big; it can be something as simple as a gift card to the grocery store or a bottle of wine at Christmas.
Someone can’t call a place a home if they don’t feel safe – it provides a level of comfort that nothing else can provide. Single tenants want to feel secure because they are living alone and couples and families want their loved ones to be safe and sound.
A lot of people think that how safe a place is depends on it’s location – that’s partly right. However, there are other things you can do. To make your units safer, you can install a security system, put peepholes in doors, install solid (instead of glass-paned) doors, security cameras, and make sure your property is well-lit.
5. Laundry Facilities
There’s nothing worse than having to leave your apartment to drive or walk to a nearby laundromat. Including a washer and dryer combo in your list of included appliances can really help attract great tenants – it’s something people love. If you have several units in one building, consider installing on-site laundry.
Saving your tenants from a walk in the cold when they need clean underwear means a lot to tenants and people will pay for the convenience.
These are some of the most common things that tenants look for – providing them will help you find and keep great clients.