It should be the goal of every landlord to attract exceptional tenants. Good tenants settle their payment dues on time, respect the property and its rules, and maintain a long-term lease. Retention of high-quality tenants is key to the profitability of your rental property.
Most landlords know the qualities that make an ideal tenant, but what does it take to attract them? Factors such as the location, landscape, and property amenities can be the make-or-break. Landlords can gain a competitive edge and increase their chances of attracting excellent tenants if they have the following features of their rental properties:
Location
The first thing that tenants consider when looking for a place is its location. Many people look for rental properties near schools, business districts, transportation, and shopping malls. So, if you are looking to invest in a rental property, you want to look for these features. If your rental property is in an area with high demand, you can ask for higher rent. Some prospective tenants will prioritize location over anything else and are willing to compromise on other amenities.
Safety and Security
More tenants are willing to live in your rental property if the area is safe and secure. With that in mind, location goes hand-in-hand with safety. The rental property must be in a safe environment with a low crime rate. The property should also have security devices and many landlords install alarm service systems in the premises.
Sufficient Parking Space
No one wants to spend a long time finding a parking spot after a long day at work or if they have groceries or other packages in the car. Parking spaces can be a pressing issue in properties located in urban areas. The streets are often busy, and some sites do not allow off-street parking.
Renovations
You can attract more people to rent your property if the space looks polished and organized. Even when the property has had several tenants staying in it over the years, it should not feel that way. Performing upgrades and renovations can make the property more attractive and functional. Kitchens and bathrooms are the rooms most often renovated.
Bonus Facilities: Backyard or Balcony Access
Some tenants prefer a property that has a designated place to sit back and relax. If your property has a backyard or balcony access, it can increase the chances of attracting more tenants. More often than not, places with these features can cost more, especially within urban areas.
Property Inclusive of Appliances
Appliances are another valuable bonus that tenants tend to look for. Most renters do not want to invest in major appliances. Installing new appliances including central air conditioning and a washer and dryer can attract higher-quality tenants.