Even though you’re a landlord looking for tenants, what people want in a home doesn’t change much whether they’re buying or renting. Yes, your renters will live under a lease agreement with terms you set for what they can and can’t do in your property. But that doesn’t mean potential tenants will take anything you offer.
If you want to stay competitive in the rental market and attract the best possible tenants, it’s important to know what they’re looking for.
Location, Location, Location
In real estate, location is a key factor. People choose where to move based on schools, neighborhoods, and how close they are to work, friends, or family. Renters are no different. You can’t change where your rental is located, but you can highlight how close you are to what renters are looking for.
● Point out the good schools close by.
● Highlight local walking or jogging trails.
● Share how close your property is to shopping, restaurants, and the Emerald Coast beaches
Renovations and Remodels
When it’s time to update your rental property - and you should do something to refresh the home at least once a year - keep in mind what tenants are looking for. Not quite sure? Use buyers as a guide.
● Open floor plans
● Plenty of closet and storage space
● Energy-efficient appliances and windows
● Large garages
● Front or back porch
● Media room
● Laundry space with washer and dryer
● Soundproof walls
Every family wants space and no one really wants to drive their dirty clothes to a laundromat. The more of these amenities you can provide, the likelier you are to find a long-term renter who can afford and willing to pay the rent you want.
Making Life Easier and Better
No one is guaranteed an easier or better life, but when a home can provide things that reduce stress, it’s going to be seen as a positive. What are renters looking for that might make their home life easier, better, and slightly less stressful?
Parking! In urban areas or multi-family communities, designated parking spots go a long way. In single family homes, driveways, carports, and garages - the bigger the better, will attract renters. At the end of a long day, no one wants to circle the block or park on the side of a busy street just to go home.
Pets! This decision isn’t an easy one. Pets can be messy, smelly, and wreck a home. But the ability to have a pet is a big amenity for renters and one they’ll pay more for. Charge a pet deposit for damage and keep up with inspections, and you may find devoted, long-term tenants who take good care of the property and their pet.
Access! People want to be close to the things they care about whether it’s the beach or a walking trail. People in apartments tend to want more walkability. Renters in single family homes want an easy path to work and school. You can’t build those things to create an amenity, but when you’re looking for investment properties, pay attention to what’s close by.
No one is suggesting you spend thousands of dollars to remodel your current rental to create new amenities. What you should do is keep these things in mind when you’re marketing or updating the property. Think about what people want in a home, and make sure they know your rental can provide it.
If you need help marketing your property, finding good tenants, keeping up with maintenance, or anything else that comes with being a landlord, ERA American Real Estate can help. Work with a property management team who knows how to keep your vacancies low and how to keep you legal.