When you own a residential rental property, attracting potential tenants to the property should be your main priority. You need tenants to keep your rental property filled and bring in an income. Some rental properties tend to attract potential renters more than others, and some end up being a last resort.
You want to make sure your rental is a popular choice and always catches the eye of a potential tenant. That is one way to ensure that your rental investment continues to make you money. Making your rental property stand out and attract tenants is the best way to ensure you always have renters and will help keep your rental filled month after month. But what makes a rental property attractive to tenants? We all have been in the positions of renting a property, but do you remember what you were looking for? Do you remember what made you choose some properties over others? If not, don’t worry.
Finding what makes your rental property attractive to those searching for a place may be difficult, but there are some things to consider when it comes to your rental property that can help you make it the perfect property. At Atlantic Property Management, we can help you manage your rental and assist you with finding the right tenants. We will help perform maintenance tasks, screen potential tenants, and so much more. Our services can help keep your rental property in tip-top shape, help to ensure you only have the best tenants renting out your space, and save you time worrying about your property.
In this blog, we will give you tips on how to make your rental property stand out to potential tenants, and help you figure out how to make it the prime location for renters. Read on for more information!
Think about the location in which you are looking for a rental property. If you already have a rental property, think about the area surrounding it. Are there schools close by that are perfect for families? Is there a golf course of senior center around your rental, making it perfect for retirees? Or maybe it is only a few miles away from the local college. Figuring out where you want your rental to be located or what is surrounding your current location can help you to determine who your potential renters will most likely be.
While the location may not be a major factor in who your tenants are, you should try and figure out who is going to be primarily looking at your property. If you are about to invest in a new property, figuring out who will be renting in the area can help you to make your property more attractive to potential tenants. Talk to neighbors, contact local property managers, like Atlantic Property Management, and figure out who your target market is.
Figuring out who you will be renting your property out to the most can help you alter the decor, style, and amenities to fit the needs of your potential tenants. This can help to keep your property filled and allow you to keep making money.
Make Life Easier
Life is busy and hectic and when renters are searching for the perfect place, they are going to try and find something that has everything they want and need. This means things that are common in most households nowadays should be included in your rental property. A dishwasher, heating and AC unit, and even a garage can help make your tenants life a little easier. There are some things that you can’t change. For example, if you own a rental property that is part of a fourplex or something similar, your individual property will be more appealing to tenants if they will have access to their own washing machine and drier, rather than sharing with the other tenants. This is not always possible, but adding this feature to your property when it is can help to both add value to your property and attract more renters.
Think about the other things you take for granted on a daily basis that make your life easier — an automatic garage door opener, a bathtub, an electric stove, a sprinkler system, the list goes on and on. Adding these to you rental can help make it stand out to potential tenants, add what you can and notice how much more attention your rental gets.
Depending on where your property is and who your main market is, adding more can make your rental a top choice over another. Let’s pretend your rental is close to a college campus and most of your renters are college students. College students generally try saving money and may even be described as “cheap”, which makes sense, they are going to school and probably only working part time. Offer extra benefits can help make your space among the most popular in the college community. Offer free cable, internet access, water, gas, and sewage. This may sound excessive, but if you can easily afford it, it can help make your rental the perfect spot. It will stay filled with grateful college students and you can even up the rent a bit to help you pay off these bills.
Why raise the rent rather than just have the tenants pay for these bills? Well it seems like more of a deal when you offer these perks for free, even if the rent goes up. Think about when you are shopping in the grocery store. You are buying a bag of your favorite chips when you see a sign that reads “ Buy Three, Get One Free”. Getting one bag free is almost always worth spending extra money buying three bags instead of one.
Another thing that can help make your property stand out and attract more potential tenants is allowing pets. Animals are a part of the family and people with pets will only be looking for places that allow pets. Make your property pet friendly, but set restrictions. Make sure the cats and dogs are neutered and a certain age. Puppies are hyper and may tear through carpet, but an older dog will probably know better. Set a breed restriction and a weight limit. These things can help you offer more but keep things under control.
These are a few tips to making your property more appealing to renters. Atlantic Property Management can help you find the perfect tenants for you now perfect property. Get started today and contact us with any questions.