01 Sep 2022
Attracting and then retaining good tenants is essential to your success as a landlord. There are various things that can help your rental property stand out from the rest and catch the eye of a prospective, top quality, long-term tenant.
This can have a major impact on how much revenue you can generate. Typically, tenants look for a property that is close to their job, as well as amenities such as shops, bars, restaurants, leisure facilities, and community outdoor spaces. It’s all about the neighbourhood when seeking to attract higher quality tenants and maximise rent.
Who wants to drive around for ages looking for a parking space? Precisely no-one. If your property doesn’t have off-street parking, try to direct potential tenants to a parking garage nearby. Good and reliable transport links are also a big draw for tenants – especially students and commuters.
A tenant, generally, doesn’t need the hassle and expense of having to purchase large and costly appliances, such as washing machines, fridges and dishwashers, that they may not need for a future rental. New appliances are appealing to tenants as it means there is less probability of the appliance failing.
A good amount of storage space is really important as it means tenants don’t need to worry about storing their ‘stuff’ elsewhere and won’t have to live in a cluttered home.
Pet owners often say it hard to find accommodation that will accept them. In 2020, UK government research found that just 7% of landlords advertised their properties as suitable for pets. So, promoting your rental as ‘pet friendly’ could really help it stand out.
The most recent American Renters Survey, which polled more than 1100 renters, quizzed tenants about demands – and most answers fell into the ‘we want more convenience’ bracket, according to ManageCasa.com. Here are some of the key takeaways:
1. 68% of tenants still pay rent by check or cash
2. 53% would use a mobile app to pay rent online if property managers offered one
3. in general, tenants will pay higher rent for in-suite laundry, central air, and permitted pets
4. only a quarter of renters are saving to buy their own home
5. 60% want to find apartments online
The surveyors also found that:
1. 35% were renting a house while 24% were in a multifamily building
2. 45% said they would pay more to have a pet
3. 45% would pay more to live in a great neighbourhood
4. 38% would pay more to be able to walk to local amenities
5. 58% would pay more for ensuite laundry
6. 9% would pay more for central air conditioning
7. 44 % would pay more for high-speed internet
8. 20% would pay more for solar panels.
9. 29% of tenants are paying rent online while 59% said they want to have that technology available
10. location is just as important to them as rental price