Vacancies can be incredibly stressful for landlords and investors. As you're not only losing income, you're spending money preparing the rental for the next tenant. By providing features that tenants find desirable, you can not only reduce your vacancy rates but also improve your tenant retention. If you're looking to fill in a vacancy, it's a good practice to find out what tenants are looking for in a rental.
Below are five property features that renters look for when hunting for a new rental.
One of the key features renters look for is location. Even if the rental property is great, easy access to major roads and highways can be convenient for tenants who need to commute. While other prospective tenants may prioritize proximity to schools, workplaces, and shopping centers.
The general neighborhood where your rental is located greatly affects the desirability of your rental property. A clean neighborhood near parks and recreational facilities can oftentimes yield a higher rent and attract more attention from prospective tenants.
There are many amenities that tenants are looking for when searching for a rental. Many of the amenities that tenants look for in rentals include energy-efficient and up-to-date kitchen and laundry appliances. As well as a reliable and efficient climate control system. Other amenities that you can provide your tenants include in-unit dishwashers, in-unit laundries, hardwood floors, smart home features, and high speed internet access.
Like most consumers, tenants want to feel as though they’re getting their money’s worth. Even though the asking rent should be adjusted to ensure
your income isn't affected, tenants can find value in the time they’re saving.
Everyone wants to feel safe in their own home. For this reason, many tenants look for security features when looking for rentals. In multi-unit dwellings, an intercom system and security cameras enhance the safety of the tenants whereas in luxury rentals full time security personnel should be offered. Adding remote access through smart locks or a pin pad can help to make entering the property more difficult for a would-be thief.
The exterior of the rental should be properly illuminated at night and include motion sensor security lights. These are oftentimes used as a deterrent as most break-ins occur under the cover of darkness.
The space and layout of your rental property can greatly affect how prospective tenants view your rental property. Spacious and functional layouts can maximize living space even in smaller rentals. For example, homes with multiple bathrooms are incredibly desirable to most prospective tenants and should be marketed as such.
Many tenants look for sufficient closet space, and storage areas. The more efficient the rental’s layout is, the more living space there is for your tenant.
Many young adults are now having families older than in previous generations, typically after the age of 30. Nowadays, many prospective tenants look for rental homes that allow pets, with cats and dogs being the most common. While being pet-friendly does help attract a greater market, you should be careful as pet-friendly rentals should be prepared to accommodate them. Such as tile flooring instead of carpet and hardwood floors. For this reason, it's common for landlords to add reasonable pet fees and deposits to protect themselves from potential damages.
By catering to your tenants' wants and needs, you're more likely to have tenants willing to renew their leases and live in your rental for extended periods of time. If you're unsure if your rental property has any desirable features for renters, we invite you to call us today at (562) 888-0247 or complete our
Owner Application online.
