In order to be a successful property owner, you have to attract quality tenants. There are many things prospective tenants look for when they are searching for a new place to live. We’ve gathered ten of the biggest things tenants look for in a rental property. When you have these things going for you, your property will stand out in a crowded market. If you own a rental property and you’re looking to take it to the next level, a property management company could be exactly what you need. Real Property Management Central Arkansas is your go-to property management company here in Little Rock.
While this may be the piece you have the least control over, it is a huge consideration for all prospective tenants. No matter if they are buying or renting, where it is and what is nearby is a major selling point for many people. A property that is near restaurants, shopping, walking trails, or entertainment venues is much more attractive to new tenants than a property far away from those attractions would be. If the location is high quality, people are more willing to pay a bit more for fewer amenities.
Whether or not your property is in what could be considered a “safe” neighborhood, giving your tenants some extra piece of mind goes a long way. Security features like alarms, fences, and cameras can give a feeling of safety that many tenants appreciate. A great way to attract new tenants is offering to pay for an alarm service. Not only is it cost effective, it shows your dedication to providing an environment they can feel safe in.
A small apartment or home can feel even smaller if there isn’t a lot of closet space to work with. This can immediately make a prospective tenant feel cramped and put them off the idea of living there. If you’re able to do any remodeling, increasing the closet space should be on your list of potential projects.
This is less important for suburban properties, but a good amount of parking is a huge selling point for apartments and other city properties. You might be surprised, but many people put off-street parking at toward the top of their list of things they want. If off-street parking is not an option, garage units can be a perfect substitution. Nobody likes to spend ages looking for a parking spot, especially when they just want to go home. It’s important you don’t undervalue how important this is to your tenants.
Especially within the city, outdoor space can be pretty hard to come by. Whether it’s a small backyard, private balcony, community patio, or a nearby park area, having a place to go outside and enjoy some sun is a valued amenity. So valued, that some properties are able to charge a premium for outdoor living space. Not only will this attract potential renters, it will also foster a stronger community for those already living there. A strong community means happy renters, and happy renters mean good word-of-mouth about your property.
While older properties certainly carry their own charm, a fresh renovation can make what was old feel new again. Many people seek out newly renovated properties, as it usually means it will be in better condition than a property that hasn’t changed since it was built. This doesn’t have to be a huge, expensive renovation to have an effect. Simple things like a new backsplash in the kitchen or a new faucet in the bathroom show that effort has been made to improve the area, and tenants take notice of that effort. As a bonus, if you decide to sell your property, these improvements can increase your return on investment as great selling points.
-Open Floor Plan
An open floor plan is ideal for rental properties, as it can make a small property feel much bigger than it actually is. All it takes is removing an unnecessary wall or two to give your property a whole new feel and appearance. Nobody wants to move into a place that feels stuffy or claustrophobic, so reevaluating your property’s floor plan can be the difference between filling a vacancy and struggling to find tenants.
While it’s not uncommon for rental properties to have appliances already installed, they can take a beatdown after years of tenants use them. Consider replacing the refrigerator, oven, or dishwasher when making your kitchen renovations. Stainless steel makes a great impression that tenants will appreciate. Even more than aesthetics, you can add a tangible value proposition by installing energy efficient appliances. When you take a step to help your tenant save money on monthly energy bills, it makes them more likely to stick around and respect the property.
One of the biggest inconveniences facing renters is the prospect of taking a trip to the laundromat whenever they need to wash their clothes. When your property has in-unit, or at the very least in-building, laundry machines, you’re making their life more convenient. With 90 percent of rental properties not providing in-unit washers and dryers, you can set yourself apart from the competition with a major selling point.
No matter who you’re talking to, all tenants want a cooperative landlord. Thankfully, this is entirely in your control as a property owner. Though it may be difficult to get this across when speaking with a prospective tenant for the first time, encourage them to read your testimonials or contact previous tenants that are comfortable vouching for you. Getting across that you are genuine and cooperative is the first step to a strong tenant/landlord relationship.
While we’re not suggesting you need to make sweeping changes to your property, a few touches with tenants in mind can go a long way. Whether it’s a new refrigerator, a nice place to park their car, or room to put their collection of shoes, you can set your property apart from your competition with some tweaks. If you want to take your rental property to the next level, call us at Real Property Management Central Arkansas. Located here in Little Rock, we know how to make a property stand out in our area. Call us today!
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