Plenty of demand for rental properties in your area, but no one seems to be biting at yours? You may need to step up your rental property game and make your property more attractive to tenants.
Although upgrading your rental may require some investment up front, it will be worth it in the long term. Not only will your property be more popular with prospective tenants, but you may also be able to collect more in rent.
Sound good? Well, let’s get started. We have spoken to tenants across the rental market to find out exactly what they want. Here is what they had to say:
This is especially attractive to renters in urban areas. There is nothing worse than coming home from a long day at work, only to circle the block a hundred times while you try and find a park.
While installing a garage is costly and may not be a realistic option for most property owners, any form of off-street parking is a sure-fire way to stir interest in the renters market.
If your rental doesn’t have a garage, there are other off-street parking facilities that you can offer.
One option is to clear a part of the front yard and install a covered driveway. Alternatively, you could simply note in your property advert that the rental has a private driveway tenants can park in. It’s all about how you market the property at the end of the day!
For those landlords in urban areas, you could look into making an arrangement with a nearby parking lot, so that your tenants can park there for a subsidized rate.
You can never have enough storage space. Give your tenants plenty of cupboard space and you can be sure that they will find stuff to fill it with, in no time at all.
Depending on your budget and the size/layout of your rental, you could hire a local tradesperson to install bigger wardrobes or a cupboard in the hallway. This is particularly of value if your rooms are small and unattractive to renters.
Alternatively, if you have larger rooms, you could purchase some free standing closets from your local department store. Stores, such as IKEA, are constantly coming up with innovative storage solutions so take a look at their latest catalog for ideas that will match your decor.
If your property doesn’t have a big living space, look into whether you can build or create an outdoor living space. This gives tenants a place to entertain guests and enjoy the sunshine (if you live in a state with warmer weather).
With the right attitude and know-how, creating an outdoor space can be easy. Talk to your local tradesperson about what would be the best option for your property.
Depending on your rental property, you could opt for a small patio, wrap-around balcony or simply fence in the front lawn.
If you do have an existing outdoor area, consider sprucing the space up with some garden boxes or outdoor furniture.
It doesn’t matter if you are renting to young professionals or a family of five, security and privacy are important features for most, if not all, tenants.
Security can be achieved by simply ensuring the locks are changed between tenants or by providing a technological solution such as a smart electronic lock or an electronic access control system. You can also provide an alarm system, especially if your rental is in an area prone to break-ins.
Make sure all the windows and doors are secure and use deadbolts where necessary. It is also worthwhile to install outdoor sensor lighting for added security.
Privacy can be created by fencing off a property or providing blackout curtains/blinds. Although these ideas may seem like common sense, it is amazing how much of a difference they make to tenants.
We would love to hear more about the ways you have made your property more attractive to renters. Let us know in the comments below if you have found any tricks that have worked particularly well!
We hope you found this blog interesting! However, do note that it should not be used as a substitute for competent legal and/or other advice from a licensed professional.