Searching for the ideal property can be challenging for many future renters. In today’s competitive real estate market, landlords are looking to meet their demands more than ever. Most of them have some common requests, and it’s good to take some time to ensure your property meets as many of them as possible.
In today’s post, we will talk about some common features a tenant looks for when searching for the perfect property.
Location and neighborhood
Location is a priority for people looking into potential new homes, as most tenants want to be within close proximity to local shops and other essential places like transport links, hospitals, and schools, as well as their workplaces. The property should also be in a desirable, safe neighborhood since no one wants to live next door to a hot spot of criminal activity.
Remember that location preferences may vary depending on the tenant's lifestyle and age, as younger tenants may prefer properties located near nightlife and entertainment spots, while families may prioritize proximity to schools and parks.
Amenities and facilities are other key factors in a tenant’s consideration when selecting a rental property. The perfect home should have amenities that improve the renter's quality of life and provide convenience and comfort. Some essential utilities tenants prioritize include parking, laundry facilities, AC, gyms, etc. According to this Orlando property management company these can increase the property's value and attractiveness to prospects, enabling you to charge a higher rental rate and attract long-term tenants.
Today's tenants are more environmentally conscious than ever, and they prioritize properties that reduce their carbon footprint and energy consumption. Some green features that an eco-friendly property should have are things such as energy-efficient appliances and low-flow fixtures.
Eco-friendly properties attract tenants who prioritize sustainable living and are willing to pay a premium rental rate for these specific features. Green properties also have lower maintenance costs and attract long-term tenants, making them a wise investment for landlords.
The layout and design of the property can significantly influence a tenant's decision to rent, as most have very set expectations regarding what they want their home to look like. The property's design should be functional, aesthetically pleasing, and practical, with spacious rooms, ample storage, and modern finishes to attract the eye of the tenants.
The property's design should be adaptable to different tenant preferences and needs, making customization easy and allowing the tenants to tailor the space to suit their lifestyle or taste better.
In addition, many tenants enjoy having their own outdoor space, whether it’s a garden, patio, or balcony. This seemingly small detail means they can enjoy the sunshine during the warmer months, host outdoor occasions for their family and friends, or even grow a garden.
Storage space can be a commodity most renters can’t live without, especially for those looking to lease long-term. Providing tenants with various storage options, such as a shed, an extra room, a big pantry, or an attic, can be of great help. Whether it’s for kitchen utensils or Christmas decorations, this is going to make your property stand out from the competition. However, if you rent to students, it’s natural they have fewer possessions or sometimes even leave them all at their parent’s house, but storage is detrimental for those planning to settle.
Tenants prefer their homes to be in a decent to a good state of repair, and recently built properties will likely be in better condition. They are also less likely to need any major repair work, which is a plus for tenants. Even with this, an older, well-maintained property can just as well make for the perfect home. Landlords can start by updating parts of their property to attract more renters, such as replacing door handles and windows and repainting walls, floors, and kitchen fittings, as small changes like these can make a huge difference in the eyes of a homeowner.
Safety and Security
Understandably, everyone wants to feel safe in their home. Most people wouldn’t choose to rent a property in an area with a high crime rate, so location and safety often go hand in hand, as well as the area’s crime rate. Having this said, renters need the reassurance of a working security system with alarms and sturdy locks on windows and doors.
A pet-friendly property is a big priority for pet owners looking for a long-term home. With less than half of the rental homes advertised as pet-friendly, owners can stand out if they allow furry friends. This encourages potential tenants to stay for longer.
Naturally, the decision over whether or not you permit your tenants to keep pets will be personal, and there are pros and cons to doing so, but remember that this can be a deal breaker for many prospects.
The perfect property is subjective and may vary depending on the targeted tenant's preferences and needs. You can attract long-term tenants by meeting basic needs, enhancing your investment's value and profitability.
A property manager can inform you of what tenants are looking for so you can stay updated with the trends and provide as much tenant satisfaction as possible.
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