Investing in property and becoming a landlord can be a great way for you to pay your bills. However, in order to be successful, you need people who want to live in the apartment or house you’re renting. You won’t have to hit all the items on your potential renters’ wish-list, but it’s always beneficial for the landlord to have as many desirable features as possible.
If you’re a landlord looking to improve the space you rent, here are a few simple suggestions to gain more renters.
Know Your Audience
Knowing your audience is important because it can help you tailor features to those most likely to rent your place. This will be the key for making your space more desirable.
For example, 44% of home buyers look online for properties. The same can be said for young renters looking for a new home. This means it will be incredibly beneficial for you to post a listing of your space online for people to view.
Highlighting online pictures can be a great way to gain interest. For example, antique items and old features like styled wallpaper are not going to sell as well with younger folks. But on the other hand, a more modern, updated space would attract a wider pool of applicants.
You should also take your property’s location into account. If the property is in the heart of the city, you’ll be much more likely to attract those young renters. Keep this in mind when you first buy the property. If you would rather have older buyers or small families, investing in suburban properties might be more in line with your goals. Tailoring your rental to the audience is key in growing your number of potential renters.
Invest in Green Spaces
Having a yard is desirable for the majority of Americans. Some 90% of Americans prefer to live in a home surrounded by a grass lawn. It doesn’t necessarily have to be acres of land, but having a place for kids to go outside and play will help you find renters.
Additionally, many young folks enjoy being able to garden. Providing them land to garden on will attract those who wish to live a bit more self-sustainably.
Not only that, but more than 70% of apartment renters own pets. Having that extra space in a yard is going to be an advantage for renters with pets. Renters will be looking for that backyard space to put up a line for the leash and let their dog be outside for a while. Recommending a lead will also prevent you from having to invest in expensive fencing, though this feature will also appeal to renters. Which brings us to our next tip:
This is something a lot of landlords do not do but it’s a huge limiting factor when it comes to widening your applicant pool. When 70% of renters have pets, this is a market that you simply can’t afford to miss out on.
While the financial reasoning behind it is valid, you are limiting the number of people who can apply by a wide margin. Luckily, pet fees can help pad your discomfort since these additional costs can be used to cover damages when the renter moves out. If you’re hoping to attract more potential renters, consider allowing pets.
Though these are just a few suggestions, they’re good stepping stones for those who want to make their property more appealing. The key is knowing who your renters will be and preparing a space with them in mind.