Planning to Rent Your Home in 2018? Here are 6 Trends Renters Will Love
Improve Your Chances of Landing a Reliable Tenant
With the real estate market unsure of what it is going to do in 2018, renting your home out can help you enjoy a sustainable source of revenue while at the same time solving someone’s housing problem. Of course, to secure a good tenant, you need to find ways to set your property apart from the competition.
To accomplish this, you need to know which of trends today’s renters actually want in their rentals. In this guide, we provide you with six different ways to make your rental property more appealing to a wider group of prospects.
Up the Tech
These days, renter’s expect their rentals to be up-to-date in terms of technology. Therefore, upgrading your property to include technological conveniences is a must. Some things you should consider adding include outlets with built-in USB ports, a home monitoring system, SMART thermostats, SMART smoke and carbon monoxide detectors, Wi-Fi Internet, and more. Not only will these attributes make your home more appealing, but they will also enable you to rent your home at a higher price.
The more benefits that a renter can get from a property, the more likely they will apply to be a tenant at that property. These “perks” help make the renter’s life easier, more enjoyable, and more affordable. Examples can include free Wi-Fi Internet, on-site laundry appliances, a landscaping company to handle the outside duties, and more. Anything you can do to “sweeten the pot” will place your property at the top of consideration lists.
Remodel the Kitchen and Baths
Remodeling the kitchen and baths in your home can be expensive, but according to U.S. News and World Report, they can pay off big in the home’s value. Even a minor kitchen remodel recoups about 80 percent of its cost, while an updated bathroom delivers at least a 50 percent ROI. Plus, with these areas new and improved, you’ll be able to offset some of the expense by pricing your rental higher.
Online Rental Applications
To get the most applications for your home, you should provide prospects with the convenience of submitting their application online. But, as beneficial as this is for your prospects, online applications also help you out.
Since the applications are kept in the cloud, you’ll never have to worry about misplacing one or being responsible for their sensitive personal information. As an added benefit, online applications are much more attractive to those prospects who care about the environment.
Offer More Communication Options
Millennials and baby boomers make up the largest portions of the rental market, so you need to be able to communicate with both groups. Baby boomers will call you if they have a question or concern, but don’t expect a call from a millennial tenant; this group prefers to communicate via text or email. By providing text and email communication options, you’ll find it much easier to attract young, high-earning professionals.
Most rental properties don’t allow pets, yet according to the American Pet Products Association’s (APPA) 2017-2018 National Pet Owners Survey, 68% of households in the U.S. own at least one animal. By allowing your tenant to have a pet, you will be setting your property well ahead of the competition. And of course, by accepting pets, you will also be able to charge higher rent and require non-refundable pet deposits. Just make sure you check with your local and state laws as some place limits on how much you can charge for pet deposits.
These six trends will be sure to get your property recognized by prospective renters in today’s highly competitive rental market. They will also help you attract more responsible and higher-earning tenants, thus reducing your risk and helping you achieve success as the owner of a rental property.