8 Tips to Attract Tenants and Increase ROI for Your Rental Property
Renters want a lot of things when it comes to apartments and rental homes. Some wants, though, will affect whether they choose one rental property over another. As a property owner, offering the right perks can convince potential tenants to rent your property. The following list covers both the nice and the necessary sides of the equation, helping you attract and keep more high-quality tenants.
If you want to increase rent or attract new tenants, invest in updated appliances. An ancient oven or refrigerator drives off potential tenants and consumes a lot of energy. Because of that, prioritize energy-efficient ranges and refrigerators. If you can, also add an in-unit washer and dryer. Few tenants enjoy taking their laundry to a facility; they’d much rather wash and dry their clothes in the privacy of their homes.
2. Customer Service
Ensure that renters enjoy living at your property and receive an exceptional experience by employing online management tools. These applications allow tenants to pay their rent online, as well as submit repair requests. Communication goes a long way toward preventing frustration. Make it easy for tenants to contact you online or over the phone, and consider getting a phone number specifically for renters to contact you in an emergency.
3. High-Speed Internet
Tenants care about work-life balance, and this means they need a strong internet connection. A growing number of employees in the workforce spend some part of their job working remotely, meaning a reliable connection allows renters to complete work efficiently without commuting to the office every day. On top of the work benefits, providing your renters with a reliable connection helps them enjoy downtime to stream TV or play online games.
Location matters to renters as much as it does to future homeowners. Research attractions around your property according to different demographics of possible renters. Families will want to know where parks, libraries, and movie theaters are located, and some renters may be interested in bars, clubs, sports leagues, and other events spaces.
Also, listing what transit options exist to reach these locations or urban centers can highlight the convenience and appeal of your property. Public transportation, especially in urban settings, affects commute times and walkability.
Keeping up on maintenance provides your renters with a safe environment that won’t leave them in a bind when something breaks, and making any maintenance issue a priority will attract and keep more tenants at your property. And when you do handle maintenance issues, let the tenant know if there will be a delay in finishing the repair. Anything you can do to improve the landlord perception with prompt, courteous service is a good thing and rewards you with happier tenants and fewer turnovers.
Though you may dislike the idea of allowing pets at your rental property, consider this fact: nearly 70% of American households own a pet, usually a dog or cat. If you refuse to admit pets, you could be losing a large number of potential tenants. If you worry about property damage, safeguard your rental by requiring pet deposits. Giving your tenants the option of having a pet could persuade them to choose your property over another.
Modern properties often attract renters, but all is not lost if your property dates back twenty or thirty years. Simple updates can make your property instantly appear more desirable. And while renovations can be costly, setting a budget and listing out all possible renovations can help you prioritize where to start. Write down everything you could possibly replace or renovate, from flooring and appliances to bathroom remodels and storage space. Then, focus on refreshes that increase convenience and comfort, like updating kitchen storage, installing new bathroom fixtures, or adding a fresh coat of paint.
8. Smart Home Technology
Renters expect a property that can feel like a home to them, somewhere they can feel safe. Investing in smart home technology allows tenants to protect themselves and their belongings and for you to protect your property. Smart locks and security systems keep intruders out, while smart sensors and detectors can save your property from water or fire damage. You can also add smart devices like thermostats and lighting to keep utilities low. Tenants will often pay higher rent to experience greater comfort, security, and convenience.
In the end, just treat tenants how you would want to be treated. Using these tips and providing the amenities that add convenience, comfort, and safety to your property result in higher quality tenants and increased revenue.