If you’re considering renting out a home, it’s important to understand which features can increase your chances of finding a good tenant and help your rental stand out from the crowd. You should think about the following features first:
The quality of your tenants, and thus your revenue, is often influenced by their location. Be mindful of factors that are critical to tenants when you study potential rental property locations. If the property is in a nice area, a great occupant is willing to pay more or ignore less desirable features of the rental unit.
Key features that attract great tenants include school and community quality (which often go hand in hand), walkability to grocery stores and parks, and proximity to major employers (no one likes a long commute). A real estate agent will assist you in locating the best rental communities and residences.
Property near public transit and major highways are easier to rent. Most people do not spend their days at home and prefer to have quick access to routes that get them to work, shopping, and entertainment.
There is plenty of parking available.
Off-street parking is needed in some areas for rental properties. And though it isn’t, it’s a desirable attribute that attracts better tenants. In an urban setting, this might be more difficult to come by, but you can always look for a property with a parking garage within five or six blocks.
If the building has multiple units, it’s even more convenient if each unit has its own set of utilities. You won’t have to break down these costs yourself, and you won’t have to think about whether you’re charging tenants reasonably or shouldering the cost yourself.
Exceptional School District
If your tenants have children, the school district’s quality will most likely be a top priority for them. Quality teachers, schooling, and social events such as sports and other after-school programs are all part of this.
Safety is paramount
Tenants want to know that the property has a functioning protection system with locks on both the windows and doors, as well as low crime rates in the area they are considering.
Presence of Natural Light
Natural lighting helps rental properties appear brighter, so tenants sometimes search for it unconsciously.
For a homeowner, moving into a rental is a new beginning–make the property feel as new as they do! Tenants do not want their new home to appear to have been occupied previously. If you want to attract better residents, consider renovating the kitchen or bathroom, or adding new stainless steel appliances, hardwood floors, or quality carpeting to the apartment amenities list.
As you can see, owning rental property has financial as well as personal benefits. Naturally, any real estate investment entails some risk. It’s no different for rental land. There are, however, ways to reduce these risks, especially those associated with renting to bad tenants.
The best thing you can do to protect yourself and your property are to implement a rigorous tenant screening process. Checking a tenant’s credit, criminal, and eviction history with a landlord credit check gives you a complete picture of who they are, their willingness to pay, and whether renting to them is a risky step. When evaluating a rental applicant’s background, you should have a clear idea of what information should worry you and what information should be a deal-breaker.