We all want renters for our vacant units but according to a survey, the number of rental units will have crossed 46 million by next year. Indeed, this means there will be a lot of opportunities out there but the question is, how do you tap into them with this much competition? You start by providing renters with what they want the most.
Because the competition levels in the rental industry are fairly high, it is even more important for you to gain that edge, and you can do this only when you have what is most wanted from you: Updated, well maintained properties and lower rental rates.
Recently, a survey was conducted, that highlights things renters find attractive. Let’s take a look at the stats and recommendations.
Location is of Prime Importance
The survey points out that renter’s consider three things as the most important when they are searching for rental units. Location is the most significant factor and was recorded by nearly 33% of renters. This was followed by unit quality, which 27% of the people stated as important. The third spot was filled by price. So what do we learn from this? Rents are important, but more than that, you should have units in attractive neighborhoods and maintain them regularly from both the inside and outside.
Offer Features that Attract Tenants
Now that you have updated your unit and it is in a well maintained condition, what do you have to do next? Time to offer your renters other features that will make them want to sign a lease with you and not any other landlord. Make sure your lighting and appliances are more energy efficient and upgrade your flooring. Yes, home improvements do require you to invest money, but they can provide you with better returns in the long run. You will have to spend money upfront, but you will be able to earn all of it back with better tenants.
Improvements are not the only thing required from you as a property manager. You must try to nurture a good relationship with your tenants and communicate effectively with them. Provide them with more flexibility by allowing them to keep pets or decorating the unit as they wish. You can increase the security deposit to compensate for this.
Take our advice and before long your rental units will be filled with good tenants.
