When tenants are searching for their next home, there are defined features that they almost always seek. Some you can’t change – such as location – whereas others, such as amenities within the home, you can.
Here, we review what tenants look for in a property – those essential features and amenities that always top the list:
- Location
- Renovation
- Floor plan
- Parking
- Appliances
- Air conditioning
- Storage space
- Natural light
- Outdoor space
Location is, of course, the most important factor – by far.
Location
Location is one of the few factors you cannot change about a property.
You should, then, conduct a lot of research before buying that rental. Think about nearby schools or how far the property is from all the action – entertainment, food etc. The better placed your property, the higher rental value it commands.
Of course, if you have purchased a rental in an amazing location, you have greater flexibility on what features and amenities the home has. Remember – buyers are more than willing to compromise on features and amenities if it means they benefit from an amazing location.
If your rental isn’t ideally placed, it may be time to consider upgrading the other features that tenants look for in a property.
Renovation
Renovations are an enormously powerful way to attract quality tenants.
When you purchase something in a store, it is fresh and new and (presumably) nobody has used it before. Tenants expect the same standards from your rental. Of course, tenants understand that the rental is likely to have been occupied before, but renovations serve to distract from that fact and focus their attention on newly integrated features and appliances.
Even though the rental is not new, tenants want to feel as if it’s their own.
Conducting some changes here and there, particularly in the bathroom and kitchen, can make all the difference.
Space and light
Space matters.
There’s no doubt about it. Tenants want space – and as much of it as possible. Of course, space is very much secondary to location, but that doesn’t mean it’s not worth considering.
If you can add space to your rental – do it. If that space is air conditioned, even better.
If you can’t, then think about ways that give the impression of extra space. Think about using natural light to your advantage. Use open-plan flooring wherever possible. Mirrors, too, reflect light and give the false impression of extra space. Use these devices to your advantage.
Tenants need space to store their possessions. If your rental is not gifted with space, think about ancillary structures – such as the basement, attic or garage – where that space could be used to your advantage as well as to the tenant’s advantage.
Outdoor space, even if it’s small enough to hold a barbecue, can make all the difference. While it may not be the number one amenity for tenants, it’s up there as it adds a social advantage which, when the weather plays nice, can make all the difference to their long-term living experience.
Parking
For tenants with cars, parking can become a deal-breaking issue.
If your property is in a suburban location, there should be no problem. Parking is more readily available – whether off-street or on-street. It generally does not become an issue unless the available parking space is far from the rental.
In urban environments, parking can become a major issue for tenants. If your rental does not come with a designated parking space, you could perhaps talk with your neighbor about the possibility of your tenant using that negotiated space.
If this is not possible and the only available parking space is 5-6 blocks away, there may be an issue. Tenants don’t want this type of convenience – particularly as they get to work via these means. They don’t want the hassle.
Final thoughts
What tenants look for in a property is the same as what we all search for – convenience, comfort and a place we can safely and happily call home. Apply the same standards to your rental as you’d expect your rentals to have.
Playing by this rule ensures that you can’t go wrong.
Triumph Property Management has helped hundreds of landlords locate the perfect tenants for their rental properties in Las Vegas. Take a few moments to learn more about our property management services and how we can help you maximize your rental’s income potential.