If you think finding good tenants is tough, perhaps it’s time to consider the amenities you are offering (or not offering). By adding just a few small things, you may be able to increase your ability to attract better quality tenants. This article explores numerous options for attracting tenants. I hope you find it helpful:
Renovate your apartments to meet what tenants want in a rental. Find out the top 10 features that tenants want in a rental to demand the highest rent.Renovate your apartments to meet what tenants want in a rental. Find out the top 10 features that tenants want in a rental to demand the highest rent.
Owning investment property is a numbers game. Having high turnover is not only costly for cleaning and maintenance but also in lost rent. A key is to not only attract quality tenants but to retain them. If you own a campus property, maybe you consider renewing leases in February, so your tenants have peace of mind that they will have a place for next year. If you own non-campus properties, maybe you offer new carpet or new interior paint with a newly signed lease.
The possibilities are unlimited. The article lists these ten things as what tenants look for in rentals, and there are always more.
Top 10 Tenant Wants
- Washer & Dryer
- Air Conditioning
- Storage Space
- Stainless Steel Appliances
- Open Floor Plans
- Energy Efficiency
- Outdoor Space
The top common desires include the ability to keep a pet, extra storage space, and parking. In-unit laundry is a big draw for tenants:
On the top of a tenant’s list of wants in a rental unit, laundry facilities are the #1. We all live busy lives and the last thing a tenant wants to do is to have to haul their clothes to a nasty laundromat. If you want to hit the jackpot, install a washer and dryer within the unit – or at least the hookup for one. If the unit lacks the space or it does not fit in the layout, consider creating a laundry room. Installing pay-per-use machines is a nice way to create a little increase income and offset the additional utility costs.
Offering the amenities that tenants are looking for will keep you on top of the rental market. Listen to what people are saying, and be creative. Good tenants are worth finding and keeping.
A good commercial broker can help you understand the best options for capturing tenants and higher rents. The professionals at Pacwest Commercial Real Estate are Eugene multifamily and student housing experts. Call us today if you would like to discuss this further at 541-912-6583.