Finding good rental housing can be difficult. When renters are looking for somewhere that they can call home, they will be looking for places that have certain characteristics or perks included. These amenities that tenants are looking for will make a renter’s life easier and oftentimes provide renters with a better quality of life.
Homes that have these amenities are more likely to get rented out quickly and can attract a greater rental income. What are the types of amenities that renters are looking for in their homes? These are five common considerations for renters when they are hunting for a new house to call home.
1. Good Location
The location is arguably the most important feature of any property. If your property is situated in the right location, you can command a much higher rental price even if your property isn’t the newest or nicest on the market.
People are much more willing to compromise on other amenities such as square footage, age of the home, appliances included in the home, etc. if the property is in the right area for them.
Think about any areas that are close to the center of a large city. People are far more willing to pay higher prices to be in the center of the action. This will put them closer to work, grocery shopping, as well as entertainment.
Think about the proximity of the property to workplaces, outdoor spaces such as parks, as well as other local amenities such as grocery shops, good schools, doctors clinics, and transportation links.
Keep in mind that location is one of the few things that you will be unable to change about a property. When it comes to buying an investment property, this should be one of your top considerations. It might be more expensive to acquire a place in a city, near a university, close to public transportation, etc. but it will be that much easier to rent out because of its proximity to popular locations.
2. Safe Neighborhood
A basic human need is to feel safe in one’s own home. When it comes to finding the perfect property that will attract renters, you will have to research the local crime rate and other relevant information. You can find local crime stats online.
If you are looking to invest in a rental property in a specific area, it is a good idea to speak to local residents and find out how safe they feel in their own homes. Additionally, a property management company in the area can give you great insight to the community and help you down the road if you intend on taking a more hands off approach to managing your tenant.
Think about the type of people who will be renting from you. If they live alone or have young families, safety will be very high on their list of considerations. Like the location, the safety of the neighborhood your property will be in is not something that you can change later on, so keep this in mind when purchasing a property for rent.
Additionally, you could help ease your tenant’s minds by installing safety features in your property. Good locks and intruder alarms will give your tenants a sense of safety that the neighborhood might not.
For tenants with cars, a place to park is essential in a rental. For safety and ease of access, off-street parking is often the most desirable choice, so most tenants are attracted to the idea of having a driveway or garage.
In suburban areas, parking is generally easier to come by and presents less of a risk of theft or vandalism. Tenants may be happy with on-street parking in these areas.
In more urban areas, parking presents more of a challenge. If there is not a designated parking spot that accompanies your property, you should try and find one for your tenants or source other parking options. If the parking situation is too far away, too expensive, or just too difficult to deal with, it may be a deal breaker for tenants with cars.
4. In-House Washer and Dryer
One thing that most tenants find useful is a washer and dryer. This will save them from making trips to the laundromat and instead provide them with the convenience of washing their clothes from the comfort of their own homes.
As tenants move from place to place, they seem to acquire many physical possessions and value properties that offer space to store everything. When renting out a property there’s no such thing as too much storage space. Although storage options don’t need to be huge, it’s a good idea to have multiple so tenants can store things like clothes and food in different spots.
These amenities and more add value to your property. Not only will it be easier to rent out a place that offers a variety of perks, but a higher rent can be charged. It’s in your best interest as a property owner to make your property as attractive and comfortable as possible for potential tenants.