Last Updated on October 21, 2023 by Kelvin Nielsen
Having a quality tenant is on every landlord’s wishlist. A quality tenant is who, among many things, pays rent promptly, cares for your property, and rents long-term. Indeed, such a tenant can go a long way in making your real estate career smooth and, yes, lucrative.
However, getting a quality tenant isn’t as easy as pie. This is owing to the stiff competition for such tenants by landlords who equally want to be successful. But if you know what tenants look for in rental properties, you can get far ahead in the competition.
Basically, tenants want an apartment located in an ideal and secure place. Other things they consider include the condition of the house, storage, appliances available, and more. Let’s dig deeper.
Location
Location is every tenant’s mantra. If your rental property will generate you a decent income, it has to be in an ideal location.
So, what is an ideal location?
Broadly speaking, a location is ideal if it has grocery stores, restaurants, public parks, and other amenities nearby. In addition, tenants want to live in a place that’s close to their work and with a good school district. Location directly impacts your revenue. So, before purchasing an investment property, do your due diligence.
Safety and Security
Inasmuch as your property ticks on all the boxes, poor security will be a deal-breaker. Tenants put their security first and they’ll rent your property as long as it looks safe.
Enhancing security in your rentals doesn’t have to cost you a fortune. You can do any of the following:
- Install proper lighting both indoors and outdoors.
- Add deadbolt locks and chain locks on doors.
- Secure windows using locks and bars.
- Install security cameras in common areas.
- Install an alarm system.
- Hire a security company.
While it’s possible to improve security, it’s in your best interest to buy in a secure location. If the area of your interest is unfamiliar to you, research the crime statistics before signing on the dotted line.
Sufficient Storage
For families and renters with a long renting history, storage is imperative. This is basically because they have a lot of stuff they have purchased over the years. Luckily, by making a few twitches, you can create sufficient space. Think of the following:
- Adding storage closets in select areas.
- Adding a basement locker.
- Converting ‘dead’ areas in walls to storage spaces.
- Putting up a lockable shed in the backyard.
- Utilizing the space in the attic.
- Curb Appeal
Many landlords dismiss curb appeal as non-essential. After all, tenants are only after a clean property that’s secure and affordable, right?
While that could be true in some instances, quality tenants want to live in quality places. And a quality place proves its worth right from the curb appeal. You don’t want that dated and unkempt outside look to turn away quality tenants. Spruce it up by doing any of the following:
- Painting the walls afresh.
- Cleaning the roof and getting rid of dead moss.
- Pressure washing and cleaning the exterior.
- Mowing the front and backyard.
- Getting a modern mailbox.
- Upgrading to modern outdoor lighting. Remember, even the look at night matters.
- A Move-In-Ready Condition
Tenants, especially those who want to move in soon, want a move-in-ready house. If it’s clear that the property needs repairs, painting, or cleaning, that could be a turn off. So, before setting a date for the showing, ensure that all repairs and other fixes have been made.
A move-in-ready apartment also helps you set standards on how you want the tenant to treat your property. If everything looks well-tended from the word go, they’re likely to keep it in the same condition. That way, you’re unlikely to do a lot of repairs or quarrel with them over their security deposit.
High-Speed Internet
In the information era, internet connection is almost a basic need. Whether it’s for leisure, study, or work, a steady internet connection is a must-have for the modern-day tenant.
While internet is dismissed as a requirement for the urbanites, factor it in even if you’re based in the countryside. The tenants there, too, crave fast download speeds. And, after all, installing and paying for internet won’t cost you a fortune.
Pet Friendliness
America ranks as one of the most pet-loving continents. In fact, according to Firepaw, 75% of American renters keep pets or would love to in the near future. And with the COVID-19 outbreak in 2020, this number has gone up to around 85%.
With that in mind, if you allow pets in your rental property, you can get more renters. And getting a bigger number of tenants isn’t the only advantage; pet owners tend to rent long-term. You, however, want to enforce a pet deposit should the pets cause notable property damage.
Washer and Dryer
Laundry facilities are at the top of every tenant’s priority list. And understandably so, after a tiresome week, carrying a bale of clothes to the laundromat can be a hassle. What the tenant wants is to clean the clothes at their convenience.
Given that condition, installing a washer and dryer can make your property more desirable. If space is limited, you can create a laundry room and tenants can pay per wash. Pay-per-wash machines can create you a little income and offload tenants the additional utility costs.
Air Conditioning
Tenants consider air conditioning imperative. This is particularly so in states such as North Carolina, Florida, Hawaii, and others which are usually hot. Lacking air conditioning in such areas can be a deal-breaker.
While most landlords think that air conditioning will dent their pockets, it doesn’t have to. What you want to ensure is that the A/C is wired to the unit. That way, your tenant will be responsible for the daily costs of running the air conditioner.
Knowing what tenants look for when renting is key to running a successful landlording career. Whether you are a landlord already or a prospective one, the above tips should work out for you. Landlording isn’t as complicated as some people may think. All it calls for is strategy!
Hi, I’m Kelvin Nielsen, an experienced landlord and accomplished real estate lawyer. My focus is on answering your questions about renting in the hopes of making your life as a renter or a landlord a bit easier.