8 Tips For Lease Tenants And Investors
The desired attributes that a renter is looking for from a rental house are the same attributes that an investor should be looking for in a potential property.
This list compiles the top 8 things a tenant and an investor should have on their radar when choosing a property. These factors attract tenants and make great investments.
1. Location Is Key
Location is usually first and foremost on a renter’s checklist, and location will significantly impact your revenue as an investor. Great tenants look for a property close to their employment, grocery stores, restaurants, and community parks. A tenant is often willing to overlook less desirable aspects of the rental unit and pay more if the property is in a great neighborhood.
An hour-long commute to work or going out of their way to find a nice dinner can be a deal-breaker for tenants looking for a long-term place to call home. A desirable location attracts quality tenants and allows an investor to receive a higher rent payment.
2. Safety And Security
As you know, safety goes hand-in-hand with location. Safety is a powerful predictor of the property one chooses to live in or rent. If, as a tenant, you’re worried that your car or home will be broken into, and if, as an investor, you’re concerned about who will want to rent your property in a bad part of town, it can be a lose-lose situation.
Take the time to research crime statistics when considering a property in an unfamiliar area. Installing an alarm system or security features for your existing rental properties can be a cost-effective way to make tenants feel secure and safe in any neighborhood.
3. Check For Parking
If your property is in a suburban area, plenty of parking may be available on the street. However, parking is important to consider in the tight spaces of an urban environment. Most people don’t want to drive around for hours looking for a parking spot, especially if they have kids or frozen groceries in the car. As a tenant or investor, check out the parking situation to know what you’re getting into.
4. Make It Move-In Ready
Before putting your rentl property on the market to lease, make sure that all the necessary repairs have been made. If a property requires new flooring, painting, or cleaning, it could turn off an excellent prospective tenant. A wrong first impression of a property will likely stick in their mind, and a tenant can quickly lose interest.
Additionally, if the property is in poor condition, this lets the tenant know that they can expect more of the same attention upon move-in. A clean, well-maintained, move-in-ready unit sets the expectation that the tenant will maintain high standards of cleanliness and maintenance and that you’ll provide it.
5. Appliances And Renovations
A homeowner expects to pay for appliances. However, a tenant renting a property does not. New appliances are especially attractive to tenants because they are less likely to break down at an awkward time and have to coordinate repairs. And as an investor offering quality appliances means less maintenance on their to-do list and fewer headaches.
6. Upgrades And Renovations
The little details can make a house feel like a home. Strategic upgrades like stainless steel appliances and hardwood flooring can help attract high-quality tenants. Renovations in the bathroom or kitchen are especially appealing to tenants, and even simple upgrades like upgraded cabinet hardware or a new kitchen backsplash can make a significant impact. Remember, the more a place feels like home, the longer an excellent tenant is likely to stay.
7. Age Matters
It’s worth repeating that tenants want to avoid the hassle of tiresome repairs. Often, this means they will look for newer properties with newer plumbing, electrical, and HVAC systems that are less likely to break down and require repair. If you already own an older property, it doesn’t mean you are out of luck. You can still attract excellent tenants by correctly maintaining your property, keeping it clean, and making the necessary repairs.
8. Be Good To People
In an ideal landlord-tenant relationship, both parties would be cooperative and courteous. As a landlord, being dependable, fair, and respectful goes a long way. Offer your tenants the care you would wish to receive if you lived in a rental property. And for tenants, offer your property owners the same respect and understanding that you want a tenant living in your property to show you.
Living Houston Offers Specialized Assistance For Lease Listings
If you require assistance with renting a place to live or investing in rental properties, contact Living Houston. Living Houston has agents who specialize in lease listings. An exceptional REALTOR® who understands the ins and outs of the lessor and the lessee can be a significant asset.