Any property investor knows that getting tenants and keeping them are tricky. Property that goes unoccupied for too long can more or less be considered a dead investment. At that point, investors should do an in-depth analysis to diagnose the problem. It is important to find out if there is anything they can do to attract new renters. So here are a few things that tenants look for when scouting for property.
Tenants Want Safe Neighborhoods
Safety and security is an important concern for most, if not all, potential renters. The area should be well-lit and more or less crime-free. In fact, many would-be renters go online to check if potential properties are in a high-risk area with regard to crime.
Some investors, especially those who own high rises in high-crime areas, have to make up for the property location to attract tenants. This is achieved by installing cameras and hiring security personnel to make potential tenants feel at ease.
Renters Prefer Affordable Units
Why spend an arm and a leg on rentals when one can get a unit for less? Tenants rent based on their budget. Therefore, many renters will pass on property that they like if the price tag is too rich for their current budget.
This can cause problems for many investors. However, there is a way around it. The property management firm might be more selective when showing units to would-be renters. They may attempt to offer pricier units or houses to renters who would rather spend more for quality property.
Tenants Need Accessibility
How near is the rental to a potential tenant’s place of business? Is it close to schools, hospitals and shopping centers? These are legitimate questions that investors should consider before coming up with a rental price.
Accessibility is the reason that many substandard units sell like hotcakes. If it saves a renter gas money, he or she is less likely to pass it up.
Some Tenants Prefer Pet-Friendly Rentals
Pets are family too. This is why many potential renters would rather pass up an affordable unit in a safe neighborhood if pets are not allowed.
A wise investor will choose to allow furry tenants for their rental units, as this will attract more potential renters. This is a smart business move, especially if the unit is priced affordably.
Whitetail Properties can help investors lease out their rental property. Schedule a meeting today to learn how our firm can assist you in gathering more potential tenants.