What Tenants Look For In A Property

An excellent tenant is someone who pays their rent on time. Is respectful of the property, and has a long-term lease. Attracting and retaining high-quality tenants is the key to your success as a landlord. This is What Tenants Look For In A Property when buying real estate.

Since most landlords know what qualities make an ideal tenant. The landscape can be fairly competitive when it comes to finding these tenants.

If you’re looking for a way to boost your chances of finding an excellent tenant. Take a look at these features that can help your rental stand out from the rest.

What Tenants Look For In A Property When Renting or Buying

1. Location: The Main Thing Tenants Look For In A Property when buying or renting

Just like with any business, location can have a big impact on your revenue. Great tenants look for a property that is close to their employment, as well as grocery stores, restaurants, and community parks.

It’s all about lifestyle quality. Great tenant is often willing to pay more or overlook less desirable aspects of the rental unit if the property is in a great neighborhood.

2. Safety and Security

Safety goes hand-in-hand with location. A safe environment is a powerful motivator for great tenants. If you’re worried that your car or home is going to be broken into, it can be hard to sleep at night.

Therefore, researching crime statistics is an essential step to take when you’re considering purchasing a new property in an unfamiliar area.

3. School District

Along with location, a high-quality tenant might consider the area’s school district. For tenants with school-aged children, the school district is a major priority.

Every parent wants the best for their children, and a quality education is at the top of many parents’ list.

Even if a tenant does not have children, many tenants view the quality of the school district as an important predictor of neighborhood quality.

Therefore, it is a factor that’s likely to be on any tenant’s radar who’d like a long-term home.

4. Parking: What Tenants Look For In A Property when renting

Nobody wants to drive around for hours looking for a parking spot, especially if they have a bundle of groceries and melting ice cream in the car.

If your property is located in a suburban area, there may be plenty of parking available on the street. However, in the tight spaces of an urban environment, parking is an important consideration.

If you can’t offer off-street parking, try to direct tenants to a parking garage within five or six blocks of the property.

5. Move-In Ready Condition

Repairs in units or common areas are disruptive and annoying. If a property requires painting, carpeting, or cleaning, it could turn off an excellent prospective tenant.

Before showing the property, make sure that all the necessary repairs have been made. The first impression that a tenant gets from the property will likely persist in their mind, and you’d quickly lose their interest.

6. Appliances Included: This is What Tenants Look For In A Property

A homeowner expects to pay for appliances and their upkeep, however, a tenant who is renting a property does not.

A tenant would not want the added hassle of having to purchase large and costly appliances that they may not need for a future rental or be responsible for if they break.

New appliances are especially attractive to tenants, because it means there is less likelihood of the appliance breaking down at an awkward time and having to coordinate repairs.

7. Upgrades and Renovations

It’s the little details that can make a house feel like a home. Strategic upgrades like stainless steel appliances and hardwood flooring can help attract a higher quality of tenant.

Renovations in the kitchen and bathroom are especially appealing to tenants. Even simple upgrades like a new kitchen back splash or updated cabinet hardware can make a big impact.

If you live in a warmer climate, installing central air conditioning is often worth the expense. The more a place feels like home, the longer an excellent tenant is likely to stay.

8. Age of Property: What Tenants Look For In A Property

It’s worth repeating that tenants want to avoid the hassle of tiresome repairs. Oftentimes, 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 a property that is older, it doesn’t mean that you are out of luck. By properly maintaining your property, making the necessary repairs, and keeping it clean, you can still attract excellent tenants.

9. Open Floor Plan and Storage

Open floor plans and adequate storage space have a way of making square footage seem a lot larger. This might mean removing an unnecessary wall, or providing a closet in the bedroom.

Alternatively, you can offer storage outside of the unit itself perhaps within a basement or outdoor storage shed. It’s important to offer tenants the option to store large and seasonal belongings, like bikes and skis.

This will go a long way by giving the tenant more space within their home to move about and entertain guests, creating a more enjoyable living experience.

10. Outdoor Space

A private backyard or balcony is an incredibly attractive value add to urban dwellers. Is a great way to differentiate your property from a similar one down the street.

If you can provide a small space to enjoy sunshine and fresh air. You’ll be able to attract more tenants which gives you ample opportunity to select the very best, and possibly charge higher rent.

11. A Cooperative Landlord: This is What Tenants Look For In A Property

In an ideal landlord-tenant relationship both parties should be courteous, cooperative, and respectful.

If you set an expectation or make certain promises, such as updating the kitchen cabinets. In order to sweeten the deal to attract a good tenant, then you need to be sure to follow up on your promise.

Good tenants expect that you will keep your end of the bargain. Just as they plan to, and breaking their trust may have them looking for another place.