When most investors evaluate potential rental properties, they focus on the bottom line. They look at property conditions, market rental rates, and the anticipated financial returns. These are crucial items to consider and should not be overlooked. However, there are other items to consider. So, what do tenants want?
Ready to net those great tenants? Provide these three things and you’re sure to have an easier time.
1. Good, off-street parking
Property can come with all of the bells and whistles possible, but without adequate off-street parking for all tenants, rental units may take longer to fill. From a tenant’s perspective, finding street parking can be tedious and daunting, especially during the winter months. If they are deciding between a rental with parking and a rental without, they may just settle with the latter!
If the potential investment property offers limited off-street parking, this could be a way to maximize profits. Consider charging an additional monthly fee to tenants who desire that luxury!
2. A convenient place to do laundry
Laundry is already an obnoxious chore to carry out each week. Imagine having to cart it to your car or having to walk it down the street each week!
To attract those well-qualified tenants, find a way to provide laundry on-site. Coin-operated machines are VERY common and can be another great way to earn income on your property.
3. Nice neighbors
Are good neighbors something we all want, whether we’re homeowners or tenants? Being surrounded by well-kept buildings and approachable neighbors can make or break their decision. A stunning apartment surrounded by questionable properties can take longer to fill. First impressions are everything. It’s especially true in a rental-saturated market. While acquiring good neighbors isn’t within your control, it is something to take into consideration!
Lauren Harrison is an experienced property manager. She recently joined the Crane Realty team under our sister company, Stafford Property Management. Reach out to Lauren today if you have any questions about how she may be able to help you manage your rental properties.
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