Tips to Attract Renters for your Rental Property

Top Features that Tenants Seek in Rental Properties: What to Add to Investment Properties to Attract Renters

As someone who works in real estate and focuses on rental properties, I often receive inquiries from investors regarding the key features that tenants find appealing. Knowing what tenants are seeking can greatly enhance the appeal of your property, decrease vacancy rates, and ultimately improve your investment returns. Here are the standout features that can set your property apart in a competitive market.

1. Location Matters

The significance of location cannot be emphasized enough. Tenants typically prioritize properties that are conveniently situated close to transportation, major roads, good schools, shopping centers, and job hubs. Proximity to parks, recreational facilities, and dining establishments also adds value. When searching for investment properties, always evaluate the location's appeal from a tenant's standpoint.

2. Safety First

Safety is a top concern for tenants. Properties in neighborhoods with low crime rates are highly desirable. Additionally, amenities like secure entry systems, well-lit parking areas, security cameras, and alarm systems can boost a tenant's sense of security and enhance your property's attractiveness.

3. Contemporary Facilities

Modern amenities hold strong appeal for tenants. These features include in-unit laundry facilities, updated kitchens with stainless steel appliances, dishwashers, and ample storage space. Properties that offer air conditioning, heating, high-speed internet access, and energy-efficient appliances are also highly sought after.

4. Quality Fixtures and Finishes

Quality fixtures and finishes play a significant role in influencing a tenant's choice. Using materials such as hardwood or laminate flooring, granite or quartz countertops, and modern lighting fixtures can enhance the appeal of your property. A fresh coat of paint in neutral shades can also create a clean and welcoming atmosphere.

5. Outdoor Spaces

Outdoor spaces, whether private or communal, are greatly appreciated by tenants. Balconies, patios, backyards, and rooftop terraces can be attractive features. In urban settings, even a small outdoor area can make a big impact. Well-maintained landscaping and access to green spaces can further enhance the overall charm of your property.

6. Pet-Friendly Policies

In today's world, where pet ownership is on the rise, implementing pet-friendly policies can significantly broaden your potential tenant base. Providing amenities like pet waste stations, a designated pet washing area, or easy access to nearby pet-friendly parks can be appealing to pet owners. Be sure to establish clear rules and mention any additional charges or deposits related to pets.

7. Energy Efficiency

Energy-efficient properties not only benefit the environment but also help tenants reduce their utility expenses. Including features like double-glazed windows, good insulation, energy-saving appliances, and programmable thermostats can increase the appeal of your property. Marketing these aspects can attract renters who are mindful of environmental concerns.

8. Parking

Adequate parking is a major consideration for many tenants. Properties with off-street parking, covered parking, or designated parking areas are attractive options. In urban settings where parking is limited, offering parking facilities can give you a competitive edge.

9. Storage Space

Ample storage space is a practical feature that tenants value. This includes closets, cabinets, and additional storage solutions such as basements or attics. Built-in shelving units and organizational systems can also enhance the value of your property.

10. Modern Building Amenities

For multi-unit properties or apartment buildings, amenities within the building can be a significant attraction. Facilities like a gym, swimming pool, clubhouse, shared workspaces, and concierge services can greatly increase the appeal of your property. Additionally, providing options for secure mail and package deliveries is becoming increasingly important.

Conclusion

In the world of real estate investing, success in rental properties goes beyond just the physical building; it's about understanding and fulfilling the needs of potential tenants. By prioritizing aspects like location, safety, modern conveniences, and thoughtful design, you can make your property more enticing to renters and ensure a consistent flow of rental income.

As a professional in the real estate field, I am available to guide you in identifying and incorporating top-notch features to enhance the appeal and profitability of your investment property. If you are contemplating investing in properties or seeking ways to improve your current rentals, feel free to get in touch with me. I am here to offer expert guidance and support to help you thrive in the market.

Contact Information: Ryan Erwin (609)707-0180 ryanerwin@kw.com rpeinvestment@gmail.com Empower Keller William Philadelphia (215)627-3500