What do Tenants 𝘳𝘦𝘢𝘭𝘭𝘺 Care About?

Question

Within the next year, I plan to purchase my first rental property. My goal is to buy a SFR with a tenant's wants/needs in mind. When it comes to renting, I know the characteristics I tend to look for in a property, and am curious if they are representative of the broader tenant population.

When it comes to marketing to prospective tenants, other than location & price, what are some qualities in a property that really seem to impact whether or not they decide to rent? Some examples:

(i) Is limited guest parking a turnoff for potential tenants, or is this something you find they tend to care about after they are months into their lease?

(ii) Do older tenants tend to renew their leases more often with properties that contain extra store/garage space?

(iii) What about the exterior appearance of a property, does something like power washing the driveway really make a difference in generating market rents?

In other words, when surfing Zillow or Realtor.com for new deals, what are the things that make you say to yourself, "This property would be very easy to rent, vacancy would not be a problem with this."

Bjorn Ahlblad · Answer

@Jack Amheiser Welcome to BP! I think safety and security rank high. Storage and convenience; no narrow hallways. Garage parking, walkability. Lots of natural light in the unit.

Steven Foster Wilson · Answer

What I like to do is get on Facebook and do a poll in the local area that my property is located. I always get great feedback from the people on there at different things that they’re looking for in  their rental and things that will make my property rent for more.

Steven Foster Wilson · Answer

I like all of those points. I know we have also done tenant reviews. That has really helped me. On one of my properties I did the review with my tenants and they suggested getting a fence. I did it, I have had no problems renting it out since,

Theresa Harris · Answer

Buy a place where you'd live.  Make sure it is in a safe area, it is clean and in good condition.  Also think about the type of tenants you want as a young family may want different things than empty nesters.

Zachary Inman · Answer

Welcome! Good listing photos are your best friend. If you get them to fall in love with the unit before they even visit it, they will be looking for reason to like it instead of a reason to not.

Also, bathrooms and kitchens are the highest "roi" areas to update/clean. It makes the whole unit come together and gets higher rents.

Ron Brady · Answer

@Jack Amheiser

2 thoughts:

1. We buy and rent out places where we would want to live, were we residents.  We also furnish our rentals and thus we also furnish and decorate them in our style, but we think the point still matters. We do this to seek residents who share our tastes and style and priorities as we reckon it makes our managing the place easier because we have some sense of what our residents want. It also creates a quality threshold that we have to meet.

2. #1 notwithstanding, we've not been tenants in decades and thus we're very humble about trying to determine what tenants may actually want. We start from the premise that we really have no clue because that has not been our recent experience.  Engaging in this intellectual exercise, we think, helps us to try to listen and better and ask our residents clarifying questions when we interact with them.  Also, on this, love @Steven Wilson's idea to use Facebook to see what potential tenants are seeking.  Yes, this may be doing too much for many, but it's what works for us.

Hope this helps. Best wishes!

Jonathan R McLaughlin · Answer

@Jack Amheiser surprised it hasn’t been mentioned yet:

Cleanliness

“New” feeling: things like fresh paint, sparkling clean appliances

Bathrooms

unscuffed surfaces etc.

Rick Albert · Answer

Think about who your ideal tenant is and work backwards. For example if your ideal tenant is a young working professional, then think about cool amenities. If you are near a school and you are thinking families, then think about a good kitchen and backyard.

Of course you are not going to discriminate on who your ultimate tenant is, but at least it can give you a direction of where to go.

John Matthew Johnston · Answer

@Jack Amheiser

Midsize Ranch(so if you have a plumbing leak it doesn’t destroy your house, also serves the older generation)

Natural light

Stainless steel appliances and granite( it really doesn’t cost much more to upgrade the finishes and it sets you apart from other rentals)

Lighting( recessed or nicer pendants)

Bathrooms and kitchens( spacious and nice finishes)

Always location(safety, better tenants)

Dwayne Poster · Answer

Location, price, privacy, security.

What do Tenants 𝘳𝘦𝘢𝘭𝘭𝘺 Care About?

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