What Makes a Rental More Appealing to a Tenant?

As investors, finding the right tenant is key to making your investment worth it in the long run. The right tenant will be able to make on-time rent payment, keep your investment home in good condition, stay in place longer and be in communication with you about needed repairs and maintenance. All making your investment more profitable! 

We all know that screening a tenant is one way to filter out the "bad seeds." But that only goes so far...so what can you do to help find the best applicants for your new investment?

Find the right neighborhood - we all want security in where we live. Educate yourself on the crime rates, schools, property values and convenience to local amenities. Finding the right location is key in any home you purchase, including rentals. It may cost you more up front but homes in good locations usually hold their value more, attract more tenants and in the end leave you with more to work with.

Setting the rental price - there are many ways to set your rental price - you can use the common method of researching what homes in the area are going for, adding and subtracting value based on the homes features and amenities. You can set the rent a little lower than the average to get a lot of applicants and dig through for one that qualifies and meets what you are looking for...OR you can set the rent a little higher than the average. This may take a little more time to get an applicant but as humans we tend to place a higher value on the more expensive things in life. It's our natural instinct to care for the more expensive items and this may lead to more satisfied tenants in the long run. 

The extras - we all love extra perks...if you are investing in an apartment complex or home, offer on-site laundry, the convenience of not having to go to the laundry mat makes for a much happier tenant. 

You - as a landlord be the nice one...we have all heard the stories about landlords that are unresponsive, take no action on repairs/maintenance, etc. If you approach these issues abrasively and come across as annoyed you are likely to get the same treatment in return. Offering your tenant your best you are more likely to get the best from your tenant. 

The Home - when you are in your personal home I am sure the kitchen and bathroom are the main focus - we all want enough storage in both, we want to feel like they flow easily, like they function well. If you can afford to do so update these two rooms. Not only will it make your tenants happier, you may be able to get more rent out of your investment as well!

The Outside - we all love curb appeal - our first impressions are often lasting. I can't count the number of times I have taken clients to see homes and the home itself checks all the boxes but they just couldn't get past how they felt when we pulled up to the home. Make the outside inviting to the inside. Make your prospective tenants feel proud of the home they will be renting. If you make the curb appeal the best you can you are more likely to get qualified applicants that will take pride in the home and take care to maintain it.

In the end we are all looking to make sure our investments are well taken care of, make us money and lead us to the next step in our goals. Ultimately it all depends on you and what you want to accomplish, but these tips may help you find the ideal applicant to get you where you want to be.