Tips for Making Your Rental Property Appealing to Tenants

Vacancies are a nightmare for investment property owners. Empty units bring about financial loss, stress, and possibly even caution from future prospective tenants who are wondering why your place has been vacant. Fortunately, there are a few actions you can take to decrease your risk for vacancy. Use these tips to make your rental unit more appealing to tenants so you’re not stuck struggling to secure new renters and watching your cashflow go from positive to negative.

Pick the right location. Obviously, this one needs to be addressed before you even own the property. When it comes to choosing a rental home, location is a top priority for most tenants, who want a unit that’s close to work, in a good school district, or close to local amenities. Before closing the deal, evaluate the surrounding area to be sure that your potential investment has a lot to offer in terms of its location.

Security. A large part of the security of your property is tied in with the location, but there are some additional steps you can take to make your tenants feel safer. You might consider adding an alarm system, installing better quality locks or security doors, or adding a fence.

Recently renovated. Who wants to live in an outdated home with stained carpet and dirty walls? Exactly no one. Which is why you should consider investing in a home that’s recently undergone renovation or at least been given a fresh coat of paint and new or thoroughly cleaned floors.

Plenty of storage. Storage is another area of concern for most tenants, or more specifically, lack of storage. People need adequate space to store their belongings, so make sure your unit can provide this. If it doesn’t, give some thought to how you can increase storage space in your home.

Good curb appeal. You know what they say about first impressions. When a prospective tenant arrives at your property for the first time, you want to wow them into signing a lease. Give some attention to the outside appearance of your home, fixing anything that needs repaired and spending some time in the yard as well.

Updated appliances. If you’ve ever had your refrigerator or your washing machine go out, you know how much of a hassle it is until they’re repaired or replaced. If you can assure your tenants that the appliances you’re providing them with are newer and should (theoretically) stay in good working order for the duration of their lease, they’ll be much more interested in calling your home their home.

Pay attention to the details. Sometimes, it’s the small things that can seal the deal in a tenant’s eyes. Paying attention to smaller details, such as the hardware on your cabinetry or the fixtures in your bathroom, can mean the difference in whether you score a lease or not. Take a look at your space (and try to look at it as objectively as possible), and take note where some of these little things can be updated and improved to appeal more to renters.