What Tenants Want

January 23, 2017

When holding an investment property, it is important to focus on maintaining a tenant in order to maintain its cash flow. As much as a landlord wants a responsible tenant, a tenant wants an accommodative landlord. When renters or buyers are searching for a home, you can be sure that they have certain features in their mind, which will ultimately be the deciding factor on whether or not they will be renting your property.

 

Location 

The golden rule in property and probably its most desired characteristic is the location. Likewise, being close to desirable amenities such as schools, transport, venues and shopping districts are important to tenants. Location is the leading factor that influences price due to the high demand of being close to the city, people are willing to compromise on other amenities and pay more for less.

 

High quality appliances/Inclusions

Kitchens have a special way of acting as the heart of a home that is why it is no surprised that tenants usually have high expectations for appliances. Installing modern appliances in the kitchen and bathrooms make a noticeable difference and ultimately will increase the cost of the property while reducing maintenance costs. 

 

Open floor plans

Most tenants prefer an open floor plan. Not only does it make a smaller space appear larger, but it also makes it easier to move throughout the home. Removing an unnecessary wall or two can give your property an entirely new look and a kitchen that is open to the living space allows for better entertaining.

 

Security

Even if your property is in a safe neighborhood, a tenant has a right to security in their home. Tenants are necessarily looking for alarms, but most people want peace of mind. Security locks, and doors and windows that close correctly will keep people happy. Installing security screens and even offering to pay for an alarm service is a cost-effective way to attract new tenants.

Having the right features and amenities may not be enough to attract long term tenants. It may be difficult to connect with prospective tenants on a personal basis, but having an approachable landlord that is easy to contact and negotiate with can go a long way. Regardless, having all these factors in place will likely attract more reliable and responsible tenants. Tenants are more inclined to pay a premium rate for property that tick all boxes.

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