As a landlord, there is no doubt that you think your property is pretty great. You work hard to maintain it and make it the best that it can be, so it would make sense for you to want applicants to like it as well. Many question what attracts tenants to a property, and what one may lack in times of vacancy. With so many competitors out there, it makes you wonder what it is that pulls a potential renter to one property over another. So what types of incentives are renters looking for?
- Affordable Rent and Discounts
When it comes down to it, money is always on the mind. Many renters are looking for a lower monthly rent, which can be a deciding factor in where they choose to live. Make use of sites like Rentometer to make sure that your property is reasonably priced compared to other rentals in the area. Consider offering a month of free rent, or some sort of reduced payment to incentivize applicants to apply. - Amenities
Sometimes, it’s the extra things that draw tenants in. Maybe your property has a pool or a three-car garage. Emphasize these features when you’re advertising your property, as some renters may be looking for these additions. If you plan on offering free internet or television service as an incentive, make sure to make that known as well. - Modernization
With so much technology at the tips of our fingers, it’s no surprise that renters want modernization. Make things easier on tenants by offering up-to-date options like online rental applications and using SMS text messages for quick updates. You can also use online rental payments, which offers features like payment reminders for tenants and payment tracking for landlords. If you cater to renters with roommates then an online payment system that allows individuals to pay separately can also be an attractive feature. - Upgrades
In this day and age, it’s all about what you have that others don’t. Renters are drawn to the new and improved, and they want updated features. Now this doesn’t necessarily mean that you need to run out to your local hardware store and buy all new appliances (although renters do love those as well), but you can make small upgrades to your property. Put up a fresh coat of paint or update your light fixtures; sometimes a little goes a long way. - Location
While you can’t control the location of your property, it is still a very important feature. Renters want to live in a nice area, so make sure to point out the great things about your property’s location. If looking for family renters, share highlights about the school district. Are you nearby conveniences like a grocery store or the mall? Let your applicants know what’s in the area, whether it be restaurants, shops, schools, or attractions.
With so many rental properties out there, let potential tenants know how you stand apart from the rest. Take advantage of these sought-after incentives and use them to attract the perfect renters for your property. Even the greatest rental may sit vacant at one time or another, so showcase the reasons why tenants should call your property their next home.
