It is rather hard to get into the same mindset as a tenant as a landlord. What you consider as “the essentials” of your rental may, in reality, be “unnecessary luxuries” for your tenants.
That is why you need to consider a tenant’s point of view when deciding what modifications and renovations to make to your rental property before signing a lease agreement with your tenants.
For customizable lease agreements, we would suggest using tools like ezLandlordForms’ lease builder – https://www.ezlandlordforms.com/documents/rental-lease-agreements/
But seeing things from the perspective of your tenants isn’t as easy as we make it out to be. That is why in this article, we will show you how your tenants think and what it is precisely that tenants are looking for when choosing a new rental.
A good location
The definition of a “good location” may sound vague, as it is subjective and different for everyone. For example, a family would lean more towards a rental near a school, and a retired couple could prefer to live away from the city center, while a working adult would prefer a location closer to his workplace.
For families with young children, we should mention that the availability of kindergartens and schools near their new home is essential. Even if they do not have children when they do, this will significantly impact both their monthly transport costs and the time they will spend on the road.
Furnished apartments
The pickiest about furniture are wealthy tenants with businesses of their own that require them to change cities for extended periods and foreigners working abroad. They usually want a fully furnished and maintained home.
Others are not so demanding. They insist on having a fully equipped kitchen because they do not want to invest in expensive appliances, which are also challenging to move when they change accommodation.
A private parking spot / garage
As someone who knows the struggle of circling the neighbourhood to find a parking spot, I understand why rentals without a private parking space are often avoided.
In most cases, real estate buyers are so obsessed with the idea of buying their first rental that they overlook the significance of parking spaces. The projected budget is often not enough to buy a parking space, which later turns out to be a big problem.
Not having their own parking space or garage is a dealbreaker for most tenants, especially those who want to find a rental in the center of their city. And yes, while certain tenants would consider such a rental that is not usually the case.
A “modern” rental property
Often the lower prices of properties correspond with their internal condition and the need for repairs. So several buyers are attracted by the price, thinking they will spend a little more on further repairs, but the sums end up being considerably more than they budgeted for. The time for repairs can drag out their accommodation for months. Moving into an apartment which already has strata management services is a good way to ensure that the outside of your apartment is kept in good condition and that you have an avenue of recourse for any repairs effecting the outside of your property.
This is why it often works out better to pay a slightly higher amount for a property than to burden your budget with more and more costs subsequently. That is precisely why you should be looking for a “modern” property.
By modern, we don’t mean a property equipped with all smart home gadgets like bright lights and key locks that you can unlock through facial recognition. Instead, we are talking about rentals that are:
- Equipped with modern home appliances considered essential like a washing machine, a dishwasher, dryer, etc. A property that lacks these essential appliances is likely to be less popular among tenants.
- A property that is up to modern standards in terms of isolation (both heat and noise), additional elements such as modern window frames, blinds, etc. In addition to that, it needs to be in good condition both internally and externally.
An outdoor space / garden
Tenants with dogs are likely to want an enclosed outdoor space where their pets can roam free. In addition, plenty of tenants want an outdoor space to practice their hobbies. Most rental houses usually come with a garden. However, recently apartments for rent in Greensboro complexes with enclosed outdoor spaces have become more and more popular.
In Conclusion
Suppose your property has none of these “features,” that does not mean that there won’t be any tenants willing to rent it out. Rentals are more or less like cars, and it is all about personal preference. If you have kids, you won’t buy a vehicle suited for family trips, and the same goes for rentals. You won’t go looking for a one-bedroom rental if you have a family of six.
