When investing in rental property keep these top 7 amenities in mind, as they are what tenants are looking for. The more of them you can provide, the more solid your investment will be.
- Location, Location, Location
Does this place have easy access to major roads and highways? Is it located in a good school district? Is it close to shopping and entertainment? What will my commute look like? Is there a park nearby? Is public transport available? Is this area safe?
These are all questions tenants are going to ask when looking for a quality place to live.
A place to park is a good thing, but most tenants are looking for covered parking, garages in particular, which also affords them additional storage.
- Private Spaces
Things like a fenced-in yard, a deck or patio and additional storage are all amenities that will make your property more attractive to renters.
- Unit Readiness
No one wants to move into an ongoing project. Make sure all of the appliances and systems are in good working condition. The property needs to be clean and move-in-ready.
- Unit Upgrades
The nicer a property is, the more tenants you can attract. Consider stainless steel and energy-efficient appliances.
If you have an old, tired bathroom, dress it up with a nice vanity, newer sink, and updated fixtures. These are minimal repairs that can make a big difference to the tenants that you attract.
- Included Appliances
Everyone has their own preference, but providing a property that is, essentially, turn-key makes it more attractive to tenants. This does depend on your price point, but many people expect this nowadays, especially in nicer properties.
- A Great Renting Experience
Respond to maintenance requests promptly. Tenants are looking for peace of mind knowing that if a problem arises, it will be addressed in a timely manner. They will also feel more respected, which aids greatly in building good tenant relationships. Happy tenants are more inclined to treat your property better and they tend to stay longer.