In today's increasingly competitive rental market, there are many excellent reasons for ensuring your property stands out from the competition. Today's renters are growing more and more selective. By making sure your property appeals to such choosy renters, you can greatly reduce your vacancy rate. In addition, taking steps to make your rental property more appealing can also help you to attract higher-quality renters that are more likely to pay on time and take better care of your property.
First and foremost, it is important to ensure that your property is well maintained. Renters are not unlike prospective buyers in that they will often research a property online or conduct a drive by before they ever ask to tour the property in person. Ensuring that your property is well maintained is the first step to attracting reliable renters.
Although landlords are at times somewhat reluctant to spend money on boosting the appeal of their properties, it is important to keep in mind that even investing a little can help you to increase your earnings potential.
One of the most attractive amenities you can offer many tenants is convenient, accessible parking. This can be particularly true in many cities, where parking is either a hassle or almost non-existent. Even a guaranteed parking space in some cities is often considered to be a luxury that will certainly make your property stand out from others.
In-home or at least on-site laundry is another amenity that is considered to be a must-have by many selective tenants. Whenever possible, consider installing a laundry facility in your rental. Even a stackable unit can easily boost the rental potential of your property.
The kitchen is another area of your rental property where it can pay off big to pay a little more attention. At a minimum, you should ensure that all of the appliances in your kitchen match. While there is not necessarily a need to install high-end appliances, it is important to ensure everything is in good working order. If you need to replace appliances, opt for mid-grade appliances. If at all possible, try to always include a working dishwasher in your rental units. For some people, a working dishwasher is an absolute must-have while for others a dishwasher could be considered an attractive luxury.
To update the look of your unit's kitchen even more, changing out the countertops can be a good step. This is a far more affordable option than a full remodel while at the same time giving the kitchen a fresh look. Even changing out laminate countertops with a slightly higher-end option can increase the appeal of your rental unit.
There are certainly numerous renovations you can make to the exterior and interior appearance of your rental unit to make it more appealing. Even so, it is also important to offer other conveniences to attract tenants, as well. Such conveniences may include online payment options that make it easy for tenants to quickly handle their monthly rental payments.