Competition in the rental market is fierce due to the increase in the millennial and young population. According to a study by Statista, almost half of U.S. renters were below 30 years of age. This fierce competition has forced landlords to decline the value of their property to attract tenants.
If we go by the stats, an average monthly rent of an unfurnished apartment in the U.S.A is 1,588 USD.
That said, it is essential to know the features of a property that renters look for and prefer. This will help your property stand out from others and help attract tenants and make them want to stay longer. Hence, we are here with this list of some significant features that can make your property profitable.
Due to the increasing outdoor population, renters have started looking for stable indoor ventilation. The best thing to increase ventilation is to install an HVAC (Heating, Ventilation, and air conditioning) system. However, if you don’t want to invest in an HVAC system, there are multiple ways to increase ventilation. For instance, you can have multiple windows or have trendy opening roof louvers roof louvers to increase the air inflow and ventilation in your home.
You can emphasize the point that efficient ventilation can help improve the health of your tenants, especially if there are children and older people. Ventilation and good health can be a major factor to consider, especially during this pandemic.
Location plays a vital role in determining the value of your property. Tenants always look for a place that is not remotely located in their workplace. A nearby workplace location helps them manage their work and personal life efficiently. However, if you don’t have a property close to a corporation area, it should be close to the schools and markets. If your tenants have kids, nearby schools will undoubtedly influence their decision to rent your property.
Your property’s value will significantly enhance if it is close to employment places, grocery stores, reputed schools, restaurants, and parks. Also, the crime rate of the area can impact the decision of the renters. Any tenant who is looking for a long-term place will want to have a safe and secure location.
Renters will not want to drive around, looking for parking spots. Having an indoor parking area is a major plus point in increasing the value of a property. Whether your tenant has a bike, car, or a bigger vehicle, parking spots will come in handy. If you are worried about using parking spots, list down some specific rules regarding vehicle parking in your agreement papers.
Along with the indoors, an outdoor area is also essential. No one likes to live in a cramped and congested space. Having an open space such as a lawn or garden area will help your tenants relax after a long working day. They can also use it to do some gardening and increase the greenery around for fresher air and a healthy life. This also adds to the aesthetic value of your home and increases its value.
Age of the property
Although it will be your responsibility to upgrade and renovate your property, it will also impact your renters. Hence, they will indeed look for new properties to avoid frequent repairs. If your property is old, it will help if you consider renovating it first before looking for applicants. The renovation will make your property look new and attractive and help your tenants maintain it efficiently.
These features will not only attract more applicants but will also increase the value of your property. However, the most important thing to keep in mind is that a cooperative landlord is what they want the most. Your cooperation will enhance the property maintenance and quickly increase your tenant’s tenure.