As a real estate investor, it is essential to understand what potential residents are looking for when searching for a new rental home. Providing your residents with the features they are searching for will not only attract them to your property but also help to retain them. When you’re providing what residents want, you can also increase your rental value, earning more now and later - as you improve your property and continue to increase its value.
Let’s take a look at the top five things that residents look for in a rental property.
1. Location
One of the critical factors that residents consider when choosing a rental property is its location. Residents look for properties that are located in safe, secure, and convenient locations. Homes located near major transportation hubs, restaurants, schools, and hospitals are in high demand. Therefore, before investing in a rental property, take heed of its location. You’ll want your acquisition to be in an area with high home values, a great reputation, and proximity to all the things that are important to residents.
2. Amenities
Amenities are increasingly important to residents, especially as more and more of them are working and studying from home. Your residents are looking for in-unit washers and dryers, energy-efficient appliances, and some outdoor space, even if it’s a small courtyard or balcony.
Properties with residential amenities such as clubhouses, swimming pools, fitness centers, and tennis courts are also very appealing to potential residents, especially those who are looking for the experience of living in a gated or planned community.
3. Smart Home Technology
Modern residents want modern conveniences and upgrades that help them live digital, automated lives. While you don’t necessarily have to provide a completely Smart Home, you’ll find that you easily attract residents and higher rents if you install things like Smart thermostats, video doorbells, and automated appliances that can be turned on from another room via a phone app.
4. Safety and Security
Residents will always prioritize their safety when deciding on a rental property. Ensure that your property is safe by installing proper security measures, such as secure locks, fire alarms, and deadbolts. Make sure all of the windows and doors open, close, and lock easily. Do you have a working carbon monoxide detector? You’ll want outdoor areas to be well-lit, and consider trimming trees and bushes back from windows and doors.
5. Value and Affordability
Last but not least, residents search for rental properties that are affordable and within their budget. Most residents want to spend less than 30% of their income on rent, so make sure you’re pricing your rental property in a range that meets the market. Include landscaping and pest control services when you want to rent out your home at a higher price point.
Every resident is different, but these are the top five things that most residents look for when deciding on a rental property. As a real estate investor, you want to make sure your property meets these criteria and provides residents with a desirable place to live.
We can help ensure that your property meets the needs and desires of the residents you’re hoping to attract. Contact us at PURE Property Management of Arizona.
