If you are a landlord and looking to attract new tenants, knowing what people are looking for in 2024 can not only get you a tenant quicker, but can also ensure your property is always occupied. Here are a few of the biggest things potential tenants are looking for in 2024.
The first thing is one of the most obvious, but renters are looking for reasonable rates. While reasonable doesn’t necessarily mean inexpensive, it means bang for your buck. This can be achieved in numerous ways.
Having unique features like wine fridges or including WiFi, a security system, or furniture can not only raise the rental price but also justify it to potential renters.
One of the biggest draws for any rental property is being move-in ready. While move-in ready can mean different things to different people, in its simplest form, it means the property doesn’t require any work or changes for the residents to live comfortably.
This means that all the plumbing and electric are working, there’s a fresh coat of paint, all the appliances are in good working order, etc; if new tenants can move in and not have to change anything, it is move-in ready.
Furniture is often a sticking point for some property owners; on the one hand, you know that including furniture can draw in more people and increase the rent, but on the other, it costs money to furniture a place, and there is no guarantee someone will want to live in a space that isn’t to their taste.
You can choose the middle ground of partially furnishing a space to combat this. Including bedframes, a dining room table, a kitchen island, or other furniture people might not already own can help you sell the space.
Including white goods is an often overlooked but incredibly beneficial plus when renting out a space. Not many renters, especially first-time renters, will have their own fridge, washing machine, etc, and including them in the rent is can drastically increase interest.
Security and security features have become more and more important to renters recently, especially those with children. Because of this, more renters want at least basic security features, such as deadbolts, security gates, etc.
You can go the extra mile by including a security system because even if this was to raise the rent slightly, it is a more than justifiable cost.
Effective Use of Space
One thing that can put people off a property can be space being used ineffectively. Renters want space for storage, somewhere to put their furniture, etc. Storage, in particular, is a must for many people.
If there is a space in your property that can’t be used for a specific purpose, install a storage system such as a cupboard. This small addition can make a world of difference to a renter who values the extra space.
While this doesn’t apply to someone who owns a property that doesn’t have access to an outdoor area, it is an important aspect to consider if you do. Whether it is a small patio or a large garden, making it a feature of the property can make a big difference to potential renters.
If you have a garden, ensure that it is well-manicured and looked after, and include something unique to it, such as a tree swing or water feature. Considering a garden can be viewed as a secondary living area, making it look and feel like that would be greatly appreciated by renters.
This is an aspect that will be determined by the shape of your property and the interior, but having a space that is versatile can greatly increase your chances of getting new renters and giving them what they want.
Having room layouts and interiors that can suit different room needs, such as a room that can be both a bedroom or home office, will open up who the property appeals to and has the added benefit of appealing to those who may want a bigger property, as they can adapt your property to fit their needs.
Pets have always been a sticking point for some rental property owners, but with more and more people owning pets, it is important to adjust to their needs. Being pet-friendly also often doesn’t mean changing anything about your property but rather changing your contract.
Including a few clauses outlining the responsibilities of the pet owner may seem a bit strict, but you need to ensure your property is protected, and more often than not, pet-owning renters will abide by these rules simply because they can live in the home with their furry friend.
Finally, internet access is not only incredibly affordable nowadays but including it in the property is a huge bonus for many potential renters. Not having to worry about installing it yourself or having their own account is a small convenience that goes a long way.
Even if you have to increase the rent slightly, once again, this small amount will outweigh the hassle of having to get internet installed in most people’s eyes.
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