You have a home to rent – and so do hundreds of other landlords in your area. Some property owners erroneously assume that in today’s high-priced rental market, they can list unkempt rentals and still secure tenants year after year. However, savvy lessees tend to do their research, and move on when presented with outdated or lackluster options.
To attract the right renters to your home or complex, implement these five strategies.
Offer free Internet
With today’s technology, it’s almost painful to be offline – which is why many restaurants and hotels offer wireless Internet access (Wi-Fi). Attract leaseholders’ attention by offering included Internet access in the cost of rent. Free Wi-Fi is especially attractive to renters who work from home, so be sure to highlight this amenity to working professionals during showings. Landlords concerned about absorbing additional costs might be able to negotiate a deal with their current Internet Service Provider (ISP). If your ISP doesn’t offer a deal, increase the rental price by a fraction. Most services can be purchased for under $50 per month. Such a minuscule cost won’t stretch prospective renters’ budgets, especially when divvied up amongst tenants in multi-family properties.
Add fresh paint
Many tenants prefer the feel of clean, brand-new interiors when searching for rental homes. Fresh paint has two key benefits: it revives a dull space and allows landlords to upgrade their units according to decorating trends. Choose bright neutrals like light gray and off-white shell, and avoid eccentric hues that might limit the applicant pool. In bedrooms, select one wall for an accent color to create interest. Color blocking adds a modern touch without wasting paint, time and money. Replace outlet covers throughout the house if necessary – new wall accessories add the finishing touch to fresh coats of paint.
Spruce up the exterior
Most real estate agents highly suggest adding curb appeal when listing homes for sale. Similarly, rental properties with lively gardens, new pavers and cleanly-mowed lawns impress potential residents. Renters often do drive-by inspections, and untrimmed trees and peeling paint on the shutters may lead them to believe buildings aren’t managed properly. Rather than deter onlookers, invest in a pair of tree-trimmers, buy exterior paint and get out the mower. A few hours of work outdoors could give your property the competitive advantage it needs for a price increase. Look at similar properties for rent to see how their curb appeal compares. Ensure your property looks as good, if not better, from the street.
Provide one month free rent
Moving is expensive, but prospective renters may consider your property more seriously if they know they can recoup some of their costs right away. Although one month free rent diminishes potential yearly revenue, many landlords use this tactic to surpass the competition. Just as new tenants might move in to properties offering discount rates, old tenants are likely to move out of buildings that refuse to compromise on the rent. Retaining occupants is highly important since most landlords are responsible for property maintenance, insurance and utility costs as outlined in the lease terms. Attracting renters early and often helps subsidize these inevitable ownership costs.
Invest in durable fixtures
Cheap substitutions for broken appliances, although economically advantageous in the short-term, will likely need replacing each year. Instead, invest in long-lasting supplies from reputable companies that offer warranties. Although initially more costly, quality appliances attract renters with high budgets looking for luxury. Some landlords who own properties in mild climates avoid heating costs and can allocate more funds toward top-of-the-line appliances. Make sure to invest in technology relevant to your target market. Renters searching for apartments in Dallas, for example, won’t care about radiant heat flooring as much as a stainless steel refrigerator with a touch screen.
Remember, you own a piece of property intended for profit. Following these five tips will help you acquire the right renters – and keep units occupied regularly over time.
Image Credit: Abbey Hendrickson
