The rental market is stronger than ever with more households renting than at any other time in the past 50 years. But just because a tenant is renting doesn't mean they won't be as picky or want the same comforts that buyers would.
You need to be able to assure potential renters that the property is worth their money and that it will offer them everything they want. This is especially true knowing the competition for rentals is fierce; you want to make sure tenants will want your property and not someone else's.
Let's look at 4 easy things you can do to increase the rent appeal of your property.
1. Staging the Property
Just as you would stage a home for sale, staging a home for potential tenants can increase the overall appeal of the property. Staging the property will give tenants a better feel for what it's like to live there instead of just viewing empty rooms.
They'll be able to imagine themselves in the living room better when there are a couch and a coffee table set up vs an empty room.
Staging can also serve to highlight the best parts of the property. For example, if the new kitchen is the best part of the property, decking it out with plates, pots, and decor will make it look even better.
2. Upgrade the Old Stuff
While you might not able to remodel and upgrade everything on the property, a few simple upgrades will go a long way with renters. Switch out the 30-year-old washer for a newer model, install new blinds, change out old rusty doorknobs for new shiny ones, etc.
Whatever your budget, you can make some small upgrades that will make the place look put together and ready for tenants.
3. Don't Underestimate Curb Appeal
The interior isn't the only component of rent appeal: curb appeal is just as important. Imagine an immaculate and modern interior paired with an exterior with chipping paint, dead grass, and a shabby walkway.
The best interior in the world won't save you from the first impression potential tenants get from that type of exterior. Take the time to clean up the outside of the property and increase your curb appeal to make the property as appealing as possible.
4. Cater to Your Expected Tenants
Is this property made for small families? Talk up the great schools nearby and the playground across the street. You think it will likely be rented to a young professional? Be sure to mention the proximity to public transport and the activities close to the property.
Make the property appealing to the tenant based on who the tenant is. Each tenant will be looking for something different. It's your job to make the features of the property and the location attractive to that particular individual.
Increase Your Property's Rent Appeal With These 4 Tips
With all the potential tenants out there, you'd think it be easy to fill your property with the right one. But that doesn't mean you can slack on bettering the property's rent appeal.
These 4 tips can help you make any property attractive to the right renter. If you need any more tips or information on preparing a property or finding the right tenants, check out our blog.