Whether you rent out one property or an entire portfolio of properties, you probably make a lot of decisions based on your own perspective as a landlord.
When’s the last time you thought like a tenant?
Tenants have specific needs and requirements when they’re looking for their next rental property. If you want to attract the best tenants for the most amount of money, you’ll need to get inside their heads. Here are the top 5 things we know Arcadia tenants are looking for when they’re shopping for a new home.
1. Properties that Fit Their Budget and Provide Value
Rental price is always going to be a factor. Tenants understand that rental values in Arcadia are high, so they’re going to want to get a lot of value for their money. They’ll appreciate rental homes that have all the appliances included. They’ll be more likely to rent homes where water and trash services are included or professional landscaping costs are rolled into the rent.
Pay attention to the market when you’re pricing your rental home. Make sure you’re competitive in what you provide. Washers and dryers are going to make a big difference for tenants who are choosing a rental home, and they may be willing to pay a bit more every month for those appliances.
2. Rental Property Location
Location is just as important in the rental market as it is in the sales market. Tenants are looking for a rental property that’s close to work, grocery stores, restaurants, entertainment, parks, and commuter routes. Quality of life is important to tenants, especially today, and good residents are often willing to pay more or overlook less desirable aspects of the rental unit if the property is in a great neighborhood. No one wants to drive an hour to work or to their favorite restaurant. School districts are also important to tenants with children.
3. Safety and Security
Safety is always going to be on the minds of prospective tenants. Security systems, upgraded doors and windows with extra locks, and smart home technology can really help tenants feel secure in their homes.
Educate your renters on how to stay safe. Remind them to lock their cars and not leave valuables outside the home where people can see them. Trim back any bushes or trees that may block windows and check your home’s exterior lighting.
4. Move-In Ready Property Condition
Properties that aren’t move-in ready and require painting, carpeting, or cleaning will be a problem. Your tenants are looking for homes that are clean, functional, and ready to inhabit. Before showing the property, make sure that all the necessary repairs have been made. The first impression that a tenant gets from the property will be what drives their decision to fill out an application or not.
Additionally, if the property condition is poor when tenants move in, they will believe you don’t care about the property yourself. This sets the expectation that they can treat the property without care. You don’t want to give the wrong impression. A rental home that’s in move-in ready condition sets the expectation that the tenant will maintain high standards of cleanliness and maintenance.
5. Responsive Arcadia Property Management
Tenants will want to know who to call when there’s an emergency maintenance issue or a problem with rent. They’ll need to know their landlord or property manager is responsive, available, and accessible. Good tenants will look for things like clear expectations, a transparent and detailed lease agreement, and conveniences such as online rental payments.
We can help you attract and retain great Arcadia tenants. For more information, please contact us at ZenPro Property Management.