Rental properties are in demand, but there’s often competition between owners to secure tenants. Over 40 million people rent homes in the US. If you own a house or condo, and you’re on the lookout for new tenants, it’s beneficial to make your home as appealing as possible. In this guide, we’ll outline some simple strategies to ensure your rental property is the star attraction in the local area.
Renovations and upgrades
Home renovations and upgrades can turn a basic, dated, or cramped bolthole into a beautiful base. Depending on your budget, objectives, and target market, you could consider projects, such as adding an extension, modernizing the kitchen, upgrading your bathrooms, converting the loft, and knocking down walls to create large, open living spaces.
If you’re considering renovations, it’s always beneficial to compare quotes, get your finances in order, and think about how much value you could add. Get estimates for your new sale value and rental yield before confirming plans. It’s important to work with the best companies and contractors in the business. Research local businesses and search for experts who specialize in the services you require. For architectural projects and interior revamps, companies like CBI Design Professionals are an excellent choice. It’s wise to consider your ideal tenant when planning updates and remodels. You don’t want to spend money on modifications that won’t make your property more enticing to prospective tenants.
Tailored features
Renting out a property is very different from living in a house or an apartment yourself. If you own a rental home, it’s beneficial to tailor design features and implement solutions that are relevant to your target tenant. If you’re marketing your property to young professionals, for example, adding a garden room or turning a loft room into an office is a great idea. This provides a ready-made workspace. For families, open-plan kitchens, safe, secure gardens and yards, and accessible driveways and porches will appeal.
It’s useful to undertake research if you’re a property owner. View other listings, see what nearby properties offer, and get insights into what tenants are looking for. You can also use feedback from viewings to help you solve problems or make your abode more attractive or functional.
Competitive pricing
There are many factors that may influence people when choosing a rental property, but cost is often one of the most important. If you’re a landlord or landlady, it’s crucial to be competitive. Research local markets and prices, get advice from real estate agents, and be realistic about what your property is worth. If you set the price too high, you may struggle to find tenants, which will cost you in the short and long term. It’s worth negotiating with prospective tenants if you’d prefer a long-term let or you’re looking for somebody to move in immediately.
Rental homes are in demand, but often, there’s fierce competition between property owners. If you’re looking for new tenants, it’s wise to be proactive in making your home stand out. Key steps include modernizing, renovating, and updating the property, adding tailored features and selling points, and making sure prices are competitive.
