Property rental companies are always looking for great long-term renters because low turnover increases rental returns. If you own single-family rental homes and your property rental company hasn’t been working to attract families then they may be missing out on one of the most long-term rental groups in the market. The fact is that parent-aged adults have much lower turnover rates than renters in their twenties*. In addition, millennials who are America’s largest generation, are in their prime child-bearing years and with the cost of buying a house so high many are in the rental market. These factors mean high demand for family friendly rental properties; making it a very profitable rental income niche.
*According to the latest Census Bureau data, 35.2% of adults aged 40 to 44 years moved between 2010-2015 and 29.7% of those aged between 45 and 49 years moved in this time frame. These numbers are in stark contrast to a whopping 61.2% of those between the ages of 25 and 29 moving during this time frame.
How property rental companies can attract families
To attract families, property rental companies need to promote features that are desirable to families. Here is a list of features to promote:
Safety is a primary concern to parents which makes fencing a must-have. A fenced in backyard is especially important where the goal is to ensure young ones and pets can play safely outside and intruders cannot access the house. A well-fenced backyard also makes it easy to make the most of outdoor space such as with a garden or deck with a hot tub or Jacuzzi.
Patio with a fire pit
Families tend to stay in more than singles and many like to have other families and friends over for visits. A combination of a patio and a fire pit is a big attraction. While fire pits may be desirable to families, they do pose a potential hazard. To protect themselves from liability, rental property owners should include a detailed user’s guide and have renter’s insurance that would cover any damage that a fire pit mishap would cause. It is also important to check with local authorities and housing associations for their guidelines about fire pits.
It is important that a family house has a washer, dryer, and dishwasher that can take the large and frequent loads common for families without breaking down and causing inconveniences. Even better, property rental companies can go further and invest in smart appliances that can be remotely controlled and that deliver optimized performance.
Families that plan to stay for a while will want to make a house theirs by customizing it in different ways. It will mean a lot to potential renters to see in the rental agreement that they are allowed to do some customizing such as with painting or planting a garden. However, property rental companies need to protect themselves from renters that would take this concession too far. This can be done by asking for higher security deposits or indicating in the rental agreement that a renter is responsible for restoring the house to its original state or the cost to do so will be deducted from their security deposit.
Families want their kids to be sure that they and their pets are safe at home. A wise investment for property rental companies would, therefore, be a solid security system. Other factors to consider are the safety of structures like staircase banisters, fireplaces and storm doors which can be potential hazards for kids and pets.
Enough bedrooms and bathrooms
To attract families, houses should have three to four bedrooms and two to three bathrooms. Ideally, the master bedroom should have its own bathroom. A half bathroom in houses with two stories is also ideal for guests and use while on this level.
You can be sure that being in the vicinity of good schools is important for parents. A great online resource to look up schools and their ranking is greatschools.com.
Son-Rise Property Management has been serving the property management needs of Bellingham and Whatcom County since 1996. Contact us today to see how we can help you find a rental property for your family or manage your rental properties.