Just about everything you do as a landlord revolves around two basic goals: finding tenants and keeping tenants. In order to accomplish those two things effectively, it’s important to understand what renters are looking for?
Learning what prospective tenants are looking for—and knowing what might turn them off—allows you to tailor your rental properties to the demands of today’s marketplace. It allows you to write better listings, make smart remodeling choices, and even select better rental properties as future investments.
What Renters Are Looking For?
These are the top 7 things renters are looking for in 2022:
- Prime location. Every prospective renter will have a different idea of what their “prime location” might be, but location remains one of the most important overall considerations for people looking for a place to rent. For most renters—especially younger renters—that means walkability in a neighborhood with easy access to amenities like shops, restaurants, parks, and nightlife.
- Home workspace. The pandemic has most likely changed the way we work for many years to come. Even as most businesses have returned to something resembling normal, many employers continue to let their employees work from home at least part of the time. It’s unlikely that telecommuting will return to pre-pandemic lows anytime soon, and tenants will continue looking for rental properties with a home office or dedicated work-from-home space.
- Outdoor living. Access to outdoor space has always been on most renters’ “dream features” list, but it is increasingly becoming a make-or-break necessity. Maybe it’s because so many of us have been forced to spend time at home over the last couple years, but a rental property with access to a yard, garden, balcony, or other outdoor space is more attractive than ever. People want a place where they can relax, enjoy the sunshine, and host the occasional outdoor get-together.
- Pet friendly. Today’s tenants are increasingly making their four-legged friends a priority. That being said, pet-friendliness goes beyond simply allowing pets in your rental property. Is the neighborhood a safe place for dog walkers? Is there a fenced-in area on the grounds where dogs can play? Are their parks, doggie daycares, and pet-friendly businesses nearby? If so, be sure to highlight them in your property listing.
- Safety and security. Look, it’s been a rough couple of years for just about everybody. People want to feel safe, secure, and free from worry and anxiety. Prospective renters are increasingly weighing the safety of the neighborhood that they choose to rent in. They’re also looking for home safety features, like smart locks, working home security systems, and motion-sensor lighting.
- Green appliances. Today’s tenants are more environmentally conscious than ever. Just about every prospective renter will favor a rental property that includes fitted appliances—refrigerator, oven, dishwasher, washer and dryer—and if those appliances are new and energy-efficient, so much the better. Modern, energy-efficient appliances are not only better for the planet, but will also save tenants money on their utility bills. In a world plagued by inflation and supply-chain issues, that can be a major selling point too.
- Open floor plan. Rental properties with open floor plans have been growing in popularity for many years now. An open floor plan makes an apartment feel airier and more spacious, and can make even a relatively small space feel open and inviting. Rentals with open kitchen/dining/living areas are very popular among student renters, young families, and working professionals alike.
Contact us today to learn more about tailoring your rental properties to the needs of tenants, and be sure to talk to our team about how professional property management can help you find and keep more long-term renters.