Design Tips
What it takes to attract the right tenant
‘ The rental market is booming with many homes and apartments being occupied by renters. Yet, just because the rental market is strong does not mean tenants will flock to any available property. Because more people are choosing to be life-long renters, most are incredibly choosy about the properties they occupy. If you want to appeal to the growing number of renters and attract top tenants, you need to design a rental property that wows. Below are a few tips to help you do just that.
Find a Profitable Rental
When it comes to finding a profitable rental property, analyzing the real estate market is essential. This involves looking at factors such as population growth, job creation, and average rental prices. By doing this, you can get a better idea of which areas are likely to see an increase in demand for rental properties. You can also use this information to negotiate a better price on a property.
In addition, it is important to keep an eye on trends in the real estate market. For instance, if there is a trend towards increased home ownership, this could impact the demand for rental properties. Another thing that could impact prices and inventory is whether it’s a buyer’s or seller’s market.
Make a Plan
Careful planning can help you make the most of your investment. An experienced interior designer can help you build a desirable floor plan that allows you to maximize your space, and they can also provide you with the information you need to renovate your investment property at your pace and within your budget.
Once you finalize the layout, your decorator can then make suggestions for finishes, such as cabinetry, flooring, and paint color. Though your designer is unlikely to point you in the wrong direction, it’s best to keep your finishes simple to appeal to the masses.
Modify the Home to Appeal to Renters
Whether or not you choose to work with an interior designer, take time to modify the property to meet the various needs and lifestyles of potential tenants. The features that appeal to homeowners may not necessarily appeal to renters, so research what renters in your area desire. That said, some traits are more desirable than others, such as the following:
• Open floor plan
• Plenty of closet and storage space
• Home offices
• Two bathrooms
• Natural lighting
Work with your interior designer to come up with creative ways to incorporate these elements into your property in cohesive and affordable ways and to create spaces that are both beautiful and functional.
Incorporate Desirable Amenities
In addition to adding desirable features to the home itself, incorporate wanted and convenient amenities. For instance, not only do most renters want updated and working appliances but also, it’s the law in some areas that landlords must provide them. Top appliances landlords should provide include a refrigerator, dishwasher, washer and dryer, microwave, and stove/oven.
In addition to the standard appliances, consider investing in value-adding amenities. Think of a working AC unit, a security system, and energy-efficient appliances. Also, if your property has multiple units, consider soundproofing each with soundproofing insulation.
Finally, consider beautifying your property’s outdoor spaces. For help creating beautiful outdoor areas that also function as extended living quarters, work with a local landscaping service. Before you begin searching for quotes, do your research online to find landscaping services with positive reviews and that currently offer deals or credits for large-scale projects.
Determine How You Will Manage the Property
Though it seems like a trivial issue, many tenants want to know how landlords will handle repairs and maintenance. Will you contract out the work to a property manager, or must they go through you? While there is no wrong way to handle property management, it’s important that you can clearly articulate your policies to potential tenants. If you’re planning to manage your property on your own, Renting Toronto can connect you with vetted and reliable tenants.
Market Your Income Property
Finally, identify the best outlets for advertising rental properties. Be sure that high-quality photos accompany a thorough listing detailing everything from walkability to local school information to access to local businesses.