Rental prices have increased by double digits in the past year across the U.S., and they are predicted to continue to rise. If you own a rental property, now is the time to make sure it is appealing to potential tenants so you can maximize your ROI.
Despite the increasing rental prices, there is still a shortage of rentals. You could be missing out on potential tenants if your rental property is not appealing. There are a few key things you can do to make sure your rental property is appealing to potential tenants:
Ensure the property is clean and well-maintained.
One of the most important things you can do to make your rental property appealing is to ensure that it is clean and well-maintained. This means keeping the property free of dirt, dust, and clutter and ensuring all appliances and fixtures are in good working order.
If your property is not clean and well-maintained, potential tenants will perceive it as being run-down and not worth the rental price. Therefore, it is crucial to take the time to regularly clean and maintain your property so that it makes a good impression on potential tenants.
You should also look for a company providing an electrical installation condition report (EICR) for properties for the peace of mind of potential tenants. The report shows any defects and recommended improvements for a property. You can use the report to ensure your property is up to standards and to fix any defects before potential tenants move in.
Make sure the rental unit is spacious and offers amenities.
Another thing to keep in mind when making your rental property appealing is that potential tenants are looking for a spacious unit with enough storage. If your unit is cramped and doesn’t have enough storage, potential tenants will perceive it as too small for their needs.
Therefore, it is essential to ensure your rental unit is spacious and has enough storage so potential tenants will feel like they have enough room to live comfortably.
You can do this by removing unnecessary furniture from the unit and adding additional storage space, such as shelves and cabinets. You should also ensure the unit is well-lit, so it feels open and airy.
When potential tenants are looking for a rental property, they are also looking for a unit with amenities that appeal to them. This could include a washer and dryer in the unit or access to a gym or pool. You should consider adding amenities so potential tenants will perceive it as more valuable if your unit doesn’t have any of them.
Offer a competitive rental price.
You should also make your rental property appealing by offering a competitive price. Potential tenants will perceive it as overpriced and look elsewhere if your rental price is too high.
To determine a competitive rental price, you should first research the prices of similar units in your area. You can search online or talk to a real estate agent. Once you know what similar units are renting for, you can adjust your rental price accordingly.
You should also balance the price with your long-term goals with median rental prices crossing $2,000 per month. This is particularly true if the rental business is part of your retirement plan. You don’t want to price yourself out of the market, but you also want to ensure you’re making a profit.
Offering a competitive rental price is important. But you should also ensure your rental property is appealing in other ways so potential tenants will want to rent from you.
Make sure the rental listing includes accurate and up-to-date information.
When potential tenants search for a rental property, they rely on the listing information to decide whether the unit is right for them. Therefore, ensuring your rental listing includes accurate and up-to-date information is essential.
Some things you should include in your rental listing are the square footage of the unit, the number of bedrooms and bathrooms, and any amenities included. You should also include several photos of the unit so potential tenants can see what it looks like.
In addition to including accurate and up-to-date information in your rental listing, you should also ensure that your contact information is up to date. This way, potential tenants can reach you if they have questions or want to schedule a showing.
Place attractive furniture in the common areas.
One way to make your rental property appealing is to place attractive furniture in the common areas. This will make the unit feel more like home, and potential tenants will likely want to rent from you.
In addition, furniture can also be a great way to add some personality to your unit. By choosing unique and stylish pieces, you can make your rental property stand out from the rest.
Make sure the unit is clean and well-maintained.
These tips ensure your rental property is appealing to potential tenants and help you get the best return on your investment.