Attracting good tenants

attracting tenants

By FOX PM

Securing a quality tenant for the best price does not happen by accident; nor does it happen by offering the ‘bare minimum’ standard property. The following list of features that are sought-after by most tenants can be included in almost every property: 

  1. Privacy and security
  2. Heating 
  3. Access to internet
  4. Lock-up garage
  5. Plentiful storage space (cupboards, garden shed, etc)
  6. Well-presented interior (ie interior paint & floor coverings)
  7. Covered outdoor living area
  8. Modern appliances including dishwasher
  9. Good neighbourhood
  10. Low-maintenance yards or include a gardener.

Tenants will pay more rent for features that matter to them. If you are planning on renovating or making improvements, consider who would be most suitable to live at your property.  Is it suitable for families? Couples? Singles? Older residents? Students? Once this is established, you should think about the features that might attract a quality tenant of the above categories to your property. For example, a family home will need proper fencing for children and/or pets; Busy tenants will appreciate no lawns to mow; students will require access to high-speed internet and transport. Money invested in relevant features that tenants want will always reap financial benefits in higher rental returns and lower vacancy periods.