The ability to attract and retain excellent tenants is key to the success of any real estate investment. In order to ensure that your rental property stays attractive and appeals to a considerably wide pool of tenants (in particular, to the ones you have possibly narrowed down as your target audience as great or ideal tenants), you need to consider the following points.
Before you pay attention to the quality or nature of the property itself (or things you can do to it to make it appear more appealing in the rental market), the first thing you need is to decide the demographics you are targeting vis-à-vis your potential tenants.
For example, if you are targeting young professionals, it is best to invest in an inner-city apartment, ideally close enough to the Central Business District (CBD). On the other hand, if you want to attract families with children, it is best to purchase a standalone property in a quality neighborhood. In this article, we will chiefly concentrate on this latter type of property and on how to make them particularly appealing to your target demographics.
- Neighborhood Quality
The quality of a neighborhood is typically determined by factors like how safe (and quiet) the neighborhood is; the amenities it has to offer; and the quality of the schools located therein. According to a recent survey, more than 85% of the high-quality tenants prefer to live in neighborhoods with good quality schools. As such, the latter can serve to act as the yardstick for great and desirable neighborhoods. As for amenities, quality tenants are easily attracted by features like nearby pools, lakes, bike and running trails, and exercise facilities. Not that the neighborhood your property is located in has to have all of these features, but the more of these there are, the higher your chances of attracting long-term tenants.
In addition, easy access to public transportation and proximity to quality shopping centers, entertainment venues, main highways, etc. are some of the things you should take into consideration when looking at an investment property in a certain neighborhood.
- Appliances, high-demand upgrades, enough storage space
Investing in high-demand upgrades such as heating and cooling systems with excellent green ratings, granite countertops, hardwood flooring, stainless appliances, an attractive kitchen, high-end bathroom fixtures and more will help you attract excellent tenants who are willing to pay considerably higher rents as long as they feel satisfied with what they see inside the house. What is more, when tenants like the home they are staying in, they also normally take very good care of the property and live long terms.
Additionally, when fitting out your future rental property, make sure that the property is equipped with ample storage space. This is especially important when the property in question is somewhat on the smaller side. Make use of clever storage solutions for all rooms of the house. Also, use light, neutral colors that help open up the spaces and make them appear airy and spacious.
- Well-maintained outdoor areas
If your property has specious lawns and the like, that is of course ideal. But even when such is not the case, at least make sure that the property includes spacious balconies and a space big enough to be called a backyard. Everybody needs a bit of fresh air now and then and your future tenants will appreciate these features in their rental home. Also, regardless of whether you have a big lawn with a patio and the likes or simply a small backyard with some potted plants, take care that they are low-maintenance.
If you are looking to get the most from your real estate investment, contact Specialized Property Management Orlando. Our highly experienced team knows Orlando property management and the Orlando market. We take care of everything regarding your properties so your investment can truly become a passive income. For more information, call us at 407-698-3322 or contact us online!
