Running a successful rental property business depends largely on knowing what your target audience wants. Consider these eight crucial features and amenities as a good head start in making sure that your investment property catches attention and serious interest from potential tenants:
While shopping for the best investment options, location is key. A good location is one where your tenant has immediate or at least easy access to important amenities, attractions, and facilities.
Assure your tenants that you have their safety and security concerns covered by installing and maintaining adequate outdoor lighting, durable door locks, a reliable alarm system, and security cameras. In addition, remember to change the locks every time a tenant moves out.
Off-street parking is one of the most desirable features you can attach to your rental property. Investing in a single-family home with a spacious garage or covered driveway puts you in a great position to offer this to potential tenants.
- Open floor plans
Renters value the idea of being able to make a rental space their own. An open floor plan is an excellent way to address this desire, as it gives them the freedom to define their living space, subject to the limitations you set in your contract.
How much space does your rental provide your tenants? Are there enough closets for clothes, supplies, and grocery items?
Storage space is especially important if your investment property is a relatively compact condo or apartment unit. If the physical space is limited, consider investing in convenient furniture like hollow ottomans and couches that double as storage solutions.
- Smart home features
Smart home features are steadily rising to the top of renters’ preference lists. A reliable high-speed internet service should be bundled into your basic rental package. You can also throw in additional smart features like keyless entry, a smart thermostat, and interconnected appliance ecosystems like Google Home, Apple HomePod, and Amazon Echo.
- Outdoor space
Everybody loves an opportunity to step outside, breathe in the fresh air, and enjoy a bit of sunshine. You can invest in a property that offers private yard space or an attractive patio. Even a small but adequate balcony in an apartment building can work wonders for a renter, especially in an urban location where things can feel cramped and crowded quite easily.
- Flexible pet policies
For many people, pets are part of the family. Being able to take their pets with them where they live is an important consideration. If the homeowners’ association allows keeping pets in the neighborhood, consider allowing it in your rental property, too. Doing so not only expands your market, it also gives you a justifiable reason to charge higher fees for rent and the security deposit.
Look at the neighborhood the property belongs in, as well. Investing in a property close to good schools may attract tenants with school-age children. A place located in a neighborhood with plenty of small cafes, bistros, and local shops may lure millennials. And choosing a condo in the heart of a business district is certain to attract professionals working in the vicinity.
Start searching for the right income-generating property today with Destination Properties LLC. We specialize in helping second home buyers like you find ideal investment opportunities in the Northern Utah real estate market. Call us at 801-745-2009 or email Info(at)DestinationPropertiesUtah(dotted)com.