The real estate market can be tough. Right now, prices are high, there are many competing property investors, and economic conditions make it difficult for people to find the properties they want – regardless of whether they’re buying or renting.
Accordingly, property managers are making more proactive efforts to make their rental units more attractive to tenants, especially at higher price points. What are the most common trends in this area?
Amenities
We can start by looking at amenities:
- Appliances. Certain appliances can instantly make a property more attractive, such as a dishwasher. Many tenants also prefer properties with modern, efficient, convenient appliances rather than older, broken-down ones.
- Smart home tech. It’s becoming increasingly common to find rental units with smart home technology in place. Smart thermostats, smart appliances, and other smart tech can foster significant lifestyle improvements.
- Shared spaces. Shared spaces are also becoming more popular. In multi-unit buildings, it’s important for tenants to have the ability to connect with each other and build a sense of community. Shared spaces are also a great way to make people feel more at home.
- Indoor and outdoor lighting. Superior indoor lighting can instantly make the space feel cozier and more livable, while outdoor lighting can make the place feel safer and more welcoming.
- Better security. Similarly, landlords are attempting to make their tenants feel safer by investing in better security. Even simple features, like better locks and security cameras, can instantly make a property feel more secure.
- Energy efficiency. Increasingly, tenants are looking for rental units with energy efficiency upgrades. Better insulation, new, sealed windows, superior appliances, and other upgrades can not only save money, but also reduce emissions.
Visual Appeal
Visual appeal is more than just a subjective, aesthetic consideration. For many people, visuals are primarily responsible for forming first impressions.
- Curb appeal. Curb appeal is one of the best ways to make a great first impression with a new tenant. If people like what they see on the outside of the property, they’ll be much more likely to rent the unit. You can boost curb appeal by repairing and painting the siding, improving the landscaping, and fixing anything that might be wrong with steps, sidewalks, and other outdoor features.
- Paint. You can also increase the visual appeal of the unit with a simple coat of paint. Paint is cheap and easy to apply, yet it can instantly make an area seem newer, fresher, brighter, and cleaner. Just make sure you choose neutral colors to broaden the appeal.
- Better flooring. Most tenants want to see modern flooring, such as vinyl and laminate. Landlords are beginning to comply with this, upgrading the flooring in their units to increase appeal.
- Cleaning. Property managers and landlords have always made cleanliness a priority when preparing a property for new tenants, but it’s becoming even more important to do a proper deep cleaning.
Policies and Practices
Landlords are also softening policies and practices to make them more appealing to tenants.
- Pets. Historically, landlords have forbidden pets or created strict policies around them. But because so many people love and appreciate pets, this trend is beginning to soften.
- Portals. Landlords and property managers are also offering more convenient online portals where tenants can manage communications, payments, and other necessities associated with renting a unit. It saves time, streamlines processes, and gives tenants access to transparent information related to their rentals.
- Flexibility. Also, landlords and property managers are offering much more flexible lease terms. Tenants may not be able to get everything they want in a lease agreement, but they’re in a much better position to get month-to-month setups or other favorable terms.
Marketing
And, of course, property managers are doubling down on their marketing efforts.
- Professional photos. Professional photos can instantly make a property look more appealing, regardless of how it actually looks. The right lighting, the right cameras, the right lenses, and the right framing can make spaces look bigger, cleaner, and more inviting.
- Virtual tours.Virtual home tours are increasing in popularity. These allow people to remotely view the inside and outside of a property in full detail. They’re also relatively easy to set up.
- Better descriptions. Similarly, property managers are offering better descriptions of rental units, making them more appealing, but also providing more accurate details.
There are countless ways to make rental units more attractive to tenants, including the strategies listed above. If you plan on making one of your own rental units more attractive to prospective tenants, keep your target demographics in mind. Not everyone has the same preferences, and you’ll be much more likely to succeed if you make changes that are highly relevant to your audience.
