As seasons come and go, so do renters. Here’s how to advertise a property for rent and find prospective tenants during the off-season.
As a building manager, it’s tough to know how to find good tenants. No time is this truer than the off-season. Whether you’re in a college neighborhood when students leave for the summer, or you’re trying to fill vacancies when the weather turns cold, finding your ideal prospective tenant is a challenge. You can end up with decisions you’ll later regret. Here’s how to find good tenants you’ll want renting long into the future, even when the leasing slump is over.
Is the extra money and effort it takes to furnish an apartment worth the work?
Property owners often make tough decisions as to what perks they offer their renters. For many years, utilities-included rental options (heat, energy and water) were a competitive advantage. Nowadays, additional specialized markets have arisen to address more specific renter needs (like small-space studios), so property owners must adapt and offer new services to fit these changing market needs. One such marketplace is fully furnished apartments. Some renters don’t want the hassle of moving furniture into an apartment or worrying about choosing décor. Others have temporary situations, like work or school, which makes a fully furnished apartment very appealing. But is the the extra money and time it takes to furnish an apartment worth it for landlords?
Until the time is right to put some big money back into your rental property, you can improve the look and feel of the building by making small, inexpensive enhancements.
Rental property improvements are never a bad idea. An updated look often lures in new tenants, while current tenants appreciate seeing maintenance staff around fixing pieces in public areas. The challenge of property improvements is mostly cost. The time spent fixing something up plus the cost of the materials can really cut into a budget if not properly considered. On the other hand, it’s possible to recoup some serious revenue if those improvements lead to great tenants who stick around for the long-term. Let’s take a look at more than 10 great ways to spruce up a rental property for prospective tenants.
A well-built community makes your property more than a building; it makes it a home for tenants and a hub for an excellent reputation.
Although the common belief is that tenants of a certain age seek to move to warmer weather or assisted living facilities, that’s not always the case. Naturally occurring retirement communities, or NORCs, have been discussed by urban planners since the 1980s. Much like neighborhoods that grow around ethnic and economic backgrounds, these communities grow around residents living and ageing together in the same building for many years. Many of these communities have developed programs to offer social and healthcare services to their members, but you can make your building more attractive to such a community by offering amenities and services that appeal to their demographic. The twist? Many of these features also appeal to younger tenants, too!
Many apartment and home rental units are going pet-friendly, instead of pet-free.
For many years, our four-legged friends were foes of landlords, mainly due to the perceived extra cost involved in cleaning up rentals after pets and their owners moved out. Changing markets, however, have caused many property owners to rethink their policy on renting to pet owners. Many apartment and home rental units are going pet-friendly, instead of pet-free. Renting to pet owners is a great way to open up your revenue streams, and though it’s not without its potential pitfalls, you may find that renting to pet owners is a lot less hassle than you might imagine.
It’s time we talk about a flooring alternative that looks great and will save money. What’s not to love?
Landlords often use time between renters to spruce up the space. Apartment walls get painted, bathrooms get new fixtures and nearly everything else gets cleaned up. Flooring is often overlooked in these refreshes because of the idea that it’s a project that will take far too much time and money. Many landlords also only consider two options when thinking flooring. Hardwood floors are memorable and popular if you have them in the unit, otherwise carpeting is considered the only cheap alternative. Well, there are more options available to property owners that are cheaper, easier to maintain and can revitalize a unit better than a new roll of carpet.
If you want to add “kid friendly” to the list of your property’s features, check out these tips for child safety.
In today’s rental market, every property should be safe for every age. There are many reasons why a rental property could attract families with children and the Fair Housing Act protects families with young children from discrimination when renting. There are a few easy steps a property manager can take to ensure the safety of all tenants, even the miniature ones.
The ideal tenant is within reach. Making some improvements to a property is a worth-while investment.
Members of Generation X and Millennials are the fastest growing segment of the rental market and many of them don’t seem to be on board with the “American Dream” of moving out of the city to a nice house in the ‘burbs. Whether it’s because they can’t due to rising student and credit card debt or won’t because they enjoy the amenities that rental properties provide, property owners need to stay on top of the trends. The apartments that provide the services renters want will be the ones who have great tenants who stay on for longer.
Spring is a time of renewal. As the flowers bloom and the birds return, rental agreements start to come to their conclusion. Whether in a college town where students are looking to move home for the summer or a complex where couples putting together a summer wedding might want to move into their first home, apartment complexes often feature Now Renting signs popping up alongside the signs of spring.
These simple tips will keep your small engines working at peak efficiency and will save you money!
Spring is just around the corner and it’s time to start thinking about your landscaping plans for this new year. But before you get out there and start working, your machines are going to need some maintenance.