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4 things tenants are looking for in rentals these days

Larry Arth's real estate investor adviceAs landlords and property owners we tend to want many things from our tenants.

We want them to be great tenants who mind their own business and take great care of our properties. The only time we want to hear from them is the first of the month when we expect their rent check to show up in our bank accounts.

Perhaps a bit idealistic, but we all agree a carefree tenant is what we all desire.

Being a good landlord for tenants is a two-way street

I discovered after a few bumps and bruises and many hours of questions and answers, that to truly get what we want as landlords, we need to give our tenants what they want.

After all, this is a two way street and it is not all just about us landlords.  I have found that when creating a win-win situation, our tenants are happy and in turn we are happier landlords.

No. 1  Location

It was no surprise when I discovered that tenants, too, live by this philosophy of location.

They want to be near their work, home and their activities, especially the Millennials, the generation, born between 1980 and 2000.   Why would a buyer want to rent your unit? As I talk about location in real estate every single day, and use this philosophy when buying my rental properties, it became obvious that I too should capitalize on locations when promoting it to prospective tenants.

Ads for properties that read: near major employment, restaurants, banks and movie theaters will attract the attention of the prospective tenants. Bus stops are often an appeal as well for your inner city properties and for the Millennials as many do not drive.

No. 2  Great landlords

4 things tenants are looking for in rentals these days
Credit: istock

Just as landlords complain about bad tenants, the reverse is also true. Tenants have also encountered many undesirable landlords. They have big desire to feel confident about their new landlord and or property manager and want to trust that they’ll work hand in hand to provide a great place for them to live.

My experiences have been that the best tenants do a great deal of screening of the property manager and landlord.  I always took it as a great sign of a good prospect when they asked a lot of questions about property management.

I would always end an interview with the question: “Do you have any questions for us?” The more they inquired, the better feel I would get from the tenant

No. 3  A  neat, clean and fresh place

Tenants want to live in nice places too.

Another personal experience of mine is the tenants who tend to be a little picker and want the stainless steel appliances and amenities tend to be the tenants who are more sustainable tenants.

As long as the tenants have a nice place, managed properly that provides the nice things they want, they will stay for the long term.

No. 4  A washer and dryer

As with any person or family, this is a modern convenience that has become a staple in the household.

Today’s busy tenants want the convenience to wash their cloths whenever they can find the time. Having to share a laundry facility, or travel to do the laundry, is a turn off. It has been my experience that tenants who do not have a washer and dryer tend to move annually, while tenants in properties with a washer and dryer stay longer.

Finding a closet that can convert to a stackable laundry closet can generate a great return on investment and will create more long- term sustainable tenants.

Know what a great tenant wants

To get a great tenant you must identify what a great tenant wants and deliver the goods. When promoting or advertising your property for rent, you want to tell tenants about the special benefits of your property. Not the usual three-bedroom, two-bath that everyone promotes.

Instead, try this: Room for the whole family with three private bedrooms and, for ultimate convenience, there are two full bathrooms conveniently located between them.

People do not buy or rent based on features. They buy or rent based on benefits.

If they made their buying decisions based on features, they would buy or rent the first unit they saw. Identifying what your tenants want and then informing them that your property has all the benefits to create the perfect fit will win you a great tenant who feels good about renting from you and you will earn top dollar.

Visit Larry’s website here.

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