There are so many things to consider as you are investigating a property that you plan to turn into an income property. One very important factor is the salability of the property. You want to be able to highlight some key features and amenities to attract a broad range of renters. Once they see your property, you want to be at the top of their list by differentiating yourself from your competition. You will have the ability to be highly selective with whom you chose to rent to when you have multiple applications. This is a win/win all around. Here are the top 8 things that renters are looking for.
1) Clean Space. When a renter is looking for their new home they do not wish to experience the proof the there was life there before them. Have the space be really sparkly cleaned and disinfected. Add a fresh coat of paint on the walls, along with new carpet or buffed and shined hard floors.
2) Spacious Kitchen. A spacious kitchen is a high selling point if you are looking to rent. Renters are looking for kitchen midsize to large, with updated appliances including a dishwasher and granite counter tops. The best selling kitchens are those that have a ton of storage space, a bar counter top and/or island, and a beautiful tiled back splash.
3) Open/spacious Feeling. Even if the footprint of the rental is small, high ceilings with lots of windows make a place feel larger. For some, bigger is not always better, unless you have a rapidly growing family. There have been many studies showing that people are downgrading their home square footage sizes, and moving away from the McMansion Era. Renters are looking for a more open concept floorplan with the kitchen, living, and dining room areas that make it easy to interact across the rooms.
4) Adequate Closet and Storage Space. There’s no such thing as too much closet or storage space. As a matter of fact ample closet and generous storage areas are a top priority for renters of all ages. If adequate storage is not provided, residents usually use balconies for storing objects such as bicycles, or boxes, damaging the appearance of a rental community.
5) Location and Safety. For some it’s all about location. Each community has it’s own identity culture and characteristics, people want to feel like they belong in that social group. Of course safety is important, people want to know they are safe and secure in their community and home. What is the noise factor level? Is it a quiet family neighborhood, or a loud party community? What is in proximity? Renters are looking for the convenience of an urban community, but with a feeling a safety.
6) Parking. What’s the parking situation? Is the house connected to a garage, or is there a parking garage available? If so, how many spaces are allotted? For some renters who have frequent visits, they might consider will parking be an issue for their guests.
7) Living the Good Life. What extra add-ons or amenities does the home/condo have to offer. Renters are looking for things such as washer and dryer hookups, a fireplace place and/or a working HVAC that does not making weird noises. Today, a good percentage of the American population own a cat or dog. Will pets be welcomed in the home? Is there an on-site gym with updated equipment? Renters say they want state-of-the-art fitness equipment as well as a yoga and pilates area. Finally, is there a pool and spa with a bbq area? This will come in handy during hot sunny days.
8) Affordable Living. This is probably the number one thing renters are looking for. They want all these requirements, but at an affordable price. But of course who doesn’t?