In many ways, it’s currently an excellent rental market for property owners, as there is high demand for apartments and other rental units. However, even with this demand, you still want to be competitive. You want to set yourself apart from the crowd and keep a good reputation in your community.
If you want to rent out your apartment, condo, or other unit for a fair price that grows your business, you attract tenants. While some areas of the country have great rental markets where it’s easier to keep units filled, this isn’t the case everywhere. Also, even if you generally can find renters, making the properties better means you can find more reliable tenants and even charge more in rent. But, to do so, you need to offer real value to your renters.
It’s worth investing in upgrades that make the building look and function better. So, suppose you want to keep long-term renters and attract reliable tenants. In that case, you’ll want to consider these tips for making your rental properties more rental-friendly.
Find some ideas for upgrades and more in this guide on how to make your rental properties friendlier and more upgraded for tenants.
Tip 1: Change To Hard Floors
Upgrading the units’ flooring from carpet to hard floors will pay off in many ways. For one thing, it will save property owners and landlords a lot of money and effort. Carpets are harder to maintain and clean, and you’ll likely need to replace them every few years. Another benefit is that quality hard flooring is much easier to maintain, even if renters have pets.
The other reason to upgrade to hard flooring is that renters prefer this style of flooring. It’s also more convenient for them and is an amenity many people desire. Most renters don’t want to worry about leaving behind damages, as this means they won’t get their security deposits back. Also, they’ll appreciate that it’s so much easier to pick up their pets.
Generally, hard floors make rental units look more luxurious. You could also consider adding hard floors to common areas while keeping carpets in bedrooms, as this is a good mix that many renters tend to enjoy as well.
Tip 2: Better Lighting
The benefits of renovating flooring in rental units are pretty obvious, but there are many other improvements you can make that benefit both tenants and owners. Lighting is essential because a well-lit rental building looks more welcoming and beautiful. It’s also safer as good lighting outside the property can prevent accidents and deter crime.
On the inside of the building and inside units, better, eco-friendly lighting can save you and your renters money monthly on energy bills. Plus, it’s an excellent way to advertise a more environmentally-conscious business – which is more likely to attract trustworthy renters who can pay higher rent.
Tip 3: Increased Security Features
Do you want to save yourself stress and money? Do you want your renters to feel safer and more comfortable? If so, adding more security features to your building is vital. If you want to have a secure rental building, you will want to guarantee you have a good system of cameras in place in all communal areas including outside the building.
You could also make some adjustments, such as changing to better locks. Finally, if you don’t already, you may consider working with security professionals that can monitor parking lots or respond to emergencies outside of office hours.
If you want to run a reputable property management company, you’ll need to provide security options, especially if you own more than just a few rental units. Just make sure that you check the local regulations and hire a well-rated security company if necessary.
Tip 4: Improve The Communal Areas
Most people worry about how the inside of their rental unit looks, but the apartment complex also matters. Even if you’ve upgraded the apartments, potential tenants might be put off by dirty or old corridors and communal spaces. So, ensure these areas look modern and clean.
Also, you can create much more desirable rentals if you offer unique amenities, such as a gym, pool, or clubhouse. If you don’t provide any of these or they are pretty old, it might be time for some improvements. While these may be more costly investments, they are what renters look for. So, if you want to keep the units filled, you want to set yourself apart from other rental units in your area.
Tip 5: Make Communication Easier
While most of the ideas on this list center around making physical upgrades, there is one final idea you can try that doesn’t cost any money. One thing that most renters want is easy communication with their landlord or property management company.
If you’re understaffed or just don’t have good policies in place, tenants may have to wait a long time to get in touch with you. This can be very frustrating. Renters will appreciate it if they can efficiently get answers to their questions. They also want to easily be able to contact someone about maintenance issues or other emergencies, so ensure you streamline these processes.
Better communication will make living at the apartment building or townhome much more enjoyable, and your tenants will be much more likely to renew their contracts or even leave good reviews.
Concluding Thoughts On Creating Renter-Friendly Units
While these aren’t the only ways you can improve your rental units to make them more rental-friendly, they can help you reduce vacancies, make more money, and improve the lives of renters.
Landlords and property managers can use a grm calculator to help determine an appropriate rental rate for a property. By considering the property’s price and expected rental income, landlords can ensure that they are charging a competitive rent that maximizes their return on investment.
Some of these upgrades are more costly, but others are very cost-effective and can bring great returns on the investment. It’s worth doing what you can to improve the units and make them more tenant-friendly. By following these tips and noticing what renters are looking for in your communication with them, you can keep great tenants and keep units full.