Investment properties can be a fantastic way to generate passive income but without great tenants who pay reliably and take good care of your property, that revenue and return-on-investment could potentially disappear. Therefore, in order to attract A+ tenants, your property must have some of the criteria that A+ tenants are looking for.
5 elements that factor into the tenants’ decision making when renting a home:
Location & Neighbourhood Quality
The more available amenities in a given neighbourhood helps support a happier lifestyle. Think of parks and trails, scenic opportunities, community centres and attractions. The more the neighbourhood has to offer the more your potential tenants will want to be there!
School Quality
The proximity to good schools is generally high on the priority list for those with children. Knowing that there are reputable elementary and secondary schools, both public and private, in the area will definitely help the ‘Selling Factor’ of your new rental home and may also help you secure good tenants.
Safety
Whether you rent or own, Home is Home. Everyone needs to feel safe in their family home. Great tenants will typically pay more for a home and neighbourhood that feels safe and secure. Look into neighbourhood crime statistics and other demographic metrics before committing to an income property.
Interior & Exterior Updates
Make your rental property stand out with interior and exterior updates. Not only will you attract the attention of high-quality tenants willing to pay more for finer finishes, but the tenants will appreciate the quality of the home and take care of it in return. Many updates can be cost-effective as well, such as painting the walls a nice, neutral colour or changing the knobs and handles on the kitchen and bathroom cabinets. Having a seasonal front planter outside the home can also increase your opportunity of finding great tenants as the home will have nice curb appeal.
Rent Inclusions & Price
Pricing your property For Lease must be done strategically. If it is priced too high you will severely impact the pool of potential tenants. If you discount your rates you may get “discount” tenants. The pricing strategy should take into consideration the up-to-date market rates and trends, and reflect the amenities and superior characteristics your property offers.
For the best results, let us help you lease out your rental property. We would love to provide you with a home evaluation to secure the right tenants for your home!
