HOMEOWNERS: WHAT TENANTS ARE LOOKING FOR

Finding tenants is something that landlords have to deal with constantly. As the property owner, you rely heavily on tenants when it comes to your income. Detroit had an increase in the number of housing units earlier this year and the demand for rentals has peaked as well. What most landlords fail to consider (aside from the price of the monthly rent) are the popular trends among would-be tenants. These trends vary from time to time but some common factors still remain. Proway Property Management wants to help you meet the needs of your prospects to ensure that you will have a stable cash flow from your rental property. 

Location and amenities are everything

This goes without saying, but it’s worth mentioning the kind of tenants you’re looking to attract. For families, having a supermarket or shopping centre nearby serves as a plus. But in this day and age, people have the tendency to do most of their shopping online. If you’re property offers a quick stop to a small corner shop, this would make you stand out more than the other houses in your area. A good transport link to the local university or school would be appealing to students. The length of commute time to their workplace is another important factor to consider as well. If you’re looking to accommodate tenants who have cars, a garage or personal parking space will seal the deal for you.

Make it pet-friendly

Rental properties that allow pets are hard to come by, so you can really up your game by accepting pets, especially dogs and cats. You may have heard of nightmares of other landlords when it comes to opening the property to pets but there are ways to counteract this. Charging extra for each pet in the household serves as a viable option since most tenants would gladly agree to it. Seeing how the animal behaves can give you a good picture of how it will most likely behave in your property. Although this decision relies entirely on your role as the landlord, it’s important to bear in mind that this can be a deal breaker for many.

Storage space

If you’re planning on keeping long-term tenants, storage space is going to be a very important commodity. Students normally have fewer possessions since they most likely will be staying for the duration of their college life. For those planning to settle, storage is key. Adding cupboards, bookshelves, sheds, or just improving indoor and outdoor storage would greatly boost the probability of your property being chosen by tenants. The longer a tenant stays, the more stuff they bring in. With just a little thought and some expenses, increasing storage space in your rental property comes a long way. 

Security

Living in a safe neighborhood doesn’t mean that the landlord needs to be complacent. A place that has a working security system with locks on both its windows and doors is something that tenants are looking for. Other security features such as alarm systems and fences add up to their peace of mind as well. 

High Speed Internet

This is very important in our increasingly connected world. This works well for millenials since they were mostly born in an era that heavily relies on the internet and in social media. If you’re lagging behind in terms of technology, better step it up if you want to attract more tenants. It doesn’t matter if it’s for work, study or fun, tenants of all kinds want a decent internet speed. Adding an option for tenants to pay online works in your favor as well.

A decent landlord

This never goes out of trend. Sadly, it seems that it has been a norm for landlords to be subject to horror stories by tenants claiming that they have been treated wrongly. Such a thing can’t be avoided but your job as the property owner is making sure that you stand out from the rest. Always be in your tenant’s shoes and evaluate if the property is a decent place to stay in or not. Make your house be the top of their checklist by enlisting the aid of a reputable company such as Proway Property Management. Our years of experience in the field can help you boost the likelihood of your rental unit being chosen by prospective tenants. Find out how we can help by contacting us through (734)744-5080 and by email: [email protected].