What Renters Want

What Renters Want

What Renters Want

From move-in ready units to easy access, smart technology, and pet friendly rentals, knowing what renters want is important! Not only does it increase your chances of finding good tenants, but it also helps you stand out. Although cost and location are always at the top of the list, today’s renters tend to have specific preferences when searching for a new home. While it would be unreasonable to expect to be everything to every tenant, being adaptable is a necessity. Potential renters care just as much about what’s inside and around the property as they do about the location they live in. Things like pet friendliness, connectivity, mobile access to portals, and parking are among some of today’s most important things. And, don’t forget convenience! For this reason, adding amenities that have a relatively low cost to implement, but a high perceived value for renters can mean the difference between your unit sitting vacant or not. With this in mind, we offer some on what renters want.

Affordability

Rental affordability has and always will be a driving factor in a renter’s decision. In fact, not only does affordability determine if a renter will move in, it also determines if they’ll move out. Although price is historically the make or break factor for renters, rent is not the only thing that drives affordability. Things like pet rent, security deposit, and other fees also drive up prices. So, instead of cutting your profit margins, look for ways to reduce initial move-in costs. 

Location

Does your rental have easy access to freeways, roadways, stores, and shopping? Is the commute a reasonable and are the school districts acceptable? These are all questions renters are asking themselves when they are looking for a place to live. In fact, commutes to work, shopping and outdoor spaces are sometimes more important than proximity to friends and family. However, that does not mean other factors like property and unit features could outweigh the rest. For this reason, focus on what renters want but knowing which amenities they are looking for.

Questions To Ask Yourself

  1. Could your rental property produce more income if modernized?
  2. Does your rental property lack the curb appeal it needs to attract quality tenants?
  3. Is your rental property in need of minor cosmetic or does it need major repairs?
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The Convenience Factor

The convenience factor drives everything today. From using your voice to order every day items to having your groceries delivered to your front door, anything that adds greater convenience is a must-have. Must-Haves’ are the absolute basic essentials that your rental properties need to be considered by a renter. That’s because these amenities provide a level of convenience that is expected. In fact, without these features, the cost of living increases drastically. While it is always good to focus on amenities that have a relatively low cost to implement, but a high perceived value for renters. Features that allow for greater convenience in a renter’s day-to-day life like having a washer and dryer as well as a garbage disposal are highly valued. In short, it’s just not worth it to a renter if you don’t have today’s must-haves.

Must-Haves

  • Appliances like (dishwasher, stove, fridge, oven)
  • Internet Access and reliable cell phone services (connectivity)
  • Washer/Dryer Hookups (even better, a washer and dryer in the unit)
  • Airconditioning
  • Parking options
  • A fully functional kitchen
  • Move-in-ready (clean and maintained)
What Renters Want

Resident Portals (Mobility)

The more mobile activities like paying rent or completing a maintenance request online you offer, the more likely your properties will stand out. In fact, renters in today’s environment are already using their mobile devices for a multitude of things like banking and communicating with family, friends, and colleges. So, it only makes sense that this preference extends to your renters. Because today’s renters expect access to a resident portal they can access from anywhere, on any device, knowing which options to offer is important. Renters expect to access the following items from a mobile app:

  1. Rental applications
  2. Lease agreements
  3. Rent payments
  4. Maintenance requests

For more on this topic, read our article on property management technology.

Pet Friendly

Renters love their pets and are doing their part to find a place to live that accommodates both them and their four-legged friends. Today, renting with pets is more popular than ever. According to The Humane Society, over 72% of renters have pets. The upside to allowing pets is the number of qualified rental applicants dramatically increases. This not only gives you more options for finding great tenants, it also makes your properties more attractive. 

Conclusion

Although it is impossible to fulfill every tenant’s needs, for renters, the quality of their rental experience goes beyond just the unit they occupy. In fact, to remain competitive in today’s market, delivering outstanding experiences and great service to renters is key. Moreover, to stay ahead of the competition by attracting and retaining more renters, you must consider what renters want. Things like pet friendliness, connectivity, mobile access to portals, and parking are among some of today’s most important things. Although it would be unreasonable to expect to be everything to every tenant, being adaptable is a necessity. For this reason, it might make sense to hire a property management company to help you 

If you have questions about renovations or need help finding the right tenant, please contact us. Our property management services can be tailored to your needs and includes leasing, consultation, and monthly management services. From North County San Diego to Downtown, we manage all types of rental properties throughout San Diego including homes, condos, multifamilysuch as duplex and triplexes, and even small apartment buildings. We will manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176 and let us save you time, money, and the stress that comes along with managing your own rental properties.