These tips may help justify higher rents when you show or advertise your property AND help rent your property faster. But more importantly, they may help keep tenants renting longer, reducing costly turnover. It’s all about the cashflow.
First Impressions
Put a Fish on it. Potential tenants want to feel like they’re part of the neighborhood. Fishtown locals have been proudly hanging the distinctive shad signs for about 20 years.
Big Blue. These recycling containers are highly sought after in every Philly neighborhood. Treat your tenants to a nice clean one and a big trash container with a lid. Label with your house number and make it easy for tenants to store and throw out trash. Definitely make a big deal to let tenants know when to put trash out (no earlier than 5pm the night before trash day) AND where.
Flower boxes. Curb appeal doesn’t just matter for selling your home. As rents increase, so do tenant expectations for interiors AND exteriors. A great tenant will treat your home like it’s their own. Adding opportunities to garden can really help bond a tenant to the home.
Keyless keypads. In the last few years many renters are requesting these. Keypad locks are easy to reprogram, convenient for giving access to plumbers and contractors and have become much more reliable. No more late-night lost key calls from tenants.
All About the Amenities
Loving Laundry. There is no amenity tenants desire more than an in-unit washer and dryer. Renters often add it to online search criteria so if your property doesn’t have laundry, you’re not even being seen. Adding laundry isn’t cheap but it’s well worth the expense for future rentability. There’s a growing trend towards single combo-washer-dryer units in kitchens and bathrooms like in space starved flats throughout Europe and Japan.
Dishwasher. A dishwasher is no longer considered a luxury- it is a necessity. For tenants with roommates it could actually be THE deciding factor. In the end it will keep the property more tidy and allow a small kitchen to be more desirable.
Fridge with water on the door. An easy hook up that elevates the value of the kitchen. A proper kitchen suite, including a water and ice dispenser on the door can help you charge the rent that reflects the special details that make it feel like home.
Wash. Rinse. Repeat.
Deep clean. Get your rental cleaned prior to showing. You want it to look and smell clean and be move-in-ready. Showing tenant occupied rentals? When showings start, offer to bring in a cleaning crew so that the burden doesn’t fall on your tenants.
Toilet Seat. My mother once said “imagine how many butts have been on that toilet seat.” She said this after seeing my first college apartment and it’s a good point. I have always changed the toilet seat when I moved into a new apartment. Some landlords do this between tenants and leave the plastic covering on the seat to make the point.
Rover is my Roommate.
Allow pets. Request a photo of the pet and recent vet bill to further qualify renters with pets. 63% of households own dogs (42% own cats), according to an American Pet Products Association survey. Allowing for a pet will really increase your tenant pool.
Show Me The Money
Direct Deposit for Rent Payments. Often the only check millennials write is for rent. Make it easy and automatic by setting up a path for direct deposits. Cozy is a free site and super easy for tenants to set up recurring rent payments.
Raise the rent. This is obvious but write rent increases into the lease. After one full year of occupancy, set $25 or $50 increases based on your market. This gives a tenant ample notice to budget for higher rent and stay put, rather than start searching for a new pad.
Lower the rent. An affordable rent is the best way to keep a tenant for multiple years. Consider turnover costs of painting and light repairs plus a month’s rent leasing fee for your property manager or realtor to find and sign a tenant. You may get a top-of-the-market rent, but is it worth it if you’re turning over your rental every year.
Forget that last month’s rent. You’re only renting to highly qualified and vetted tenants (at least that’s the plan) and offering move-in with just First Month’s rent and Security Deposit is extremely attractive to potential tenants.
Christian Fegel
REALTOR
These tips and special touches don’t come with large price tags. Use these simple changes to attract the loyal and responsible tenants you want, quickly, easily, and within your budget. I’m here to chat if you want to discuss best practices for rentals and if you need further help finding that perfect tenant.
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