In a competitive rental market, it can be tough to charge competitive prices unless your property has a few awesome amenities. Don’t worry though — if your condo association won’t let you construct a balcony for your unit, or if you’re unable to pick up your investment home and move it next door to your prospective tenant’s office, there are still plenty of simple ways you can make your rental property more appealing. (PSA: don't try either of those things. Keep reading for some better ideas, instead).
The biggest group of renters are between 22-37 years old-- aka Millennials. The fastest growing group of renters are over 60, aka Baby Boomers. These two groups may be in very different stages of life, but they are drawn to similar amenities.
Pet-Friendly homes are important to both age groups. Millennials are increasingly adopting pets and treating them like their own kin. 75% of Millennials have pets, and they are seeking homes that can accommodate them and their furry family members. As empty-nesters, many Baby Boomers also would like pet-friendly homes to accommodate their companions (or to babysit their grand-dogs while their Millennial kids are traveling).
Walkability is a highly sought-after asset for many. On the surface, you may think that walkability just means a neighborhood with sidewalks and crosswalks. However, there’s a lot more to it than that. Walkable neighborhoods have desirable destinations within walking distance. Grocery stores, restaurants, shops, parks and playgrounds, public transportation, schools, movie theaters-- the more things you can get to on foot, the more “walkable” your neighborhood is. If you’re curious to know how walkable your neighborhood is, check your Walk Score! If it’s low, don’t worry! There are plenty of ways to make your rental property more desirable. If it’s high, boast about that! Make sure you let your prospective tenants know all the great things your neighborhood has to offer.
Parking is always a bonus for renters with cars. If you’re able to secure a parking spot in your building to offer to your tenants, that’s a huge bonus! Or, if zone street parking if the only option, consider including a street parking pass with the rent! If none of those are options for your building, providing in-depth suggestions for the best places to park nearby is a great gesture that shows your prospective tenants that you know what’s important to them.
Storage is a huge benefit, particularly bicycle storage for Millennial renters. Many Baby Boomers are downsizing from larger homes once their kids move out, which means they have a lot more stuff to deal with than the average Millennial.
Tech-savvy homes are a perk for both generations. Certain things like remote-controlled blinds and lights are a luxurious and convenient touch for Baby Boomers, while Millennials will be more motivated by high-speed internet capabilities and great cell phone reception.
Efficiency is key for the modern renter. Many Millennials will prefer to communicate over text message and email, while Baby Boomers may find it more efficient to communicate over phone calls. Be sure to ask their desired method of communication to see what works for your prospective renter. Additionally, Showdigs increases the efficiency of the property selection process! Your prospective tenants will be able to sign up for property showings on-demand with a licensed real estate agent. No schedule coordinating logistics, no hassle or guilt if they need to reschedule at the last minute.
Contact Showdigs to learn more about how to make property management more efficient and simpler for your prospective tenants.