The real estate market has been in high gear for a while now. And this is evident with the higher than average cost of homes on the market today.
The fact is, as of late 2021, the real estate market is not a “buyer’s market” at all. Currently, we’re in a seller’s market, and if you’ve checked real estate listings at any time over the past few months, you may have noticed that just about every property you see is pending or contingent.
But let’s not forget about renting. In fact, renting, despite currently higher than average prices of rentals, are popular choices among many across the country. Adding to your portfolio of single-home rentals via rental property loans can be quite a lucrative strategy in the hands of savvy real estate agents.
But what are renters looking for exactly?
If you’re in the market to rent, or if you’re an investor looking to get into the rental space, knowing what comforts to look for in a rental will make your experience much more simplified.
In this emerging pandemic-driven economy, caused by the lingering COVID-19 pandemic, many people have opted to stay at home for longer durations of time. Not only is it safer, but it’s often looked at as cheaper as well.
With more people staying at home, having adequate space and comfort is an aspect that many renters are searching for when they choose to rent a home.
Additionally, many renters have families to take care of, and many have small children. And if you’ve ever tried to keep small children penned inside an apartment, you know the frustration that ensues, not only for the kids but for you as well.
Having adequate living space is always an attractive feature of any home. But having adequate outdoor space is equally as critical.
As such, a fenced yard with adequate open space is perfect for a family raising children as well as for middle-aged adults who enjoy entertaining or relaxing and enjoying the privacy of their yards.
If you’ve ever rented a home, you know that most homes come equipped with appliances. Often these appliances are calculated into the monthly rent payment, though sometimes they’re offered simply as incentives.
However, some rentals today are being listed without any appliances such as refrigerators, stoves, microwaves, or washer and dryer units. And this forces a renter to have to purchase (or rent) additional appliances for the home.
Most renters today expect to be able to move into a home and have access to a refrigerator. So if you’re an investor, this is something that you might want to look into and offer in order to provide an incentive for renters to sign a lease for your property.
Permission to Remodel
No matter if you’re a renter or a homeowner, everyone wants to make his or her home their own. And some rentals do offer the ability for a renter to perform light remodels.
Light remodels often include simple cosmetic enhancements such as adding screened doors, window treatments, interior paint or wallpaper, and carpet. And some rentals also offer even more flexibility such as adding a storage shed, laying sod, adding stone pavers, or building paved walkways.
All in all, the ability to make your home your own goes a long way when it comes to the added attractiveness of a rental property. And often, these simple remodels can add increased value to the property as well.
Though if you’re a renter, you’ll want to closely read your contract, stay in touch with the landlord or property manager, and ask permission prior to doing any remodeling work on the home.
Rental properties are often synonymous with problems that arise from time to time. And though this is most common in large apartment complexes, problems can also arise in rental homes as well.
Issues with plumbing, air conditioning, heating, leaks, broken windows, and any other problem you can think of only serve to create an inconvenience for a renter. And often a renter has to go through an ordeal just to have these problems corrected.
Having a rental that is well-maintained and free of inconveniences will more than likely keep a renter satisfied, and this may entice a renter to renew a lease, even if the price increases at the end of the term.
Ensuring that a rental is problem-free prior to renting it out is your best bet as a real estate investor to keep your renters happy and for establishing a good reputation within the community.
Whether you’re renting a home or if you own it, you want to be comfortable in your home and have some regular level of privacy in your life. And though most neighborhoods are fairly close-knit when it comes to layout, having privacy goes a long way.
Believe it or not, not all landlords offer the best privacy when it comes to rentals. In fact, it’s not uncommon for some landlords to “pop-in” quite often to check on a rental unit. And while this is certainly not off-limits, doing so on a frequent basis can deter a renter from wanting to renew a lease.
No renter wants to come home and find their landlord sitting at the kitchen table handling business. Not only is this an invasion of privacy, but it’s also not in line with courtesy or etiquette when it comes to renting a home. But this is actually a common occurrence with many rental properties across the country.
Allowing your renters to have privacy and autonomy will go a long way. And if there are warranted reasons to visit the property, a phone call before arriving is the most courteous strategy.
Moving into a Clean Home
Upon moving out of a home, many renters leave things behind. And this actually occurs quite frequently across the country.
Perhaps a renter had no more use for a chair or a couch. Or maybe they’ve left behind a swing set, paint cans, or lawn equipment. And renters often leave behind entire rooms full of furniture, or drawers full of junk they’ve neglected to pack.
No matter what it is, unless it can prove to be useful for the upkeep of the home, any items left behind from prior renters should be removed.
Nobody wants to move into a mess. And as a renter, moving into a mess and having to clean before you can even unpack your own belongings can make for a sour start to any rental agreement.
Keeping the home clean and ensuring that it’s clean upon move-in is the responsibility of all rental investors.
Last but not least, landscaping is often a huge issue when it comes to renting a home. And often the responsibility is placed on the renter to keep the property up.
Upkeep of the property often includes keeping the grass cut, the gutters clear, and removing any unsightly growth from around the property.
As a landlord, offering landscaping services included in the rent is looked upon as an attractive feature as many renters don’t have lawn or garden tools, or they don’t want to incur the added expense of paying for these services.
Owning a rental property is a big responsibility. And this requires that you not only meet safety and quality standards, you also need to cater to the needs of renters as well if you’re going to be successful as a rental property owner