As a real estate investor, both your cash flow and bottom line depend on finding qualified renters. This means your better future is only achievable with their help.
When it comes to investing in Single Family Rentals, you should run the numbers to ensure that your returns are accurate; you should also factor a property’s “livability factor” into your decision making.
What do we mean by “livability factor?” It’s a line of reasoning that goes like this: the investors who consider properties from the point of view of tenants are more likely to acquire those that can be marketed quickly (assuming that the market they choose is also poised for growth).
So remember to Identify, Aquire, and Operate your rental property based on this important principle, since it ensures your golden goose starts laying nest eggs!
What Renter’s Want
In our vast experience, we’ve identified these key features that allow rental properties to get leased at a faster rate:
2-3 bedroom properties have proven to be a magnet for attracting single, growing families; just make sure that it also includes 1.5 (or more) bathrooms or more, as this is also a prevalent preference. Choosing an investment home which gives your tenants the space they need will go a long way towards getting them to sign a lease.
Short Distance to Amenities
Never underestimate the value of convenience. Properties with a “high drivability” rating i.e. that lie within quick driving distance to destinations visited most frequently (like the market, coffee shops, etc) come highly preferred by renters.
After a long day of work, no renter wants to search for parking. Tenants are therefore typically attracted to covered garages and personal driveways since they eliminate walking, make it easier to load/ unload their cars, and protect their vehicles from bad weather. So keep this in mind when looking for rentals.
When investors stock their rentals with appliances, they increase their appeal— and get renters closer to signing on the dotted line. Here are the appliances you should consider supplying:
- Functional Range Oven and hood
Renters want a home they can be proud of, just like homeowners. Entice renters by making sure your property is strategically updated. If it’s affordable and needed, you may need to add newer features like painting and flooring! Older homes typically are outdated – a simple fix is adding wood laminate and modern paint colors to create a high-quality look and feel.
Calibrating Your Renter Magnet
Now that your rental has been vetted for tenant desirability, it’s time to market it! Read our marketing tips here. Unsure if your investment is renter-friendly? Contact us at 888-276-0232 today to find out.