Rental Property Tips: Top Features Tenants Look for in a Rental

The home rental market is very competitive, meaning property owners and landlords must balance meeting tenant expectations with renovation budgets. Every potential renter has different priorities when looking for a place to live, though, so it’s essential to understand the kinds of rental property amenities that are most commonly sought after.

To that end, Home Outlet has gathered some rental property tips for owners seeking to attract tenants. The managing rental property tips below cover some of the most important areas for owners and landlords to consider:

Property Condition, Renovations, and Maintenance

Responsible tenants place a premium on property conditions. They’re always on the lookout for clean and safe units that meet modern construction standards. If a maintenance or repair issue arises, they expect prompt attention.

While some properties won’t need major upgrades to get into rentable shape, fixing up a rental property won’t always require heavy effort, either. Easy renovations, such as converting from carpet to vinyl tongue-and-groove flooring or installing a new bathroom vanity, can make a huge difference that tenants will notice.

Beyond rental features, tenants expect regular maintenance for structural issues, pest control, landscaping, and groundskeeping. Most importantly, they want to be assured they’ll have clear and direct channels to communicate issues when they come up.

Space and Layout

Tenants have always favored rental units with adequate space, but the COVID-19 pandemic has amplified that need. Prospective tenants who work remotely now look for units that have enough space to establish a home office.

Open-floor plans are particularly popular rental features right now. Removing internal walls and other barriers gives units a sort of “airy” quality, and it gives tenants more options for arranging the space to their liking. High ceilings and natural lighting also create a sense of openness and vibrancy.

Storage space is another key feature that tenants prioritize, both inside and outside their units. Installing shelves and organizers inside helps to increase storage capacity, as does maximizing garage or shed space outside.

Updated Appliances and Amenities

Landlords are generally responsible for the installation and upkeep of major appliances in a rental unit, especially in the kitchen, where prospective tenants look for modern appliances — refrigerators, dishwashers, stoves, and ovens — that are easy to operate and manage. Consider replacing refrigerators and dishwashers that are more than ten years old, and check to see whether stoves or ovens approaching 20 years old need to be switched out as well.

Some renters — especially those who have to move frequently — also prefer units that are already furnished. Landlords may find it worthwhile to include couches, tables, chairs, or beds in their units, and managers should decide how much value these items will add to their existing rental (and what they can expect to spend on them).

On-site laundry is another amenity that many tenants value, especially in suburban units and large houses. Some apartment buildings offer in-unit washers and dryers, while others provide coin-operated machines in a common area. In either case, tenants like the option of staying nearby to get their laundry done.

Outdoor Space

Tenants looking for single-family homes seek attractive and comfortable exterior spaces, and in response, landlords can enhance their outside areas by installing or refurbishing patios, decks, and open spaces. Some may even offer fixtures like built-in grills or fire pits for entertaining.

Landlords might also think of creating open spaces for tenants who enjoy gardening or growing food. Some tenants look for homes with enough lawn space for their families to play or relax outdoors — an attractive, well-maintained front yard goes a long way toward giving a house curb appeal.

Parking and Transportation

With more vehicles on the road than ever before and just as many options for getting around popping up seemingly every day, access to parking is a standout amenity that prospective tenants often look for with a rental unit.

Parking is especially scarce in high-traffic, urban areas, so apartment dwellers look for buildings that have secure off-street parking, whether it’s included in the lease or something they pay for. One of the better rental property tips for today is to include EV charging stations and safe, on-site bicycle storage.

Some areas outside cities may require permits for parking on the street, so prospective tenants may look for properties that have garages or driveways, or at least designated parking areas only they can use.

Boost the Value of Your Rental Property

Landlords are responsible for making their properties functional and comfortable for all tenants. Property companies want to get the most out of their investments, so they seek to strike a balance between the most desired amenities and financial good sense.

The above are just a few rental property investment tips landlords can use to make their properties attractive to new tenants. Even the smallest, easiest DIY upgrades can make a rental unit more appealing, and when landlords are “between tenants,” it’s a good time to make all the changes that will preserve their properties well into the future.