Buying to Invest - What Tenants Want in a Property
Finding the right property for tenants isn’t always easy. A tenant wants a place that is safe, comfortable and convenient. They want to know they are getting their money’s worth and that they have the features they need to live comfortably. Let’s take a look at what tenants look for when deciding on a new investment purchase with the aim of renting it out.
Location, Location, Location!
The old saying remains true - one of the most important factors in choosing a rental property is location. While some people may be willing to commute an hour or more each day to get to work, many are not. People also want easy access to shopping, entertainment and other amenities. Having these nearby can make life much easier for tenants so it’s important to consider how close the rental property is to such places when choosing one for tenants.
Price Point
The cost of rent needs to stay within tenants' budgets and fit with their lifestyle needs. Consider who will be interested in your property - students? working professionals? a family with kids? What budget do they have? Does the property suit them or does it need work? Can you make the returns work or do you need to look at other property and tenant types.
Amenities and Features
Tenants want features like parking spots, washer/dryer units included in the unit or onsite laundry facilities, air conditioning/heat control options, storage space or closets and outdoor areas like balconies or patios where they can relax or entertain guests outside of the apartment itself. Tenants also appreciate modern touches like updated appliances and fixtures as well as energy-saving systems that can help reduce their monthly bills significantly over time.
Safety Features
Tenants also want assurance that their safety is taken into account when living in a rental property which means making sure security systems are in place such as locks on all doors and windows plus smoke detectors and carbon monoxide alarms throughout the unit or building itself so that potential disasters can be detected quickly before anyone gets hurt.
When looking for a rental investment, there are many things that renters need to consider beyond just price point – location being one of them!
You need to be thinking about it from a tenants point of view. What do they need, what do they want? Are you able to make a return at market levels?
Other considerations include amenities & features offered by the building (like parking spots & outdoor areas), safety features (like security systems & cameras) & modern touches (like updated appliances & energy saving systems).