All landlords want good and long-lasting tenants for their rental properties, but how can you ensure that your property is not left vacant for long? Well, it’s simple. Ensure the presence of features that attract tenants to your rental unit, and you’ll get to reap the results.
Attractive Features for Tenants
There are a number of features that attract tenants to a rental property. Unfortunately, many of them depend on how wisely you make your investment as a rental property owner, rather than on how you set up the unit itself. Here are 15 of the most attractive features for tenants:
- Ideal location
- Safe surroundings
- Employment opportunities
- Good quality schools
- Ease of commute
- Parking space
- Ready-to-move property
- Pre-installed appliances
- Age of the property
- Property upgrades and renovations
- Spacious unit with storage options
- Neutral and de-personalised décor
- Low maintenance outdoor area
- Sufficient light and ventilation
- A good landlord
Let’s discuss each of these appealing features in detail to determine what tenants look for when they’re renting a property.
Ideal Location
The process of renting or buying a property begins with zeroing in on a suitable location. The location of your rental unit can not only significantly help you close a sale in the future, but it can also help you keep on securing good and responsible tenants in the meantime. A good, safe, and secure neighbourhood with a range of amenities close by is every tenant’s dream come true, and if you invest wisely, this could be what your rental property has on offer for potential tenants. Don’t opt for noisy, overcrowded, and shady areas around town if you want good tenants to take up tenancy in your unit. Your potential tenants will only be as good as the investment you’ve made, so choose the property wisely.
Safe Surroundings
Every tenant wants safety as a priority, not just for their belongings, but for their family as well. If you have a house in a gated community, that’s far more attractive to tenants than a rental bungalow in a less secure neighbourhood. 24/7 security surveillance, CCTV coverage, gated and guarded entrances, and patrolling guards are some of the most attractive features for tenants. Living in a housing society that prioritises the security of its residents acts as a magnet for home buyers, and renters are just as eager to opt for a secure neighbourhood for their family.
Employment Opportunities
Most tenants will also consider if a property is near their place of work. So, if your rental unit is near a commercial hub, it’s an added bonus. While such areas might be more crowded, they offer a shorter commute and attract more tenants as a result.
Good Quality Schools
A potential renter who wants to raise their family in a good neighbourhood will also consider the availability of renowned schools in proximity to a rental property. Thus, one of the many features that attract tenants is the presence of good quality educational institutions nearby, for both lower and higher classes. In fact, you can even consider buying a property near some of the top engineering universities in Lahore or Islamabad if you want to rent out a flat or an apartment to students or teachers.
Ease of Commute
If a property is located on a major thoroughfare or offers easy means of commute, it automatically holds weight in the eyes of tenants. For instance, a house or apartment that is within walking distance of Ferozepur Road in Lahore is bound to yield higher interest from potential tenants since the Lahore Metrobus System is just a short walk away.
Parking Space
Among the many features that attract tenants in Pakistan is the availability of a parking space near the rental. This is especially true for people who are renting an apartment or flat in any of the major cities, where traffic jams and lack of parking space are common hurdles faced by all. An apartment complex with its own two to three floors of parking or a house with a garage automatically becomes more attractive for a renter as they don’t have to worry about parking on the road and about the safety of their vehicle.
Ready-to-Move Property
Most renters start looking for a new rental property near the end of their current tenancy, and thus, they’re on a strict timeline. If you have a property that’s all set to move in, along with being fully furnished, it can attract several tenants towards it. You can make your rental unit ready-to-move-in by performing essential repairs and giving it a coat of paint to make it look like new.
Pre-installed Appliances
An added attractive feature for tenants is to have appliances installed in a fully furnished rental. Most renters avoid buying their own appliances as the move becomes more and more complicated with the number of belongings they own. So, if you’re offering all the latest tech in your kitchen as part of the deal, it’s a win-win for both sides.
Age of the Property
The newer the property, the easier it will be to put it up for rent. Older properties suffer wear and tear with time and require more upkeep. Tenants are, therefore, wary of opting for run-down homes or ageing apartment blocks. The newer the development, the less they’ll have to communicate with the landlord for maintenance and repair, which is the ideal case scenario for every tenant.
Property Upgrades and Renovations
Well maintained properties attract more tenants, but if you’ve upgraded or renovated an old property in recent times, then it’s bound to catch the eye of a potential tenant. Breathing new life into an old property can help you secure a tenant and reduce the vacancy rate of your rental unit.
Spacious Unit with Storage Options
If you’ve debated between an open vs a closed floorplan, let us help you out. Open floor plans are versatile spaces that can be put to many uses, and they win hands-down. An open floor plan makes a small unit look bigger than it is, and that’s what tenants want—more space for their money. Build some wardrobes and storage units into the walls, corners, or the roof, and you’ll be able to add built-in storage to the list of features that attract tenants to your particular rental.
Neutral and De-Personalised Décor
If you’re investing in a property with the intention of renting it, keep the décor as neutral as you can. This will allow the tenant to personalise the space when they move in and help them feel more comfortable in their new home. If you had previously been living in the property, remove all your personal belongings, and de-personalise the space, just as you would for a potential home buyer. Let the renter imagine it as their home rather than one that they are renting from you.
Low Maintenance Outdoor Area
Most people are eager to rent a property that offers additional outdoor space. However, unless your tenant has a green thumb and is a nature lover, you’ll need to minimise maintenance on the outdoor areas of your rental. Keep the lawn and grass manageable by either reducing the square footage or by using artificial grass. The same is true for indoor plants as well.
Sufficient Light and Ventilation
Bright and airy apartments are generally preferred by tenants because they make the central space more open and comfortable. Additionally, large, open, west-facing windows will bring in more natural light and fresh air, reducing electricity costs in Pakistan’s hot climate.
A Good Landlord
There are some particular traits that define a good landlord. If you have those and treat your tenants right, you’ll be able to maintain a smooth landlord-tenant relationship that lasts for the duration of the tenancy and might even lead to a renewal of the contract for another year.
These are 15 of the most attractive features for tenants. If you want to keep your rental occupied, invest in the right property that checkmarks all or most of these characteristics.
In the meantime, don’t forget to subscribe to our blog for the latest property updates. We are also reachable via email at blog@zameen.com for your questions, concerns, and suggestions.
