Tuesday, August 19, 2014

What Do Tenants Really Want?

As more competition comes into the rental market, it is important for property owners to keep properties up to date and attract renters into their units, raise rents and increase cash flow.  Who are today’s tenants and what are they looking for?  When tenants were asked what are the top three most important qualities you look for in deciding on a rental unit they responded with:
  • Location – 33%
  • Unit Quality – 27%
  • Price – 22%

Here are five tips to entice Renters:
  • Update lighting, floors and appliances
  • Stay proactive with constant communication
  • Partner with local businesses
  • Allow pets

Renter Turnoffs
  • Bad Odors
  • Carpets in bathroom
  • Broken Appliances
  • Dirty carpets
  • Lack of storage 

Upgrade Your Properties!  If you make one significant upgrade to your property, not only will it be appreciated by your tenants but it will increase the value of your properties and make them more attractive.  Here are some suggestions for upgrades:
  • Doors and Windows
  • Upgrade the Kitchen – Countertops, appliances, flooring
  • Improve the Exterior – lighting, landscaping, siding/stucco
  • Bathrooms – flooring, sinks, shower heads and faucets

Some of these suggestions can be costly and some are minor.  Choose what you can afford because the right upgrades can make a difference when trying to market your unit in a market where other owners have already done made these changes to their units.  Keeping tenants happy goes a long way to increasing the value of your investment. 

At M A P Property Management we offer full service property management services along with complete remodeling for all your renovations and upgrades.  Call Laurie, (562) 945-3404, if you would like more information.

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