Keeping On Top of a Recovering Housing Market

Monday, October 01

 As a landlord, you’re no doubt eager to hear that apartment vacancies are the lowest they’ve been in 10 years. The economic downturns that have plagued the housing industry have been great for rental properties. However, the market could just as easily turn around. Understanding what your tenants want and need is the key to keeping your properties occupied as the housing market starts to recover. But that begs the question: How do you keep up with rental trends?
Know your market – families often look for safe, well-kept single-family homes to rent in order to give their children and their pets room to play and grow – if you want tenants that will maintain your property, these are the ones to attract.

Parking and storage – offering a parking space along with your property is a great incentive to bring in renters. Additionally, if your tenant’s primary form of transportation is by bike, you can give them a place to store it safely!

Updates – most renters want to live in an updated space. Often all it takes is brushing on a new coat of paint, changing cabinet hardware, and updating bathroom and lighting fixtures to give tenants the fresh space they desire. Staying up to date can also prevent big renovation costs in the end.

Projects – some tenants would love to help with a project to make them feel like your property is truly their home. If you are in the process of renovating, offer them the chance to make the space theirs. They’ll have input and you’ll have help with your work. (On the other hand, having tenants help with major renovations may not always be a great idea.)

Understandably, renovations and updates aren’t always doable immediately, but it’s still important to keep the ideas in mind. Decoration trends change, but tenants always want incentives to stay where they are. If you’ve been able to attract good tenants, you no doubt want them to stay where they are too. Zach Devine, (A Service of AppFolio) Comments

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