Why Are Renters Moving?

Here are the main reasons, according to  Apartments.com:

• Affordability
• Location
• Safety
• Security
• Eviction (Do your homework in screening.)

Location Is Crucial. It is often said that “location, location, location” is key. Research shows that around one-third of renters prioritize living near their workplace or school, while one in ten prefer a home close to family and friends. Additionally, about one in five renters are interested in being near local points of interest. As a landlord, you can help attract renters who prioritize location by nearby landmarks in your property description.

Nearly half of renters place safety and security among their top-three considerations. This can include factors such as low crime rates in the neighborhood, presence of smart locks for entry, and living in a gated community. Installing a smart lock on the front door of your property is a simple addition with significant benefits. Tenants can wirelessly control the smart lock with their smartphones or via a code-based smart lock.

When researching for a rental, prospective renters often prioritize certain amenities. Top-five amenities in demand are in-unit washer and dryer, air conditioning, dishwasher, outdoor spaces, and pet-friendly policies.

Spruce Up Your Curb Appeal. Creating an inviting exterior is crucial in capturing the interest of potential tenants and making them eager to explore further. First, begin by decluttering your property, painting, and ensuring that windows are clean. If you have a yard, make it presentable by mowing the lawn and trimming the hedges.

Elevate Your Outdoor Space. Transform your outdoor space (whether it’s a front or back yard, a balcony, or a patio) into a vibrant oasis by incorporating plants. If you have sufficient space, consider introducing lively potted plants or even a flower bed.

Market Your Property Online.  Check last month's newsletter for valuable sites.

Include High-Quality Images.To entice prospective renters, it is imperative to offer a captivating glimpse of their prospective living environment.

Write a Captivating Property Description. Begin by highlighting the key details, such as the number of bedrooms and bathrooms in the unit. When it comes to writing the actual description, aim for a balance between being detailed and concise. Keeping it shorter will help retain renters’ interest. Select words carefully to generate excitement and evoke positive emotions.

For example, instead of referring to the kitchen as “small,” you can describe it as “cozy” or “efficient.” Lastly, remember to include information about the neighborhood. Highlight nearby parks, schools, grocery stores, and restaurants to give potential tenants a clear picture of the local amenities and convenience.

Set a Competitive Price. When it comes to pricing your rental property and attracting potential tenants, conducting thorough research on the local rental market is essential. It’s not enough to cover your mortgage and expenses; you need to set a competitive price that offers value for the features and amenities you provide.

Well, I’m off my soapbox now and hope this helps you in attracting renters for 2024!!
Remember—Be Kind to Others! Stay Safe and Healthy! ◊