Trendy Ways Landlords Can Attract and Retain Tenants

Trendy Ways Landlords Can Attract and Retain Tenants

As the real estate industry continues to change rapidly, it is imperative for landlords and real estate investors to stay competitive in the rental market, ensuring they keep properties occupied and bringing in rental income. A large selling point for many potential tenants surrounds the types of amenities and smart home technology offered at a property. This is especially true for the younger, tech-savvy tenants who are looking for ease of living through updated technology within the property and additional amenities as simple as in-unit laundry. Here are some ideas to keep your property at the top of the list. 

Fiber Optic Internet Connection

Having a strong and reliable internet connection at a property is so important! It does cost a bit extra monthly and requires installation by a professional; however, there are many pros to having this amenity. Since the start of the pandemic, many individuals continue to work from home full-time and rely on a good connection for their occupation. In addition, if there are more than two tenants, or a multi-family household, offering a fiber optic internet connection is a plus as it will be able to withstand several devices on one server. Also, for tenants interested in the gaming industry (which is booming with an annual growth rate of nearly 13%), having a strong and fast internet connection is crucial to live streaming video games. This amenity can be a make or break deal in landing a new tenant.

Keyless entry

We have all seen keyless entry pads, and how convenient it is. Why not include it on the main doors of a property? If you are tired of constantly having to contact a locksmith or go to the machine at your local hardware store to replace lost keys, you can install a keyless entry pad for a relatively inexpensive cost. Keyless entry provides security and peace of mind for both the landlord and tenant.

Security Cameras

Security cameras are a great feature to include on a rental property. It can come in handy for any legal issues such as property damage or theft. It can also deter any criminal activity from occurring on a property. All tenants will feel safer knowing that they have this extra layer of protection, allowing them to feel secure while they are home or while away.

Package Delivery System

Offering a package delivery system is often overlooked to many landlords. However, with the increase in package thefts from many front doors and porches, it isn’t a bad idea to offer some sort of secure method for deliveries. There are several types of systems of all different price ranges that can be installed at a property, such as a simple package lock box that can be placed on a porch or a locker system through a third party. Tenants will feel secure knowing that strangers are not trespassing to steal packages.

Online Rent Payment

Online rent payment is beneficial to both landlords and tenants. It provides an electronic record of rent payments that can be easily printed out. In addition, tenants can pay rent from anywhere in the world. There are several options of online payment portals for landlords looking for the best way to receive tenant payments. Online portals offer landlords additional features such as ability to charge additional fees, refund tenants, property marketing, tenant background checks, renters insurance and many more.

Fitness

Whether a landlord offers fitness equipment or enough empty space for a tenant to roll out an exercise mat, space in a property for at-home exercise and other activities is crucial for a tenant’s overall health. The space could be part of the living area, or “dead” space at the top or bottom of a flight of stairs. Offering the basic fitness necessities goes a long way and tenants appreciate it.

Creative Space
While fitness space is a must, there’s a new type of flex space that some tenants may be seeking. As many younger generations are keen on social media, more people than you might think are developing content and participating in podcasts and other creative endeavors. Stay ahead of this technology curve by offering space – whether it is a corner in the property, or a soundproof room – dedicated to tenants’ creative thinking and content development skills. 

Outdoor Space

Access to the outdoors is great for everyone young and old! Whether it is a small porch or patio, or a large backyard, access to an outdoor space is always a plus to any tenant. It is especially important to tenants with pets. However, if outdoor space is not feasible, having great natural lighting is always a good substitute. In addition, close proximity to a park or trails is typically sufficient for active and pet-owning tenants.

There are so many options that landlords can implement on a property to attract and retain tenants. Paying attention to trends and staying up-to-date on what tenants seek in a rental property can help keep landlords competitive in the rental marketplace – and help avoid any costly vacancies.

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