Owning a rental takes a lot of work. You need to not only take good care of the property and your tenants, but you also must make the rental nice enough that it can be competitive. And when it comes to having a competitive rental unit, it’s easy to focus on the pricing instead of other factors. Thinking about a variety of ways to make your rental more competitive will help you find the right balance.
Offer Attractive Amenities
As you think about how to make your specific rental more attractive to prospective buyers, you must think about your target demographic. If you’re hoping to rent to young working singles or young families, you may end up wanting to switch the types of amenities you offer.
For example, if you are hoping to attract young families, you may want to install some sort of playground in the area. Having this feature could make your place stand out against other similarly priced and similarly sized rentals. On the other hand, if you’re trying to attract young single professionals, make sure you have some sort of free shuttle service that takes residents to the closest public transit.
Create a Great Listing
Everyone knows that great images of a rental make it easier to rent. But while this is true, it can be easy to just take a few pictures, list the rental on a few sites, and not think twice about it afterward. But taking the time to build a great listing is worth it. Then, list it. There are several listing sites that you should be using to attract new tenants. Make sure you’re using all of them to have the quickest success.
Use Rent Specials
Another way to make your different rental units competitive is by offering rent specials. Especially now during the COVID-19 pandemic, it has been somewhat difficult to find renters for your properties when many individuals are choosing to stay at home rather than venture out and find a new place.
Rent specials can sweeten the deal. Offering one or two months rent-free will allow you to attract more potential buyers. But when it comes time to renew, you can still hold your renters to the original rent price that was stipulated.
In summary, there are a variety of things you can do to sweeten the deal when it comes to renting out your unit. First work on the property itself and its features. Then make sure that the various aspects of the listing are up to snuff.