How can you make your multi-family rental property in Oshawa more attractive to well-qualified tenants?
We have some ideas, and today we’re sharing the top 10 things that tenants look for when they’re about to rent a property.
1. Oshawa Rental Property Location
Location matters to tenants, and they’ll want to be close to good schools, work, restaurants, grocery stores, and entertainment. Public transportation and walkable neighborhoods are especially attractive to renters. A multi-family property that’s more remote is not going to attract residents as quickly as one that’s centrally located.
2. Safe, Accessible Parking
Lots of tenants have their own cars, and they’ll need a place to park them. They might also be looking for secure bike storage. Your property should include a driveway that can accommodate cars for each resident, or a parking lot. In larger buildings, a garage is possibly the best idea. Assigned parking can be beneficial, and tenants will also want to know there’s ample parking for their visitors and guests.
3. Outdoor Space
Multi-family homes that provide outdoor space can be especially attractive to tenants. A small courtyard can do the job, or a yard that’s shared by all residents. If there isn’t a lot of outdoor space, see about creating a small patio or a porch.
4. Pet-Friendly Properties
A lot of tenants have pets, and they’re not likely to move into a home that won’t allow them to bring their pets with them. Feel free to limit the size, breed, and number of pets you’ll allow in your multi-family property, but always express that you’re open to accepting pets.
5. In-Unit Laundry is a Bonus
Providing a communal laundry space in your building is a good start, but most tenants are really attracted to rental homes with in-unit laundry. Consider this upgrade if you want to be competitive.
6. Tenants Need Storage
Even your minimalist tenants will need somewhere to store the Christmas decorations and the non-seasonal clothing. Walk-in closets are a big deal for a lot of tenants, as well as built-in cupboards and drawers.
7. Updated Appliances
Tenants will be less likely to choose a home where they have to bring their own appliances or purchase them on their own. Rental properties that include dishwashers, microwaves, and refrigerators will attract better tenants and higher rents. Make sure they match and are energy-efficient and newer.
8. Open Floor Plans
Multi-family homes with too many doors and walls can feel older and claustrophobic. Open floor plans are popular with tenants, providing extra space and the sense that the unit is larger than it might be.
9. Competitive Pricing
Everyone is looking for value, including Oshawa tenants. Make sure your unit is priced according to the market and competitive enough that you’ll attract the best tenants and reduce your vacancy time.
10. Professional Oshawa Property Management
Tenants know they can trust property managers to be responsive, professional, and communicative. Renting from private landlords can sometimes seem risky. When you partner with a management company, you’re more likely to rent your home faster and to better residents.
Take a look at this list and see how your own multi-family property compares. When you’re ready to talk about how to attract the best possible tenants, please contact us at Investor’s Choice Property Management. We provide property management in Oshawa, Whitby, Courtice, Bowmanville, Pickering, Ajax, and communities in the regions of Durham and Clarington.