One of the most difficult parts of being a property owner is filling vacancies and making sure that the gaps between renters is minimal.
There are many different ways you can make your apartment more attractive to prospective tenants to make renters jump at a vacancy. Here are five ways to make your property more attractive to potential renters.
1) Curb Appeal
They say first impressions are everything, and in a rental, this is true. Make sure when you're getting ready for a viewing that your property is free of clutter, the lawn and any foliage is manicured, and that the outside of your rental unit is pristine. The first thing the renters will see is the exterior, and if it looks beautiful, they'll be excited to continue the tour and see the inside of the unit.
2) Modern Appliances
Modern appliances are standard in new units, so if you're wanting to compete with a newer property, you need to make sure you're offering appliances that are comparable. Stainless steel has been seen as the standard for kitchen appliances, and can be relatively inexpensive. Consider swapping your old fridge and stove for new stainless steel appliances.
3) Neutral Paint Colours
Bright and bold colours may look amazing to some, but can be unappealing to others. Consider keeping the walls a neutral colour so you can avoid any prospective renters being turned off by in-your-face colours. However, using an accent wall can add some much needed colour to an otherwise neutral room.
4) Kitchens and Bathrooms
Kitchens and bathrooms make or break your apartment in the eyes of a potential renter. Both rooms are going to be used frequently every single day, so you want to make sure that both are laid out well, with nice features. As discussed before, having updated appliances in your kitchen is critical, but what is often overlooked is storage space. Kitchens need a lot of storage space for food, spices, utensils, and smaller appliances, so having a good amount of cupboards is important. With bathrooms, the more counter space the better. Similar to kitchens, you want storage space and shelves for things like toiletries, towels, and cleaning supplies. Having a large mirror is very important in a bathroom as well.
Incentivizing your apartment can be the difference between getting a lease signed and seeing a potential tenant walk away. Incentives are proven to work, as having them provides extra value to a renter that they otherwise would not have received. It can be as simple as offering one month rent free, giving them a gift card, or providing flexible lease terms.