13 Things Your Rental Property Must Have To Attract Better Paying Tenants

Rental Property

A 2017 study on the rental property found that a good percentage of tenants expect the house to look new when they visit it. As the study puts it, while tenants are well-aware of the apartment building’s age and limitations, an apartment that looks new with freshly painted walls and fixed cracks, will leave a positive effect in their minds.” This brings us to the never-ending debate between contemporary property owners and conservative property owners. While the former feels that properties must be well-equipped to meet the tenant’s convenience, the latter chooses to ignore these demands and sees the structure as a tenant magnet. What these debates cause is awareness of the things that every rental property must-have.
 
Security
 
Installing a top-of-the-line CCTV surveillance system will instill confidence in your prospective tenants that you take security seriously. Furthermore, increasing the height of your walls and securing the top of the wall will add an extra layer of protection. If you have four or more flats in your rental property, it is ideal to hire a security guard from a reputed service. However, hiring a security guard will also need the construction of an additional room and bathroom.
 
Power Backup
While you cannot personally resolve power outages, you can ensure your tenant’s peace of mind by providing power backup solutions. You can also increase your rent amount by installing a generator in your rental property but, you’ll still have to bear the fuel costs required for your generator. A cheaper alternative is to install a battery-powered inverter instead.
 
Earthing System
Next to power backup, tenants also want a safe electrical line to use. Hence, earthing your electrical lines will ensure that your tenants are safe from short circuits and electrical fires.
 
Better Quality Windows
Windows are far more important to the house than doors or even the number of rooms. Investing in good quality, noise-reduction windows will be a USP that can attract tenants. Additionally, investing in double glazing (also known as insulated glazing) can also turn your apartments into a hot commodity. Double glazing cools down the temperature indoors significantly and also distributes light evenly.
 
Lifts
 
If your rental property has two or more floors, it is essential to have a lift in your building. By doing so, you will attract families of all ages. Senior, disabled and pregnant citizens will be at ease if you provide a lift in your building.
 
Rainwater Harvesting
 
It was deemed a national necessity a decade ago with state and local governments implementing the process in public areas and encouraging property owners to do the same. While rainwater harvesting does not offer your tenants as much water as water corporations, it still works in your favor as a responsible property owner.
 
Interiors
Whenever an old tenant has moved out, you must consider painting your walls or doors if they have lost their shine. You should also have a building contractor check for cracks and other issues that your old tenant may have neglected to tell you about. It’s also important to check your floor and wall tiles, window panes, all glasses, and electrical wiring to ensure that they are all in good condition. Checking the strength of your doors and windows is important. If the window’s shutters aren’t smooth, you’ll need to oil them up or even consider changing them. Similarly, you should also ensure the locks on all doors, especially the main door
is in good shape.
 
Shower Enclosures
 
Gone are the days when Indians relied on buckets for baths, today’s youths have embraced the shower culture. The trouble here is that conventional Indian bathrooms do not have a closed enclosure for the bathing area. You can separate your bathroom from your bathing area by moving your shower and accompanying taps into a corner and simply erecting a shower door tall enough to prevent spillage from the shower.
 
Electrical Outlets
With the rise in gadgets and appliances, there are never enough electrical plug outlets in a single room. You’ll need to smart in identifying how many sockets are required and where they are required. Provide electrical socket strips (3 or more sockets) in the living room and bedrooms so that you cover not just one appliance but also the appliances that supplement them. For instance, television is almost always accompanied by a set-top box. Additionally, tenants will also use a gaming console, home theatre system, or even streaming gadgets such as an Amazon Firestick alongside their televisions, all of which need a socket that’s close to the television. Hence, it’s important to have a strip of four or five sockets in the place you’ve designated for the TV. Likewise, it’s best to install a strip of sockets near the area you’ve designated for the bed as tenants generally leave their phones charging at night. Additionally, having more sockets near the bed enables them to use a bedside lamp, laptop, and even a tablet.
 
Borewell
 
With water becoming a scarcity in several cities, installing a borewell in your rental property will come as a lifesaver when there isn’t enough water in the tank. A borewell will need to be installed wherever the engineers can find groundwater. This may require having to drill a hole in the backyard, in the middle of your car park or even in the entrance. So, if you’re concerned about appearances, you will have to think twice and make an important decision.
 
Smart Technology
 
Smart homes are fast becoming a hot commodity in the real estate market with developers building smart homes from scratch. Hence, it’s necessary to keep up with the trend. However, unlike developers, you don’t need to go all the way. If you are offering furnished or semi-furnished homes, setting up Wi-Fi-enabled appliances in the house can go a long way.
 
Car Park
 
If your property houses more than two flats, you will need to give car parking a serious thought. Gone are the days when every apartment is given one slot for parking their car. Now, there are at least two cars per household along with two or more motorbikes and scooters. However, you can offer one car parking spot-free and offer an additional parking spot at a fee.
 
Gardening
 
Investing in a grassy patch in the front and back yard will improve your rental property’s look. Additionally, bringing in potted plants that are also easy to maintain will spruce up the look of your house. Investing in begonias, hibiscus, tulsi, and similar plants will impress your tenants.
 
Conclusion
Small improvements can have a huge impact. If you can accomplish at least 6 of the 13 changes mentioned here, your rental property is sure to attract a lot of prospective tenants. These 13 are however not the only must-haves that you need to consider. This list was made from the needs of the modern-day tenant. Senior citizens look for an apartment with more open spaces while migrant tenants look for small apartments with at least two bathrooms. While these behavioral patterns continue to exist and these people look for houses that suit their mindsets, the 13 changes mentioned in this essay can help you attract a huge chunk of the renting populace.