Are you interested in learning effective ways to attract renters for 2024? Look no further! In this article, we will guide you through a range of strategies that will make your property the most sought-after in town. From giving your space a stylish makeover to leveraging the latest technology, we will cover everything you need to ensure that renters choose you.
Why Are Renters Moving?
According to a survey conducted by Apartments.com in November 2023, 43% of renters plan to move by Spring 2024. You may be wondering, as a landlord, what these renters are looking for. Well, according to the survey, they are most concerned about affordability, location, safety, and security.
Many renters, worried about the impact of inflation on their family's financial situation, are actively searching for affordable rents. A significant majority of over 80 percent of renters have experienced the effects of inflation, and an almost equal percentage anticipate continued financial strains in the next six months. To price your property competitively, you can look at the free rent comparison reports on Apartments.com. This valuable information gives you a clear understanding of the market so you can price your rental right, compare your property’s value to other similar properties, and review market conditions, like the average days on the market and the average rent rates.
Location is a crucial aspect in real estate. It is often said that "location, location, location" is key. Research shows that around one-third of renters prioritize living near their workplace or school, while one in ten prefer a home close to family or friends. Additionally, about one in five renters are interested in being near local points of interest. As a landlord, you can help attract renters who prioritize location by including nearby landmarks in your property description. For example, if your property is five minutes away from a grocery store or park, be sure to mention that. If you list your property on Apartments.com you can choose from a list of nearby shopping centers, parks, and schools to show on your listing.
When it comes to safety, nearly half of renters place safety and security among their top three considerations. This can include factors such as low crime rates in the neighborhood, the presence of smart locks for entry, living in a gated community, or having 24/7 doorman services. Installing a smart lock on the front door of your property is a simple addition with significant benefits. Tenants can wirelessly control the smart lock with their smartphones or via a code-based smart lock. Not only does this attract tenants, but it also provides peace of mind by ensuring the security of your property.
Which Amenities Matter to Renters
When searching for a rental, prospective renters often prioritize certain amenities. According to the survey, the top five amenities in demand are in-unit washer and dryer, air conditioning, dishwasher, outdoor spaces, and pet-friendly policies. An impressive 75 percent of respondents emphasized the importance of having an in-unit washer and dryer. This feature consistently ranks at the top in previous renter surveys. Air conditioning closely follows behind at 69 percent.
As a landlord, it's crucial to attract renters. To achieve this, consider the potential of adding an in-unit washer and dryer instead of just a washer and dryer hookup. Additionally, if your property is located in a warm climate, ensure it is equipped with air conditioning. While the initial investment may seem costly, these additions will help attract and maintain renters in the long run, ensuring stable rent income.
Furthermore, there are other significant amenities to consider. These include a dishwasher, desired by 46 percent of respondents, and a balcony or private outdoor space, preferred by 45 percent. Additionally, 41 percent of those surveyed value pet-friendly policies or features. While a dishwasher and balcony may not be necessary to attract tenants, they are worth noting for their popularity. If you are hesitant about allowing pets in your rental property due to potential damages, implementing pet-friendly policies may actually attract more renters, considering the number of pet owners today. To protect your property you can add a pet deposit and/or pet rent.
How Are Renters Searching for Their Next Home?
The survey aimed to delve into the various search strategies and expectations of renters. For instance, 72 percent of renters expressed their intention to utilize rental networks like Apartments.com in their upcoming searches, while 52 percent stated that they would rely on community websites, and 45 percent would turn to search engines.
A notable finding was that 90 percent of renters anticipated having multiple tour options available, including in-person guided tours, in-person self-directed tours, and virtual tours. Therefore, be sure to offer several kinds of tours for interested renters and promptly reply to them.
So, now that you have all the valuable insights, you're all set to position your property as the top choice for renters in 2024. Take advantage of the knowledge you've gained, and make sure to highlight the affordability, location, safety, security, amenities, and detailed information about the home. With strategic promotion on rental networks like Apartments.com, along with offering both in-person and virtual tours, you'll be well on your way to a successful year ahead. Cheers to a prosperous year!
