Most of the decisions you make as an
Arlington rental property owner are likely focused on what you need and what your property needs in order to have a successful and profitable investment experience. How much rent will you collect? Who will perform the necessary maintenance? When should you make updates and improvements?
Don’t forget your residents.
Tenants have specific needs and requirements when they’re looking for their next rental property. If you want to attract the best tenants for the most amount of money, you’ll need to get inside their heads.
Here are the top 3 things we know tenants are looking for when they’re shopping for a new home.
1. Lots of Value and Competitive Pricing
Rental prices have gone up dramatically in Arlington over the last couple of years, just as they’ve gone up everywhere in Virginia and across the country. Pricing will always be a factor for good tenants. They have access to much of the same data that you’re looking at, and they know what the market is doing. Rental values are high, but they’re not going to overpay for a home when they have choices.
Tenants are willing to pay a high rental price, but they’re going to want to get a lot of value for their money. They’ll look for homes that have all the appliances included. They’ll be more likely to rent homes where water and trash services are included or
professional landscaping costs are rolled into the rent. They want modern fixtures, fresh paint, and clean floors. Make sure your potential tenants are getting what they pay for, and attract a large pool of applicants with a rental price that’s competitive and market-driven.
2. Location Matters to Arlington Tenants
Location is always a factor, whether you’re buying or selling a home, and even if you’re renting one out.
Everyone is looking for something a little different. However, a few common location benefits will be important to just about every prospective resident. Tenants are looking for a rental property that’s close to work, school, grocery stores, restaurants, entertainment, parks, and commuter routes.
Quality of life is important to tenants, especially today, and good residents are often willing to pay more or overlook less desirable aspects of the rental unit if the property is in a great neighborhood. School districts are also important to residents with children.
3. Property Condition Counts
Properties need to be move-in ready. Tenants won’t rent a home that still requires painting, carpeting, or cleaning. Your tenants are looking for homes that are clean, functional, and ready to inhabit. Before
showing the property, make sure that all the necessary repairs have been made. The first impression that a tenant gets from the property will be what drives their decision to fill out an application or not.
Additionally, if the property condition is poor when tenants move in, they will believe you don’t care about the property yourself. This sets the expectation that they can treat the property without care. You don’t want to give the wrong impression. A rental home that’s in
move-in ready condition sets the expectation that the tenant will maintain high standards of cleanliness and maintenance.
