We think this fun infographic is a great way to walk you through the decision process of renting vs. buying your next home. We opt for RENTING and here’s a few reasons why!
As the generation of millennials start to make more of a presence in the real estate market, it’s no surprise to find that the share of new homes and complexes being used as rental apartments are at its highest level in decades. And while this is great news and a great opportunity for property owners to tap into a new audiences, many find the prospect intimidating and threatening if their rental home doesn’t have standard state-of-the-art features and amenities designed specifically to attract these new renters. If you find yourself in this position, don’t worry too much about it, because there are still plenty of things you can do to make your home desirable to these new renters!
Play Up Your Property’s Unique Features: Does your property offer incredible views, unique living spaces, nooks, and crannies? Now is your chance to show them off in your advertisements. Renters will find your property refreshing and authentic, so take whatever is the best part of your property and make sure that you prominently display it at all times.
Keep Your Property Looking Good: While it is hard to compare a brand new rental to yours which has had years of wear and tear, keeping your rental cluttered and dirty won’t do you any favors. It’s amazing how big of a difference a well kept lawn and a power wash will do to get a good first impression from a prospective tenant.
Market To Your Advantage: With all the new renters coming into the market, now is the time to really spread the news of how amazing the community and your rental is! Send out flyers, emails, referral rewards, or maybe invest in some ad-space as well.
Consider A Facelift: You may have realized that now is a good time to update your own rental to keep up. A new coat of paint will make a great impression, as well as updating your amenities if they have gotten a little out of date. Even a couple new lighting fixtures can make your property more competitive.
Don’t Forget Tenant Retention: Don’t forget your current tenants as well! They’re the ones who will spread the word if you give them a great home and service. They will also be the tenants to stick around for years so long as you don’t neglect them for the potential of new tenants. Remember it costs you more to get a new tenant than retaining a current one.
Lastly, take a moment to take a step back and consider your current rental situation. If you are happy with your property, and you have decent tenants, there may not be a need to worry about distinguishing yourself amongst the competition. If you continue to manage well, tend to your property’s and tenant’s needs, and update reasonably and accordingly, simply continue to do so and be content with your good work. Because let’s face it; there will always be new competition for renters around every corner. If you concentrate on making your property the best that it can be, you’ll be able to handle the new competition and watch it go as fast as it came.