Owning rental properties can be a lucrative business venture. However, to succeed, you must ensure a positive tenant experience. After all, you’ll have no problem keeping your rentals occupied and well-maintained when you have happy tenants. As such, landlords and Philadelphia property managers need to work toward ensuring a positive experience for all tenants. If you want to learn what tenants look for in a rental and how to improve their experience, just keep reading.
Contents of This Article:
- What Do Tenants Want in a Rental Home?
- How to Create a Good Tenant Experience
- Benefits of Creating an Excellent Tenant Experience
- Improve Your Tenant’s Experience With Property Management
What Do Tenants Want in a Rental Home?
When renting homes, tenants have several needs and preferences that they look for in a rental property. While their needs may vary depending on their lifestyle and budget, most tenants have some basic expectations.
Read along as we go over some of the top priorities for renters.
- A Good Location
- Safety and Security
- Quality School District
- New Appliances
- Storage Space
- Accessible Parking
- Outdoor Space
A Good Location
Tenants want a home in a good location convenient for their daily route. For instance, they may look for properties near their workplace, school, or other important amenities like shopping centers, parks, or public transportation. Additionally, a good location can provide tenants with safety and security, especially if the area has a low crime rate.
Safety and Security
Tenants want to feel safe and secure in their rental homes. This may include having secure locks on the windows and doors, well-lit walkways and parking areas, and a functioning security system. Additionally, tenants may look for properties with on-site security personnel or are located in a gated community.
Quality School District
Families with children care about the quality of the local school district. As such, tenants may look for properties near highly-rated schools or within a reasonable commuting distance of good schools.
New Appliances
Most tenants want to live in rentals with new or up-to-date appliances that are in working condition. For instance, you’ll want to provide a refrigerator, stove, dishwasher, washer and dryer, and microwave. Additionally, new appliances can help tenants save money on energy costs and offer more convenience.
Storage Space
Tenants need adequate storage space for their belongings. This may include closets, cabinets, and shelving units throughout the home. Additionally, you may provide more storage areas like a garage, basement, or attic. Sufficient storage can help tenants feel organized and reduce clutter in their living spaces.
Accessible Parking
Tenants want easy access to convenient and safe parking for their vehicles. For instance, this may include a dedicated parking spot or garage and guest parking for visitors. After all, accessible parking helps tenants feel secure and reduces the risk of vehicle damage or theft.
Outdoor Space
Finally, tenants appreciate having access to outdoor space such as a patio, balcony, or yard. Outdoor spaces can help tenants find a place to relax and enjoy the outdoors and give them a place to entertain guests. Whether you own a single-family home or apartment complex, there are several ways to ensure your tenant can access outdoor areas.
How to Create a Good Tenant Experience
Creating a positive tenant experience is crucial for landlords and Philadelphia property managers to retain happy tenants and minimize turnover. That said, here are some of the best ways to create an excellent tenant experience.
- Provide a Clear Lease Agreement
- Respond Promptly to Requests
- Respect Your Tenant’s Privacy
- Be Fair and Consistent
- Fix Repairs Quickly and Efficiently
- Follow Through on Maintenance
- Incentivize Long-Term Leases
Provide a Clear Lease Agreement
Creating a clear and concise lease agreement is crucial for creating a positive tenant experience. A well-drafted lease can help prevent misunderstandings and disputes down the line. Additionally, it can clarify the obligations of both the landlord and the tenant. For example, your lease should clearly outline the lease term, rent amount, due date, and late fees. Additionally, you’ll want to include the tenant’s responsibilities, like maintenance and other expectations.
Respond Promptly to Requests
Effective communication is the foundation of a positive tenant experience. So, landlords and property managers must respond promptly to tenant inquiries and concerns. Additionally, providing clear and concise information about lease terms, maintenance requests, and other important matters is essential.
Respect Your Tenant’s Privacy
Tenants appreciate landlords and property managers who respect their privacy and personal space. After all, tenants want to feel that they have control over their living space and that their privacy is respected. As such, they should be given sufficient notice before any inspections or maintenance visits, and their privacy should always be respected. Generally, you must provide 24 to 48 hours’ notice before entering the rental property.
Be Fair and Consistent
Tenants want to feel that they’re treated fairly. As such, clear, consistent enforcement of lease terms and fair handling of disputes can help build trust and promote a positive tenant experience. When tenants feel that the terms of their lease are being enforced fairly and consistently, they’re more likely to trust their landlord or property managers and feel that you’re treating them fairly.
Fix Repairs Quickly and Efficiently
One of the most important responsibilities of landlords and property managers is to ensure that their rental homes are well-maintained and in good repair. That said, when maintenance issues arise, tenants expect landlords or property managers to address them promptly and efficiently. After all, tenants want to feel that their concerns are being heard and that the rental is safe and comfortable.
Follow Through on Maintenance
It’s not enough to respond to maintenance requests promptly. Along with a fast response, it’s crucial to ensure that repairs are completed thoroughly and to your tenant’s satisfaction. When maintenance issues aren’t resolved entirely, it can create frustration and inconvenience for tenants. Landlords and property managers should establish a system for tracking and following up on maintenance requests to ensure that maintenance is completed thoroughly.
Incentivize Long-Term Leases
Incentivizing long-term leases is a strategy that can benefit both landlords and tenants. After all, long-term leases can provide a sense of stability and predictability for landlords and a sense of security for tenants. Additionally, it helps tenants eliminate the need to find new housing when their lease is up. So, consider offering incentives to excellent tenants, like rent discounts or bonuses.
Benefits of Creating an Excellent Tenant Experience
Creating an excellent tenant experience has numerous benefits for landlords and property managers. So, if you’re looking to maximize your returns and achieve your business goals, here’s why creating a great tenant experience is crucial.
- Higher Retention Rates- When tenants are satisfied with their living situation, they’re more likely to renew their lease and continue renting from you. As such, creating a good tenant experience can reduce vacancies and minimize costs associated with finding new tenants.
- Better Treatment of Your Property- Happy tenants that are satisfied with the property are more likely to care for it and report maintenance issues promptly. As such, you can spend less on repair costs and minimize the risk of major property damage.
- Collecting Rent on Time- Tenants who are happy with their living experience are more likely to pay their rent on time and in full. As a result, it can help improve cash flow and reduce the risk of late or missed payments.
Improve Your Tenant’s Experience With Property Management
Creating an excellent tenant experience should be a top priority for landlords and property managers. By ensuring your tenants are happy, you can feel confident knowing that your rentals are well taken care of. However, you need to put in work as a landlord to ensure your tenants are happy and satisfied.
If you’re having trouble keeping up with all your rental properties, or perhaps you’re an out-of-town landlord, you’ll want to hire comprehensive property management. A full-service management team can help find new tenants, screen potential candidates, perform maintenance, and more.
Learn How We Can Help Your Rental Business Today!
If you’re a busy landlord, contact Bay Property Management Group to learn how we can help your rental business succeed.
