After the foreclosure crisis, many families found themselves in the position of having to rent after losing their own home. According to MSN, some of these households eventually found that they preferred renting over the responsibilities of their own home. Renting conveys some benefits to families that homeownership cannot, and when listing a rental property you can emphasize these benefits to get more renters in the door.
1. Allow Responsible Pet Ownership
Many families aren’t just comprised of parents and children. Children in particular get very attached to their pets, and many parents want their child to experience the responsibility of owning one. Allowing your tenants to have pets responsibly is an excellent way to encourage family tenancy, and as mentioned by SF Gate, it can encourage other tenants as well. You can always request a pet deposit or even a pet fee if you are concerned about the costs.
2. Add Maintenance and Other Services
One of the major hassles of being a homeowner is maintenance. Lawn care, pool care and standard home repairs can be incredibly difficult to manage. Those that have owned a home in the past, a group which is now a significant portion of the renter pool, may be encouraged to rent a home that has these maintenance items already taken care of. Adding yard and pool service to all of your rentals may allow you to take advantage of significant discounts, which will be offset by your higher rate of tenancy. As Property Management Select notes, this also allows you to ensure that your property is taken care of.
3. Make Sure the Property is Well-Maintained
Parents look for the maintenance of a building or house more than any other prospective tenant. Renters with young children will want to see that the home is completely safe for their children, and this includes small things you may not have noticed. The American Apartment Owners Association can connect you to contractors that will help you child proof your apartment in preparation for renters that have young children.
4. Stage it Properly
Setting the scene is very important for selling a rental property. If you’re trying to stage it for a family, you should put extra effort into making it appear as though a family truly lives there. Your listing should also emphasize the fantastic family-friendly benefits: high owner occupancy rates, low crime rates, excellent schools and more. You may also want to go around the neighborhood and find resources that a family might enjoy, such as a playground, a dog park or a library. Real estate resources like Trulia can help you discover essential pieces of information and statistics.
Renting to a family over a single tenant or group of tenants is almost always ideal. Families tend to take better care of their properties and they crave stability, which means they will usually stay within your property for a long time. Targeting a family is an excellent decision if you can do so, but it isn’t always right for the market. You should also consider the demographics of your area. Some areas have more married couples, while others have more college students, and you may have to go where the money is.
Chris is a wealth manager who is restoring a vintage Chris-Craft boat in his free time