What do Families Look for in a Rental Property?

When renting out a multi-family rental property, your marketing strengths will be about how attractive your rental property amenities are and how well do they fit with the family’s priorities. Each type of family has a unique set of priorities, what is important to one may not be at the top of the list for another. There is also a generational difference, younger families may have different priorities than older ones. So, as a landlord, how do you decide which amenities are important and which ones are not so essential but nice to have?

Think about your target market.

Who are your ideal tenants? Are they young families? Are they retirees or empty nesters? Are they a working couple? Once you have an idea of what your ideal tenant base might look like, try to tailor your amenities to fit their needs. Here are some generalized options:

• Young families with babies/toddler aged kids
  • Baby-proof stairs and fixtures – to help young families avoid accidents involving falls and bumps.
  • Slight soundproofing – so as not to inconvenience the neighbors.
  • Community playground or even just some swing sets and perhaps a slide – for recreation and play.
  • Being close to schools or daycare facilities – so new parents can drop their kids off on their way to work.
• Working couple
  • Package drop off counter – so that your tenants can have their packages delivered to the property and not have to set up a P.O. box or pick them up elsewhere.
  • Strong internet connection – for freelancers and work at home entrepreneurs.
  • Accessibility to public transport – working couples appreciate a shorter commute or convenient access to public transport.
  • Work out facilities – a small gym or accessibility to a hiking trail.
• Millennial tenants
  • Strong internet connection – for remote workers and work from home entrepreneurs.
  • Coworking space – or a business center for making copies, printing, teleconferencing, etc.
  • Access to outdoor recreation facilities – bike routes, hiking trails, or a small park so pets can run around.
  • Access to fitness facilities – a workout room or a small gym with basic equipment is a huge draw not only for millennials but also for all family types.
• Families with older kids
  • Outdoor recreation facilities – access to a hiking trail, a barbeque pit, or even a pool.
  • Socialization hubs – a small garden, a barbeque pit, or a roof deck would be a hit for entertaining guests.
  • Access to schools – so older kids can walk to school or take a short bus ride.
• Retirees
  • Accessibility to entertainment or social hubs – like the movie house, the library, a community garden, a community center, or some cafes
  • Accessibility to places of worship – churchgoers will find this to be a big plus.

Think about community building
As a landlord, you would do well to offer a sense of community to your potential renters. Instead of being just a place to stay, your potential tenants should be able to think about your rental property as somewhere they can grow old in and be part of the community. Due to location, not all properties can offer a sense of community. For example, it is harder to form a community bond with people living in condominiums versus families living in single-detached townhomes or single family homes. However, if you make socialization hubs available as amenities in your rental property, your tenants will have opportunities to get to meet each other and be part of a community. You can also arrange for meet and greet parties or annual barbeques so that your tenants, get to know each other.

Other amenities such as pocket gardens or swing sets are natural grounds for facilitating friendships and community in your rental property. Since these places are shared spaces, they can organically foster friendships among your tenants.

• Pocket gardens – great for retirees and millennials who are looking to grow their own food. Each household can be assigned a vegetable plot to tend to. Having a shared garden can foster camaraderie and might even encourage tenants to start their own gardening club to trade tips and resources.
• Swing sets – and maybe even a medium sized slide can be a point of convergence for parents with small children. They can take their kids here to spend time with them and also get to know other parents.
• Fitness facilities – if you have a spare room, unit, or enclosed space, a small fitness hub can be a wonderful bonus to your rental property. Everyone, young and old, is interested in health and fitness. It doesn’t even have to be state of the art. Set up a small gym with basic equipment and some yoga mats and you’re all set.

Think about convenience

All families choose homes that offer them convenience. If you can have a little something for each type of family, then you will find it easy to sign up tenants. Some of the things that can help you score brownie points on convenience are:

• Access to a grocery, convenience store, or a farmer’s market – accessibility to supplies and food markets is always a top priority for all families.
• Access to transportation hubs – families who take public transport will prioritize this over families who drive everywhere.
• Access to schools or daycare facilities – families with toddlers and kindergarten aged kids would appreciate having schools and daycare centers near their homes so that they can easily drop off and pick up their kids.
• Access to services like laundromats or parcel delivery – working couples and parents who are at work most of the time will appreciate the convenience of having these services near their homes.

How can a property management company help you?

Any property management company worth their salt would have years of experience in helping landlords understand their target market. They can suggest which amenities are a big draw for a particular neighborhood. They understand the market trends and can tell you which trend will appeal to your target market. Davis Property Management is the premier property management company in the greater Puget Sound area. Our service-oriented team can advise you on which amenities are worth considering in order to attract your ideal tenant. Schedule a consultation with us today at 425-658-7471.