Choosing a condo to invest in means finding one that attracts quality tenants. Finding renters who pay on time, every time, are willing to pay the rental amount you want to charge, and who will stay for the long-term is key to a successful investment.
By choosing a condo that offers specific types of features, you’re more likely to attract these quality tenants. So, what kind of features should you look for in a condo?
Most rental properties include standard appliances such as a refrigerator and stove. What isn’t consistently included are others like a microwave and laundry appliances. By offering the complete package, your tenants will enjoy a better quality of life, and save money and hassle taking their laundry to another floor, or elsewhere altogether.
Whether your tenants are working from home, enjoying video games, or simply browsing the Internet every day, a fast Wi-Fi connection is imperative. In today’s modern world, we virtually can’t live without access to the web. Providing a solid, reliable Internet connection for your tenants is important to their quality of life and enjoyment of their home.
Even though your renters are opting for a condo, they still need places to store their personal items. Choose a condo that offers lots of cabinetry, a sufficient number of closets, and a space for their outdoor items such as bikes, camping gear, or other recreational goods. Space may be somewhat limited in a condo, but a reasonable amount of storage space is a great feature.
Many renters want to have their own little piece of nature, whether it’s a small yard or a balcony (or two!) attached to their condo unit. Access to the outdoors is a big advantage for your condo unit, as fresh air and sunshine are contributors to good mental and physical health. You’ll also appease those who are thoroughly addicted to plant life.
One major challenge in renting a condo is the availability of parking in proximity to their unit. Renters who own vehicles will want easy access and a dedicated space for their own use. Imagine trying to constantly find a spot when you’ve just been out for groceries. In our Canadian climate, it’s also a bonus if you can offer sheltered or underground parking spaces to your tenants.
The good news is many modern condo buildings like Symphony Tower have plenty of underground and visitor parking available, with some street parking nearby as well.
We’re living in an age of advanced technology, and renters want access to these conveniences. By including smart home technology such as keyless entry, automated thermostats, or even a home concierge such as Alexa, you’ll attract the kind of tenants that are looking for more out of their home. And they’ll be willing to pay for it.
Most of us love having company over to our homes (pandemic notwithstanding), and your renters are no different. Choose a condo with a floor plan conducive to entertaining, such as an open-concept living space, multiple bathrooms, and a kitchen with an island that can host great platters or extra spaces to sit and hang out.
Additionally, a condo that’s designed with modern finishes will feel like a home your renters will want to show off.
Let’s be real, almost no one has paper cheques anymore. Asking for a year’s worth of cheques for rent in advance is outdated and it’s likely challenging for your renters to buy a small volume of cheques for this purpose.
By offering a more modern payment option, such as online or etransfer, your tenants are more likely to pay on time as it is far easier for them to do so electronically.
One of the most pressing challenges for renters today is finding a landlord that’s fair, considerate, and helpful. The last thing tenants want is for their landlord to be inaccessible if anything goes wrong or needs repair, or if they don’t keep their promises to fix something.
A landlord-tenant relationship is a business deal, and both parties need to keep their end of the deal. For you to retain quality tenants, you’ll need to be both respectful toward and cooperative with your tenants, while they pay their rent on time and are respectful toward your property.
Additionally, when it comes time to increase the rent amount, building trust is important. Discuss the necessary changes with your tenants well in advance of renewal so they have the time to make adjustments and won’t feel blind-sided.
Attracting and retaining high-quality renters for your investment condo doesn’t have to be challenging. By offering these desirable features in your rental property, you’ll naturally find the right kind of tenants who will want to make your condo their home.