How to Attract Families to Your Rental Property
Not every landlord wants to rent their property to young people who are just starting out in their career or in life. For many landlords, the best tenant is a family of 4-5 people. Why is this? Families usually are a bit older, further along in their careers and earn a higher, steadier income. Since they have children, families usually want to develop roots and are less likely to pick up and move somewhere else. If your ideal tenant is a family, there are specific things you can do to attract families to your rental property.
Proximity to Schools
Parents always want the best education for their children, so close proximity to good schools is high on the list of features families look for. If your rental property is located within highly rated school boundaries, this will definitely appeal to parents. A good school system might mean that parents stay in the area while their children complete school, since moving them away would be difficult. List any positive data, like rankings or test scores, when you’re marketing the property. You could also include a list of schools in your information packet.
As you’re marketing your property, highlight what the neighborhood has to offer families. They may be interested in nearby parks, pools, public libraries and so on. Also be sure to mention convenient, family-friendly shopping and dining locations to further convince a family to choose your property. Include location and contact information that families will care about. This includes information about the local fire and police departments, music lessons, sports teams, gyms and other child-friendly venues.
A family’s spatial needs are much different than those of millennials or seniors. They’ll be looking for slightly larger rooms, more bedrooms and effective storage space. You obviously can’t change the number of rooms in your rental property, but you can turn other rooms into bedrooms. Try and maximize storage with closet organizers, built-in bookcases or a backyard shed. Families also want at least two bathrooms, so try and maximize these spaces as well. Make sure a laundry room or closet is available, as these are extremely essential to families.
Features for Kids
Wear and tear is unavoidable when you have children, so parents need properties that cater to the needs of their kids. Kid-friendly features include tile or laminate floors that clean easily, strong door stoppers and durable paint with a satin finish. You could consider installing an outdoor toy in the backyard, or highlight family-friendly features like a swimming pool if your property is part of a multi-unit complex.
Safety and Security
Parents want their kids to live in a safe area. If your rental property is in a low-crime area, this is a major bonus. Emphasize the local neighborhood watch program and other community safety events. Fenced backyards are important for families with young children, along with safety latches on toilets, ovens and windows.