What Renters Look For in Rentals: Tips for Landlords in Encinitas

It’s a widely known fact that the rental market has been significantly evolving and transforming in recent years. Millions of people are moving, directly impacting housing rental sector’s supply and demand. According to United States Census Bureau from 2022, nearly 35% of population, or approximately 114 million people, are renting and not owning a home. With an increasing number of people not tied down to a permanent home, it is now, more than ever, important for landlords to understand what modern-day renters are looking for in rental properties. By understanding tenants’ needs, you will be able to gain a competitive edge in Encinitas rental market and deliver a positive living experience.

In this article, we have compiled essential information and insights into what do renters look for when renting a home. You will discover what the most desirable locations are, what amenities are in-demand and which safety and security features are highly regarded. We will also talk about preferred floor plans and outdoor spaces. Lastly, we will examine the significance of the landlord-tenant relationship.

Top 13  Features Renters Are Looking For

Below we have listed top 13 features that add value to rental property and are most sought-after by the residents. By introducing these popular amenities and services, you will be able to satisfy the demands of current generation of tenants.

1. Location

#1 priority for most tenants is – location. Proximity to work, local transportation, and amenities are crucial when tenants choose which place to rent. If a property has good transportation connections, it will automatically appeal to a larger pool of renters.

Long walks to reach the nearest bus or subway station are not attractive. This aspect is vitally relevant for city-dwellers or those residents who do not own a car. If your property is in a prime location, you will be able to charge higher rent and collect more revenue.

It is also desirable to have local amenities close by:

2. Safety

A safe environment tops the list right after the location. Areas and neighborhoods with low crime rates are exceptionally enticing for great tenants. No person wants to worry about safety when coming home late at night. Being in an area with high risk of break in, vandalism or theft, will repel good residents and it will be harder for you to find reliable tenants. For this reason, you can equip the existing property with alarm, video surveillance, and other security devices to make tenants feel safe.

3. Internet speed

With so many people working remotely, internet speed is of paramount importance. Good broadband is as essential to tenants as water or heating, since they use internet access to connect to employers, schools, or various providers. Working, streaming media, and playing games requires good broadband. So, if you plan to keep the tenant for a long time, make sure you offer fast internet connection. Check your local internet providers to see which one offers fastest upload and download speeds. With millennial renter generation on the rise, choosing a standard plan might not just be enough. According to a 2020 research from NMHC/Kingsley Associates Apartment Resident Preferences Report, high-speed internet is important to 91.7% of residents.

4. Move-in ready

Renters want their new home to be fresh and move in ready. They do not want repairs and updates while they are living there. So, if you are planning to clean, paint, or change carpeting, ensure you complete this work before they move in. You should make major renovations before you even show them the property. A move-in ready property rental means that the place is habitable for immediate occupancy and sets the expectation that the renters will sustain high levels of cleanliness and maintenance. 

5. Parking

A parking place, a driveway or garage is one of the top rental features you can offer as a landlord. Make sure you mention it in your advertising campaign, even if it is just street parking. If neither is available, recommend a parking spot in the vicinity (a garage) that can be used as an alternative. 

If there’s private parking on the property, install a sign ‘reserved parking’ to avoid misunderstandings. If you have a garage, check that the garage door and opener work properly, and repair if necessary. Remember to clearly state parking conditions in your listing and your lease agreement.

6. School district

Proximity to good education facilities indicates safe and decent neighborhood and quality people residing in it. For renters with children, school district is the top priority. Every parent wants quality education for their kids, which is why closeness to great schools is an important factor for renters with children who are looking for long-term occupancy. With good schools nearby, they are more likely to commit to several years of occupancy.

7. New properties

Leaseholders prefer to stay in newer apartments and homes, not only because they look nicer, but because they are less likely to have issues with it. Plus, they tend to have modern features and are aesthetically pleasing.

However, when we talk about property age, what matters to renters is the effective age. So, if you own an older property, don’t worry. By conducting adequate and diligent maintenance, routine inspections, prompt repairs, and regular cleaning, you can draw the right tenants.

8. New or upgraded appliances

Renters are looking for apartments with appliances included. They want to avoid the hassle of purchasing bulky and expensive appliances themselves. For this reason, as a landlord, you should provide appliances like a dishwasher, washing machine, dryer, fridge, stove, and microwave. As your applicants are looking for energy-efficient and reliable appliances, consider updating them with brand-new ones. Lots of renters are also willing to pay higher rent for the convenience of having in-unit washer and dryer. 

9. Property upgrades

A well-equipped and renovated space creates an impactful first impression on applicants. Think of remodeling your space in order to raise the value of the property and yield higher rent. Features that attract tenants are hardwood floors, open floor concept, and new appliances. If your property is located in warmer climate, install central air conditioning. It is typically worth investing in it as it is a desirable feature and it will ensure high occupancy rates. The more your rental property feels like home, the longer the resident will remain in it.

10. Outdoor space

More than ever, outside space is a valuable feature for the majority of rental population. It offers a relaxing retreat, a place to unwind, or a place to gather with friends and family. Outdoor area is viewed as an extension of indoor space. For this reason, a roof terrace, a balcony, a private deck, or access to communal gardens will bring exclusivity to your property and attract lots of interested individuals who are willing to pay more for the perk of having an outside area. A small space filled with sunshine and fresh air is a fantastic way for you to stand out among the competition.

11. Open floor plan & lots of storage space

Tenants today appreciate open floor layout with designated storage space throughout. Good storage solutions include:

12. Pet-friendly space

The number dwellers who own a pet is on the rise, which is why you should consider turning your rental home into a pet-friendly space. The benefits of allowing tenants with pets are manifold: larger tenant pool, reduced vacancies, higher rent price, less advertising expenses, longer leases, and more responsible occupants. Although there are some legitimate concerns regarding pet allowance, such as property damage or pet-related injuries, the pros outweigh the cons.

13. Positive landlord-tenant relationship

Responsible occupants want to form a strong, cooperative, and respectful connection with their landlord. A positive relationship helps improve communication, problem-solving, and trust. If you make promises such as property upgrades or repairs, make sure you keep your word, just as they would, too. It is important for them to know they can rely on you. This gives them confidence, peace of mind, and willingness to renew the lease multiple times.

Features Tenants Are Willing to Compromise

The majority of individuals (67%) are aware that they have to sacrifice some things in order to have a place that fits their budget. Tenants are most unlikely to compromise price and location.

The following are the features in order of willingness to negotiate:

Things Renters Wish They Did Before They Moved In

There are four things that stand out among the things tenants wish they checked ahead of time, before they signed their lease. They include:  

• Visit more properties – The majority of applicants tour 3 to 4 prospect rental units before making a decision. However, almost a third of them wish they had viewed several more places prior to committing.
• Know more about neighbors – Lots of renters wish they knew more about the people living in the neighborhood. Although you can’t find out a lot about the neighbors until you move in, you can perhaps drive by or visit the property during different times of the day/week to see if you can discover more about the lifestyle and habits of your future neighbors.
• Conduct a more detailed pre-move in inspection – Many renters wish they had conducted a more thorough inspection before getting their new place. This would have helped them discover potential issues they would not have to deal with later on. Furthermore, it would help them with move out inspection and potential damage charges.
• Know more about the landlord – Speaking directly with the landlord (or property manager) is vital since it allows tenants to find out who they are renting from and how comfortable they are with the person operating the place. Tenants should feel confident that the landlord will handle their issues promptly, professionally, and courteously.

The Benefits Of Implementing Most-Wanted Rental Property Features

The features mentioned in this article are what renters are looking for in rental today. As you have seen, they give priority to location, convenience, comfort, and relaxation. To incorporate some of these amenities into your rental dwelling, you will most likely need to put in some money. However, consider this as an investment that will raise the value of your property and ensure a steady income flow.

By doing so, you will show to the tenant that you care about what they need and require. This will help you create a strong and positive partnership that will last a long time. Furthermore, the benefits of these 13 features will help you distinguish yourself from the competition, attract quality renters and get a higher revenues.

After you find reliable applicants, perform a tenant background check, set up the viewing, and sign the lease. For professional assistance with all of the aspects, hire a respectable property manager.

Read More About Current Rental Trends in Encinitas

1. 10 Game-Changing Benefits of Using a Property Management Company

2. Essential Guide to Rental Property Inspections for Landlords

3. Landlord’s Guide About Tenant Background Check

4. Rental Property Maintenance Checklist Every Landlord Needs

5. What Is a Property Management Company & Why Its Crucial in Rental Business Success

6. Short-Term Rental Tips for Owners in Carlsbad: Host Like a Pro

About the Author