Seven Rental Features to Reduce Vacancies
Create an Experience Your Tenants will Love
By Kori Covrigaru
Highlights
• SFR tenants stay over double the amount of time that multi-family renters stay.
• 3D tours and digital leasing processes remove the friction of finding a new rental home.
• Properties with family-friendly features like good school districts and pet amenities have more appeal.
Single-family rentals (SFR) have less turnover and more demand than multi-family homes. SFR tenants typically stay in their rental for 5-6 years instead of two years for the average multi-family tenant. But the key factor in ensuring tenants stay longer is creating an experience they love.
In this round-up, we have discovered the top seven features SFR tenants want in their rental.
1. Add 3D Walking Tours
According to Poplar, people prefer proactive listings that allow them to virtually tour your property. It takes a lot of time to schedule walkthroughs, travel to multiple properties, and make a decision. Being able to save time when searching for a home is important, so make it easy for prospective tenants to understand the layout and condition of your property without having to tour in person.
2. Pet-friendly Design Choices
SFR renters are pet people, so make sure your rental is pet friendly. Allowing pets is not enough. You also need to ensure your home is ready for tenants with pets. They want fenced-in yards, custom pet nooks, and storage space for leashes, pet food, or litter boxes.
3. Include Parking
Tenants do not want to have to deal with lugging groceries from three blocks away. Make sure you have parking options for tenants. This is usually easy enough in suburban environments, but some homes do not have driveways or garages. If that is the case, arrange a permanent spot for tenants nearby, so they do not need to worry about street sweeping day or an unexpected snowfall.
4. Invest in Great Schools
When you are renting single-family homes, your tenant is likely a family. So, choose to expand your SFR portfolio into good school districts. This gives families who might not be able to buy into the school district a way to get their kids better educational opportunities. These tenants are extra motivated to find a home they can stay in long-term so their kids can stay within their school, so turnover will be fairly low.
5. Smart Home Automation
Tenants want smart home automation for convenience and sustainability. They want to adjust their thermostat, get dishwasher status updates, and open the front door from their phone.
Adding smart home automation like a Nest thermostat, smart appliances, and a keyless entry option are all big wins for tenants.
6. In-community Property Managers
According to Jeff Pintar, President of Pintar Investment, single-family rental tenants stay for 5-6 years, on average. Pintar said, “Residents with a better experience want to stay longer.” He says that residents want a community, not just a house. So, hire a property manager who is active in the local community. They could be the coach of the youth baseball team or on the PTA. Pintar says, “The personal relationship is really powerful.”
7. Streamlined Leasing Process
Develop an optimized leasing system that makes it easy for tenants to choose your property. The system should accommodate for quickly responding to inquiries, scheduling tours, and allowing them to sign the lease online.
How can PlanOmatic help you create a positive tenant experience?
Start your tenant-landlord relationship on the right foot with informative listings. PlanOmatic provides rental photography, 3D walkthrough tours, and floor plans all within one appointment. You get your assets within 48 hours, so you can market your vacancy fast.
Find out how PlanOmatic can help you reduce your listing’s time on the market.
