- Good Schools
The rating of schools stationed near the apartment was the main deciding factor for over 85 percent of the tenants we interviewed. Schools are extremely important to families and single parents with school-aged children, and those tenants use this factor as a litmus test.
To these prospective tenants, if schools aren’t good, it’s as if your apartment didn’t exist. Furthermore, school rating is the best predictor of neighborhood quality—something all modern tenants seek (even those without having children yet). So, to ensure your purpose, only properties zoned to high-ranked, desirable schools.
- Safety
Safety is our most basic human need and a powerful influencer for excellent tenants. One of the main reasons why your prospective tenant decided to spend more to lease a home (as opposed to an apartment) is to provide a safe environment for themselves and their family. Therefore, research crime statistics and only rent flats in safe neighborhoods.
- Move-In Ready Condition
The condition of the property—and more specifically the ability to move right away—is very important to the elite tenants. You can rent out a property that’s not quite move-in ready (requires cleaning, paint, flooring, etc.), but you can be sure it won’t be to a great tenant. Your target tenant plans to take care of your property and has high standards of maintenance and cleanliness. If you provide a move-in ready home, you are communicating that you share that same taste.
- Distance from Work hubs
Let’s face it, no one likes to commute! So, how close are the employment centers is very important to great tenants. You can have a great, move-in ready home zoned to great schools, but it won’t matter if your tenant has to drive an hour to work each day. As you look at potential apartments, think about where your target tenants are likely to work and how close the apartment is to that area.
- Upgrades
Most inexperienced investors subscribe to the myth that their investment properties just need to be “modern enough to rent.” So, they buy starter homes with cheap finishes and rent them to mediocre tenants for mediocre results. Don’t do that; instead, purchase homes that have strategic upgrades that move the needle with excellent tenants: hardwood flooring, granite counters, covered patios, stainless appliances, etc.
- Status of Neighbors
Neighborhood quality determines lifestyle quality. Think about the community you live in—didn’t the neighborhood amenities play a major part in your decision to live there? Wouldn’t your lifestyle be different in a neighborhood with cycle and jogging tracks, lakes, community pools, a gym, tennis courts, etc.? Quality tenants care about neighborhood quality. A community doesn’t have to have each of these facilities, but the more the better.
- Availability of Public Transport and Basics
Access to modes of transportation and basic necessities like grocery stores, restaurants, and shopping is very important because it affects other important factors, such as lifestyle quality and commute to work. When you’re looking at apartments think about: how easy is it to get to the main highway/park and ride/public transport? Are there basic services within close reach?
