Top Features Tenants Seek: Tips for Property Owners
The rental property market in Florida, particularly in thriving areas like Land O’ Lakes, Lutz, and Wesley Chapel, continues to grow. With the rise in demand for single-family rentals (SFRs), property owners and investors have a significant opportunity to attract high-quality tenants. However, understanding what tenants want is crucial to staying competitive in this bustling market.
A recent survey by Point2Home.com highlights the features tenants value most in single-family rentals. Renters value single family homes for the additional privacy, interior space and having a yard or garden. As your trusted property management company in Land O’ Lakes, Lutz, and Wesley Chapel, Real Property Management Blue Sky is here to help you align your property offerings with these tenant preferences. Let’s dive into the key insights and how they can help you maximize your property’s appeal and profitability.
Upgraded Kitchen Space
About 1/5th of surveyed respondents stated that an upgraded kitchen would be most important when asked what they would customize if they had the option. An upgraded kitchen is also considered to provide the most return on investment when it comes time to sell the house. Landlords often opt for the least cost options when rehabbing a kitchen but according to this survey, an upgraded kitchen could help to command higher rent, happier residents and would help when it comes time to sell the home. When it comes time to do a kitchen rehab during a turnover or after a property acquisition, consider including upgraded features such as solid surface counter-tops, designer cabinets, stainless steel appliances and nice fixtures.
Why It Matters: Homes with premium looking kitchens can command more in rent, help the home to stand out from the competition and get more return when it comes time to sell.
Energy Efficiency
Energy-efficient homes are a win-win for tenants and property owners. Features such as double-pane windows, LED lighting, and Energy Star-rated appliances help tenants save on utilities while reducing the property’s environmental impact. High efficiency and properly sized air conditioners can further reduce energy bills and enable a premium rental price in Land O Lakes, Lutz, and Wesley Chapel.
Pro Tip for Owners: Consider installing a smart thermostat. Not only is it a tenant-pleasing upgrade, but it also helps you maintain better control over energy efficiency.
Smart Home Technology
In today’s digital age, tenants expect fast, reliable internet connections and smart home technology such as keyless entry, video doorbells, and smart lighting. These home features have transitioned from a luxury to a must-have for many renters in Lutz and beyond. Smart door locks can provide an additional advantage in that managing the property can be more streamline if keys are not required for entry. Lock outs are reduced to almost zero and thus keeping costs down for renters and providing a convenience.
Did You Know? Tenants working remotely or running home-based businesses often prioritize properties with high-tech amenities. Offering these features can give your property a significant edge in the market.
Pet Policy
Of the factors that influence a decision to rent a house, the Pet Policy was third behind the rent amount and size of the home. In this study, 68% of respondents were pet owners and this aligns with findings from American Pet Products Association, in 2022, 70% of families owned a pet. For new investors, accepting pets often instills fear of damage to the homes. This fear can be mitigated with a fair but protective pet policy and compliance enforcement by your property management company. Carpeting is often the home feature that can be the most susceptible to damage. Carpet is also more costly for renters and landlords to maintain. Using a service like petscreening.com can help ensure that all renters are treated fairly, and the pet policy is understood.
Bonus Tip: Updating the homes flooring to tile or LVP is a smart decision and mitigates pet damage. Most renters in Lutz, Land O Lakes and Wesley Chapel will prefer these flooring options over carpet.
Ample Storage
Storage space is a major consideration for tenants, particularly families. Walk-in closets, pantry space, and garage storage are highly sought-after features in Wesley Chapel rental properties. If your property lacks sufficient storage, consider adding custom shelving or storage solutions.
Bonus Tip: Installing closet organizers can provide a positive appeal when compared to an empty closet.
The Local Perspective: Why These Features Matter
The Tampa Bay area is experiencing steady growth, and communities like Land O’ Lakes, Lutz, and Wesley Chapel are at the forefront of this expansion. The influx of families, young professionals, and retirees means the rental market is more competitive than ever. By offering the features tenants most desire, property owners can secure long-term, reliable tenants.
How Real Property Management Blue Sky Can Help
As a property management company serving Land O’ Lakes, Lutz, and Wesley Chapel, we specialize in helping property owners maximize their investment potential. Here’s how we can support you:
- Market Analysis: We’ll conduct a thorough market analysis to help you price your property competitively while highlighting its most appealing features. Further, we can conduct a financial analysis that goes far beyond estimating rent price.
- Tenant Screening: Our rigorous tenant screening process ensures that your property is rented to responsible tenants who will appreciate and maintain its features.
- Maintenance Coordination: From installing energy-efficient appliances to enhancing outdoor spaces, we can coordinate upgrades that align with tenant preferences.
- Local Expertise: With deep roots in the Tampa Bay area, we understand what tenants in Land O’ Lakes, Lutz, and Wesley Chapel are looking for, and we leverage that knowledge to make your property stand out.
Cost-Effective Ways to Enhance Your Property
While some features may require substantial investment, there are budget-friendly ways to enhance your property’s appeal:
- Paint: A fresh coat of neutral paint can instantly brighten up interiors and appeal to a wider range of tenants.
- Lighting: Updating outdated light fixtures to LED and providing smart thermostat(s) is a cost-effective way to modernize your property.
- Curb Appeal: Simple landscaping improvements like adding potted plants or reseeding your lawn can make a big difference.
The Bottom Line
Understanding tenant preferences is key to staying competitive in the rental market. By aligning your property with what tenants in Land O’ Lakes, Lutz, and Wesley Chapel value most, you can attract high-quality renters and ensure your investment continues to grow in value.
If you’re ready to enhance your rental property’s appeal or need help managing your property, Real Property Management Blue Sky is here to help. Contact us today to learn how we can maximize your property’s potential.
Real Property Management Blue Sky protects your investment, delivers professional service, minimizes costs, and maximizes income in Lutz, Land O Lakes, Wesley Chapel, Trinity and surrounding areas – all with minimal disruption to your daily life. We are a national brand but have a local focus in Pasco Property Management and Tampa Property Management.
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Source: Point2Home.com
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