If you are planning to buy an investment property in 2024, make sure your criteria matches your ideal tenant. In order to attract the best tenants to your rental house, you need to make sure the house features everything those tenants have on their list, too.
In place like Northeastern Wisconsin, featuring a strong rental market and plenty of demand, it’s important to stand out by choosing investment properties with features like these. Whether you buy a home with these features already in place or need to prioritize your renovation, this list will help you focus your plans.
Updated Kitchens
The kitchen is often considered the heart of a home, and tenants are increasingly seeking modern, well-equipped kitchens. Features such as stainless steel appliances, ample cabinet space, a dishwasher, and a contemporary design are highly coveted. An open layout that connects the kitchen to the living space is also desirable, promoting a sense of spaciousness and sociability.
Energy Efficient Appliances
Tenants are becoming more environmentally conscious, and as such, energy-efficient appliances are a significant draw. Houses with modern, eco-friendly appliances not only appeal to environmentally conscious tenants but also contribute to lower utility bills, making them a win-win for both landlords and occupants.
Storage Space
Storage is a key consideration for tenants, and rental houses with sufficient storage options are highly sought after. Walk-in closets, built-in shelving, and extra storage spaces, such as a pantry or additional closets, allow tenants to organize their belongings effectively and contribute to a clutter-free living environment.
Quality Flooring and Finishes
Tenants appreciate quality finishes that add a touch of sophistication to their living space. Hardwood floors, granite countertops, and stylish fixtures contribute to the overall appeal of a rental house. Properties with a modern and aesthetically pleasing interior are more likely to attract discerning tenants.
If you are renovating your property before renting it out, avoid opting for the most budget conscious option. This is likely to be a turn off for your ideal tenants, and is probably going to need replacing sooner, too.
Adequate Parking
For tenants with vehicles, ample and convenient parking is a crucial factor. Rental houses with a garage or designated parking spaces, especially in urban areas where parking can be a challenge, are highly desirable. Ease of access and secure parking options contribute to the overall convenience and satisfaction of tenants. In markets with a serious winter season, this is even more appealing.
Washer and Dryer
The convenience of having a washer and dryer included is a feature that tenants consistently prioritize. This eliminates the need to visit communal laundry facilities or laundromats and adds a level of convenience that modern tenants appreciate. Even if you only have laundry hook ups in the garage or something similar, this is going to be a deal breaking feature for many tenants.
Security Features
Safety is paramount for tenants, and rental houses with robust security features are highly desirable. This includes secure entry systems, well-lit exteriors, and potentially advanced security systems. These features provide tenants with peace of mind and contribute to a sense of security in their home. In addition, these features will protect your investment.
Responsive Property Management
If you want tenants who are communicative and professional, set the tone by being the same way. While not a physical feature of the home, responsive and proactive property management is a crucial aspect for tenants. A property manager who addresses maintenance issues promptly, communicates effectively, and ensures a positive living experience contributes significantly to tenant satisfaction and long-term occupancy.
As the rental market continues to evolve, tenants are seeking features that enhance their overall living experience. Rental houses that align with these preferences—from modern kitchens to eco-friendly amenities—stand out in a competitive market.
Are you ready to find your investment property in Northeastern Wisconsin? With strong demand for rental houses from students, professionals, and transplants, this is a smart market to choose. Contact these local experts to learn more about finding your ideal investment property in 2024.