Finding Your Niche in Rental Housing

By E-Renter Tenant Screening
Posted on June 21, 2013 under General | Be the First to Comment

In business, they say you can’t be all things to all people. It’s the same in the landlord business. Just as your neighborhood hair salon, coffee shop and drycleaner have to figure out who their best-fit customers are and market themselves, so should you.

Now, you can’t discriminate whom you will rent to, based on things like gender, family status, race, color or religion (see the complete list here), but you can certainly add amenities, focus your policies and market your property to appeal to a certain type of tenant.

For example:

• If you want high-end tenants, make your properties stand out from the others on the market with top-of-the-line appliances, wood floors, beautiful landscaping, patios, a fitness center and other premium amenities.
  
• If you want to attract executives and other professionals, you might think about going luxury: installing security systems, high-speed wireless Internet, upscale laundry facilities, a swimming pool and fitness center.
  
• Women make housing decisions in the majority of families, and more single women are in the rental market than ever before. Women also want good security and exterior lighting, as well as safe parking areas, large bathrooms with plenty of vanity space and good lighting, wood floors, bright, open rooms, high-end kitchen counters and nicer appliances.
  
• If you want to attract stable, long-term tenants, consider having a wide-open pet policy. People with pets, especially large dogs, are often desperate to find rental housing that will accept their furry family members. They will pay a premium, sign long-term leases, and agree to your terms and policies.

Think about the tenants you want to live in your rental property, then give them what they want. And be sure to advertise in places they’re sure to be—which is usually online. Soon, you’ll be filling units—with your targeted tenants—by word of mouth.