What’s your Rental Market?

Jun 5, 2013 by

What’s your Rental Market?

The dream of every landlord is to find the perfect tenant who pays the rent on time and doesn’t call you a lot when they need repairs. However, a very few new landlords realize that in order for you to attract the right tenant, you also need to know the rental market that you are going to be targeting.

What is the rental market you ask? Well, put in simply terms, the rental market are those people who will want to rent the apartment for its many factors. The people that are coming up to look at the rented property will depend great on the size of the property, the area and the exact location etc. For instance, if you are planning to put an apartment for rent which is in a scruffy area, you will probably not be able to attract families or professional individuals, but students who are looking for quite time will love what you have to offer.

However, if you buy a rental in an area which is good for anyone and everyone, then the rental market you have will depend on the décor or furniture that you are providing with the apartment. Once again, while cheap blank canvases will be loved by students and professionals, some families would prefer that you offer some other trendy furniture options.

Now if you are new in this line of work and don’t know the market that you should be aiming for, let me tell you about the four categories which you can target.

  1. Students
  2. Professionals
  3. Families
  4. Corporate rentals

Before you decide on the market that you want target, it is recommended that you first talk to your leasing agent who will tell you what kind of people the original property can attract. Once you have inquired about this, it’s time for you to start tailoring the apartment according to the tenant’s needs and tastes.

Given below is the list of things that each individual market will be expecting from the rental property that you are offering.

Families: Families will probably look for houses that just have the basic things as they will bring in their own furniture. However, when attracting families, make sure the property is in good presentable and decorative shape as this is what they will be looking for.

Professionals: Because young professionals often don’t have the time or energy to shop for furniture and other amenities, they will be looking for something which can provide them with the basics like a dishwasher, washing machine etc. So, decorate the apartment for this market in a trendy and fashionable manner and watch how they come running to your door.

Students: The one thing that is almost always sure with students is that they share their apartments. So, if you have a three bedroom apartment up for rent, students are the ones who are going to be coming to you. As far as the furniture goes, this market doesn’t need a lot except the very basic as they do their own thing.

Corporate rental: If your targeted market is that of the corporate rental, you will probably be required to have recent and well presented furniture. Everything will need to be in perfect order and functional as they would want something like a hotel which is fully furnished.

 

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