There is no shortage of available properties on the rental market. That means it is vital to make your condo unit more attractive to renters. Otherwise, you just may find it sitting empty and not bringing in any revenue.
Avoiding this worst-case scenario isn’t as easy as adding a new coat of paint. Instead, you must step into the shoes of a possible tenant and understand what they may want. With that in mind, here are four ways to make your condo unit more attractive to renters.
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4 ways to make your condo unit more attractive to renters
1) Price competitively
You would be surprised at how many people just set a price for their condo rental without doing any research. This is a recipe for an empty unit. Take some time to find other residences in your building and see what the asking rental price is. You want to focus on similarly sized ones in particular.
One thing to note, you don’t have to undercut the market and be the lowest-priced condominium available. But you also don’t want to be the person asking for double the monthly rent when compared to other units in your building.
2) Find what makes your condo unique
A unique selling point is one way to differentiate your unit from others on the market. This can be anything from a good view to special furnishings or a balcony. And if you don’t have one, consider investing in one. A really nice bed or high-end television and sound system can be enough to sway a potential tenant.
3) Be flexible on furniture
Speaking of furniture, don’t force tenants into an ‘as-is’ situation. A lot of people may have certain pieces, such as a couch or desk, that they want to use. If your condo unit is furnished, be willing to accommodate a renter who has their own stuff by moving your furniture into storage.
4) Include fixed-cost services
We do not recommend covering variable-cost utilities because you may find yourself on the hook for some out-of-control electric or water bills. However, do think about offering services that come at a fixed cost. These include internet and cable TV. Potential tenants, especially expats, will appreciate the added convenience of not needing to set these up or making monthly payments.
Additionally, this can also be used as another unique selling point when marketing your condo. It may not seem like much, but this can be what pushes your property over the top.
Related: Is allowing pets in your rental property a good idea?
