If you’re a landlord, you’re probably wondering what is the easiest place to rent. The answers from nearly two and a half thousand people proved to be a good way to find out.
So, the most popular offer is a two-room apartment with good repair, furniture and appliances for a family with children.
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About who lives in the same apartment
More than half (63%) of respondents rent an apartment or house with their family, 11% rent with neighbors, and only 23% live alone. Seventy percent have children.
One-bedroom apartments are rented by 46% of tenants and two-bedroom apartments by 46%. Almost one in ten tenants rents a two-bedroom apartment, with four-bedroom apartments accounting for only 1% of tenants. The vast majority (84%) want a furnished apartment.
What should an apartment be like?
We asked tenants to note the five most important characteristics that an apartment for rent should have. It turned out that more than 80% of people necessarily pay attention to the overall condition of the apartment and the availability of repairs. Almost 60% care about home appliances, about 55% – the infrastructure of the area. For residents of large cities proximity to work is no less important.
More than half of the residents do not pay attention to the material of the house, a quarter of them pay attention to the floor in which the apartment is located. At the same time, almost 60% of respondents do not want to live on the first floor. 36% are not satisfied with the top floor.
13% of those surveyed rent an apartment and pay a mortgage at the same time, which certainly affects the amount they are willing to pay monthly for rent, as well as additional payments.
Over 75% of renters are willing to pay utility bills, about a third are willing to pay a deposit, and only about 5% of renters refuse to pay any additional costs. Characteristically, residents of millionaire cities are more willing to pay agency fees, parking, and concierge services than residents of smaller communities.
4 improvements that will help you sell your apartment for more money
Before you rent out your apartment or put it up for sale, renovate it. With minimal effort, you can significantly increase the value of the apartment or the rental rate. In addition, you will find buyers or tenants faster this way.
Put up fresh wallpaper
Even a light cosmetic repair will transform any apartment. Fresh paint on the walls or new wallpaper will make rooms much more attractive and help to get rid of the musty smell. Choose a wallpaper of soft light colors – they create a sense of purity and visually increase the volume of the room. Try not to be guided by personal preferences and make the interior as neutral and universal as possible.
Update the kitchen apron
Tenants pay a lot of attention to the condition of the kitchen. So replace anything that is outdated or broken. Start with the kitchen apron: it is better to completely replace the old broken tiles. Refresh the paint on the windows and doors. Wash the stove and sink thoroughly. If they are no longer repairable, buy new ones.
Remember that nothing repels a buyer or tenant more than dirty plumbing and rusty, leaking faucets. Don’t be lazy to get a plumber to fix everything without exception, and try to clean the tub and toilet of rust and leaks. Another tip: Before the showcase, remove all personal items from the bathroom: toothbrushes, razors, towels, etc. This way the bathroom will look much neater and more spacious.
Clean up the entryway
If you are serious about finding clients, and there is a lot of competition in the market for the sale and rental of real estate in your area, prepare not only the apartment but also the entryway for viewings. For starters, check whether the entryway is lit and whether all the lights work. As for cleanliness and order, as well as repairs to the entryway, contact your management company or local house management. There is a schedule for all types of work, and if it is not adhered to, it is reason enough to complain.
How to rent an apartment profitably?
Today you can rent an apartment in any condition, with any contents and in any location. Of course, the level of finish, quantity and quality of furniture, location, and general condition of the house will affect both the price and the number of tenants. Sometimes there is a question of major or cosmetic repairs. Sometimes the owner wants to replace furniture or appliances before renting the apartment. This is an ideal option, although most landlords do not have the time or money for this. You can improve the “rating” of the apartment without a large investment. The main thing is to approach the question seriously, not to make any sudden moves and calculate the risks.
The first thing to understand is the general level of demand for real estate in the area. Often there is a situation: the owners have invested a lot of money in the renovation of the apartment, expecting to rent it at a higher price, but the object is located in an area where only economy class housing is in demand. Such an apartment may be difficult to rent out, and you will have to lower the rental price significantly (or it may take a long time to find a client for such a non-standard property).
How do you determine the approximate cost of renting in your area? On your own it is possible, but quite difficult. Many people monitor the market all day, analyzing the various advertising sites on the Internet. But there are a lot of ads and a lot of fake real estate, which is difficult to separate from the real ads. The easiest thing to do is to contact your local real estate agency – they know the exact order of prices. Since in most cases the agent’s fee is directly related to the amount of the deal, they greatly underestimate the price.
Buying furniture and appliances is the cornerstone of rental housing. Tenants have very different requirements. You can fully equip an apartment, but miss out on customers who have already bought everything (e.g., left over from a previous rental apartment).
You can buy nothing, but apartments without furniture are cheaper to rent than with it. The ideal is to have a certain amount of money that you are willing to invest in the apartment, but wait for the actual tenants and buy the furniture and equipment they need. Sometimes the missing stuff is bought by the tenants themselves on account of the rent. But in this case, it is recommended to stipulate the amount in question at once, and even better – to write this condition in the rental agreement.