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Buying to Rent
If you’re buying a house to rent, your personal interests should take a backseat to the average renter’s. Maybe you love bay windows and exposed brick, but if you’re going to rent out the house—you’re not going to be seeing much of those features. Your renters are.
Instead of trying to predict your future renters’ design ideals (individual aesthetic preferences vary far too much), consider the more basic qualities that all renters want in a place.
Sound difficult? Fortunately, a new survey from the National Multifamily Housing Council and Kingsley Associates found those basic qualities for you.
The top-five amenities that renters want most (and are willing to pay for) are:
Fast Internet access
Private outdoor spaces (patios, porches, balconies)
So when you’re shopping for a rental property, check the Internet provider in that area and scope out the parking options (remember, depending on who you rent to, they might have more than two vehicles). Check for large closets and test the soundproofing, and make sure there’s some sort of outdoor gathering space.
Location matters, too. More than half the participants in the survey mentioned that they wanted to live within walking distance of a grocery store or a local restaurant. And ideally, within walking distance of both.
If you already own a rental property that’s missing these features, a remodel might be worth the trouble. We’ve assembled a list of our most trusted contractors. Take a look!