| Only 30% of Americans rent, which makes the rental | | | | opposed to those who are looking to "party." The |
| market a specialized market with a variety of niches. | | | | former will plant gardens and paint rooms if you let |
| If you want your suite, apartment or house to rent | | | | them, the latter will just trash the place. |
| quickly and stay rented, the first step is | | | | Where to advertise: Online, local papers, housing |
| understanding this market. Quite simply, a | | | | boards at colleges and universities, outside the unit, |
| well-targeted unit will bring in more rental applications | | | | on local bulletin boards. |
| and stay rented longer because it gives people what | | | | THE SINGLE-PARENT OR YOUNG FAMILY |
| they need. Even in a housing market that has a low | | | | The single-parent family or young family can make |
| vacancy rate, attracting good tenants is always a | | | | great tenants. Usually stable, long-term renters that |
| good idea. | | | | will not trash your house, these people are looking |
| Finding the balance between who the renters are and | | | | for a safe place for the children that can be afforded |
| who you want to rent to will determine a number of | | | | on a single income. What they need: |
| things. Once you know the tenant you're attracting, | | | | >>Space (two bedrooms or more plus |
| you can evaluate whether or not your suite has | | | | common areas) |
| what they'll be looking for. Should you upgrade? | | | | >>A yard or close proximity to parks, places to |
| Divide your rental house into smaller units? Lower the | | | | ride bikes, swim, hike etc. |
| rent? Raise the rent? Don't skip this step! You can | | | | >>Walking distance to schools |
| always add features or change your tactics. | | | | >>Rent that can be afforded on a single |
| WHO ARE THE RENTERS IN YOUR | | | | income |
| NEIGHBORHOOD? | | | | >>Appliances: fridge and stove essential. Unless |
| The following list describes some common tenants | | | | your suite is next to a Laundromat, a washer dryer |
| and what they typically look for. Use it to get an idea | | | | or W?D hook up is also essential. Dishwasher is a |
| of where to start when choosing the right tenant: | | | | bonus. |
| THE SINGLE STUDENT | | | | A suburban location that students and young |
| If you have a small suite in a good location, this | | | | professionals are not usually attracted to will suit |
| renter can be a good bet. Your suite will have to be | | | | these renters. They will often (but not always!) |
| on a major bus route or close to the school if you | | | | sacrifice style for security, so if your house is in good |
| want to be in demand though. Your rent will also | | | | shape but a bit out of style, consider these tenants. |
| have to be affordable. Other than this - the single | | | | Places to advertise: online, local papers, supermarket |
| student doesn't really need much. What they need: | | | | and community bulletin boards, outside the unit, local |
| >>Close proximity to college or university (walk | | | | schools |
| or bike) OR Funky location along a major bus route | | | | THE YOUNG PROFESSIONALS |
| >>Cheap rent | | | | The young professional and the young professional |
| >>Other bonuses include: internet connection, | | | | couple can pay a little more, but usually demand a |
| good cell phone reception, other students or social | | | | little more as well. Fortunately, more is relative. These |
| hub nearby, close to library, walking distance to | | | | tenants don't have children which gives them great |
| grocery store, pet friendliness. | | | | flexibility when it comes to space and location. They |
| The single student doesn't really ask for much. Often | | | | don't need a big property or lots of rooms. They |
| the thrill of living on their own for the first time is | | | | don't need low rent. Studio spaces suit them fine. |
| enough. Drawback: Though usually stable through the | | | | Luxury suites are nice. Rooms with views and |
| school year (September - May) the student will often | | | | atmosphere are attractive. Funky character suites are |
| pick up stakes and move back home when the | | | | awesome. Rentals that are close to places to spend |
| school year is over. | | | | their money are good also. What they need: |
| Where to advertise: Online, housing boards at | | | | >>Lifestyle through design: stylish living for |
| colleges and universities, local papers. | | | | these tenants is all in the details. Does your unit have |
| THE ROOMMATES (3 or MORE) | | | | high ceilings or a great view? Have you included extra |
| Think of this group of renters as a pseudo family | | | | appliances or high-end features? Is there a bidet, |
| because that's often how they see themselves. | | | | Jacuzzi or claw foot tub? Does the refrigerator make |
| Banding together for economy and companionship, | | | | ice? These things matter and will allow you to charge |
| the roommates are simply looking for a home. | | | | a bit more. Do what you can to add beauty to your |
| Though they are sometimes students, this group will | | | | rental unit if you want to attract this tenant. |
| be looking for more than the single student renter: | | | | >>Lifestyle through location: an urban location is |
| features like yards, workshops or basements that | | | | always an easy sell for this tenant. Usually close to |
| can be used as common areas are bonuses. What | | | | work with access to nightlife and shops city dwellers |
| they need: | | | | may forgo design features in order to be close to |
| >>Space (three bedrooms or more plus | | | | the action. |
| common areas) | | | | Lifestyle is the number one criteria for this renter. |
| >>Economy: Rent that's cheaper per person | | | | The good news is that almost any unit can be |
| than a one bedroom or bachelor unit | | | | renovated to attract them and rent can be raised |
| >>Close to bus route or walk to town | | | | accordingly. But do your homework! The competition |
| >>A house or suite that has a good balance of | | | | here is fierce and includes starter homes and condos, |
| style, flexibility or urban location. Internet connection | | | | which many in this group are ready to buy. Before |
| and good cell phone reception are bonuses. | | | | you dump all kinds of money into renovations, make |
| If the roommates have a strong leader that you | | | | sure there aren't large numbers of "lifestyle" |
| communicate well with, this group can take care of | | | | apartments and suites going un rented in your area. |
| and keep your property rented steadily for years. | | | | Where to advertise: Online is very effective for this |
| When the house line-up inevitably changes, the leader | | | | group especially when you include photos; local |
| will make sure rent still gets paid. Keep an eye out | | | | papers. |
| for the groups who are looking for a "home" as | | | | |