Overcome These 5 Terrible Rental Features to Land Your Next Tenant

Whether you’re deciding to convert your home into a rental or you’ve just made an exciting new property investment, there’s always a good chance that something about your rental unit isn’t quite the way you (or your future tenants) would like it to be. Maybe it’s an outdated appearance or a less-than-ideal neighborhood—either way, rental features like this can make it more difficult to find tenants, and that cuts into your ROI. Luckily, there are steps you can take to make any rental unit more appealing with just a little effort and some marketing flair.

1. Your Rental Has Outdated Fixtures

Despite being in a great neighborhood and offering a competitive rent rate, if your rental unit’s interior is due for an update, that can be an immediate turn-off for prospective tenants. In Portland’s rental market, your unit will be competing with dozens of other listings that have modern, stylish features. If your rental has outdated fixtures, you don’t necessarily need to do a full remodel, but some strategic upgrades can make a world of difference.

Easy Upgrades to Make Your Rental More Attractive

• Lighting: Replacing old, dim, or outdated lighting fixtures with bright, energy-efficient LED lights can make a huge impact.
• Cabinetry and Hardware: If a full kitchen renovation isn’t in the budget, replacing cabinet hardware and repainting or refacing cabinets can create a modern look at a fraction of the cost.
• Appliances: Energy-efficient appliances not only look better but can also save tenants money, making your rental more attractive.
• Paint and Flooring: A fresh coat of neutral paint and clean, durable flooring (such as laminate or vinyl plank) can drastically improve your unit’s appeal without a hefty price tag.

2.Your Rental is in an Undesirable Neighborhood

Location is everything in the rental business, and it’s the one thing about your property that you really can’t change. So, if your unit is in a neighborhood that renters often overlook, that can be a major barrier to getting quality tenants.

The first step is identifying the factors that might make your rental’s neighborhood less appealing to new tenants. Some top considerations are a higher crime rate, lack of walkability, and an absence of nearby amenities. Depending on the factor that you think is making your unit less appealing, you can take steps to address that issue directly—but no matter the cause, the solution boils down to making your rental unit extra appealing to compensate for the drawbacks of the neighborhood.

Compensating For a Bad Neighborhood

For example, if neighborhood safety is a concern, you can outfit your rental unit with additional security features. Exterior cameras in public spaces, sturdy fences, and updated locks can all help tenants feel safe and sound in their home. To avoid making your rental unit feel unfriendly, make sure that these security features are also aesthetically appealing and are balanced out by a good curb appeal and landscaping.

If the lack of nearby amenities is an issue, you can also focus on offering even more amenities within the unit itself. You want to make your rental unit feel so appealing that tenants will be delighted to stay at home. Attractive furnishings, updated appliances, and comfortable climate control are all factors that will help your tenants feel happy to settle in at home.

3. Your Rental Is Small

Space comes at a premium in Portland’s most desirable neighborhoods. While studio or one-bedroom apartments can cater to single professionals who don’t need space to spread out, many people prioritize getting the biggest unit they can for the best price. This means that a rental with a small floor plan, few storage options, or smaller-than-average rooms might get overlooked in favor of something roomier.

Making the Most of Limited Space

• Built-In Storage Solutions: Installing shelves, closet organizers, or under-bed storage can make a small space feel more functional.
• Multi-Functional Furniture: Consider providing space-saving furniture, such as fold-out desks, Murphy beds, or stackable chairs.
• Lighting: Good lighting can make a space feel larger and more inviting.
• Open Floor Plan: If renovations are an option, removing non-load-bearing walls or creating a more open layout can increase the perceived space.

4. Your Rental Has High Utility Costs

In today’s economy, many renters are becoming increasingly conscious of utility costs. A unit with poor insulation, outdated heating and cooling systems, or single-pane windows can lead to high energy bills, making it less attractive compared to more energy-efficient alternatives. In Portland’s rental landscape, many tenants are especially eco-conscious and will prioritize buildings that can tout their efforts to reduce emissions and embrace more efficient utilities.

How to Improve Energy Efficiency

• Upgrade Insulation: Improving wall and attic insulation can reduce heating and cooling costs. As part of your regular fall and winter maintenance, checking for drafts and poor seals around doors and windows can also help keep heating costs down.
• Install Energy-Efficient Windows: Double-pane windows help maintain indoor temperatures and reduce energy bills. Low-E glass is also a great option for south-facing windows that will absorb a lot of solar heat in the summer.
• Replace Old Appliances: ENERGY STAR-rated appliances can be a great selling point, and new appliances can also make a rental more visually appealing.
• Provide Smart Thermostats: Tenants appreciate the ability to control their energy use more effectively.

5. Your Rental Is Overpriced for the Market

Even if your rental unit is in great shape, it may not attract tenants if it is priced too high compared to similar listings in the area. Rental prices fluctuate based on location, condition, and market demand, and those constant changes require you to be vigilant about market forces that can require you to adjust your rent rates.

How to Set a Competitive Rent Price

The first step is conducting market research to find similar rental units to yours. Pay attention to what amenities they offer, where they’re located, and whether utilities are included. Also, keep in mind any special factors about your rental that may impact the price—for instance, higher property taxes in your area, or more expensive bills that you, as the property owner, have to pay. You’ll want to find a balance between pricing for the market without undercutting your profits.

How to Make Your Rental Even More Attractive

Once you have a good idea of what price you should offer for your rental compared to other units, you can start thinking about ways to get an edge over the competition. Offering move-in incentives, like discounts on the first month’s rent or waived application fees, is a great start in attracting tenants. You can also consider offering shorter or longer lease options to attract different renters.

Get Help From the Pros

You can mitigate a number of undesirable rental features with a little creativity and effort. Regular maintenance, sensible updates, and stellar marketing can all make the difference between a rental property that just can’t attract tenants and a property with little turnover and a solid ROI.

If you find yourself struggling to attract tenants despite making improvements, consider working with a property management company like Rent Portland Homes Darla Andrew’s Office. Our longstanding experience in the Portland metro area means we know exactly what your rental needs to start attracting fantastic, low-maintenance tenants. For more information, give us a call at (503) 515-3170 anytime.