The Calibre of Your Space Dictates the Calibre of Your Tenants
Adding an income suite is a fantastic way to increase the value of your home, but it’s a big investment and so should be protected. The best way to do that is by having tenants who will keep the suite clean and in good condition. But how do you find these great tenants? My advice is to be proactive. Don’t rely on luck. Instead, put yourself in the driver’s seat when searching for tenants and when interacting with them when they move in. That is the best way to keep things running as smoothly as possible.
Never discount the fact that there are great tenants out there looking for great places. Typically, the better the condition your place is in, the easier it will be to rent. With a high-calibre property, tenants will be willing to pay more, will stay longer and will be less likely to miss a payment because they don’t want to lose the place.
Features that most tenants look for include:
- Safety – an apartment that is in good, safe working order
- Modern design – updated layout, appliances and décor
- New floors
These four expectations are not difficult to meet, and slightly exceeding them will make your space the cream of the crop.
In my experience, I’ve always found that when I provide a clean and comfortable place to live, it’s easy to find great tenants, and those tenants treat it with respect. And yes, this includes students. People tend to be wary of student rentals, but they are one of my absolute favourite types of income properties. There are plenty of responsible young people out there, and treating them with respect by providing a great place to live with nice finishes and appliances has always resulted in a reciprocal relationship. I treat them with respect and they treat me and my rental property the same way.
The other thing to consider is that when you upgrade a space to provide a modern design and decor (and by this I mean simple upgrades to floors, kitchens, bathrooms, etc.) you can actually increase the value of the home. So not only can you command a fair rent, you can also build equity.
Remember, quality tenants make income suites work, and quality spaces attract quality tenants!
Next article: Part 2 – Advertising & Marketing
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