What Do People Look For In An Apartment?
Investing in real estate can be a good idea, but it’s important to remember that simply owning real estate won’t improve your finances. If you plan to rent out your properties, you’ll need to find people to take the lease before your investment generates value. In some parts of the country, you can do the bare minimum and be confident that someone will move in. For instance, people with properties in Manhattan rarely have any issues renting out their spaces.
But if you live in an area where demand is lower, or you want to extract as much value as possible, you’ll need to ensure that your property ticks as many boxes on the list of things people look for. So what are they? Let’s take a look at some of the most common things that renters seeking apartments look for before they sign their name on the lease.
Unique Floor Plans
If you own more than one apartment in a building, then there’ll be the temptation to have the same floor plans in each apartment. After all, it’s cheaper and it’s easier. However, that’s out of sync with what people are looking for. Many renters, and especially younger renters, actively avoid cookie-cutter apartments — they want their living spaces to have a sense of individuality. Things don’t need to be radically different in each apartment, but a unique floor plan will go a long way.
Fast Internet Speed
The speed of the internet within the complex might not sound like the biggest thing in the world, but it is important to many renters. In fact, many people cite it as one of the main reasons why they’re interested in a place — or perhaps it would be better to say that if an apartment doesn’t have fast internet, then the renter has no problem looking elsewhere. The internet may be a relatively modern phenomenon, but it’s become an essential asset that many people just simply can’t live without.
It’s no secret that we live in a consumer culture. People are spending more money than ever before, and that means that they own more stuff than ever before! And when they’re looking at apartments, they’re looking for places that can comfortably accommodate all of their belongings. As such, offering plenty of storage space, which is relatively easy to do, can help to set your apartment apart from the others in the neighborhood. You may consider offering walk-in closets, bike storage, and plenty of cabinet space/drawers to get people on the hook. It’s one of those small things that people look for.
A Good Price
Some people are happy to pay the big bucks to get the apartment of their dreams. But that’s only really a small percentage of the world’s population. People who live in the real world — that is, 99% of people — need to keep a budget in mind when they’re looking at places to rent. Of course, you’ll be looking to profit from your investment, so keeping the prices low is not recommended just to attract people. It’s all about finding the right balance between profit and interest. In other words, price your apartment correctly so that everyone’s happy. You can use the cost of apartments in the neighborhood as a starting point for setting your price.
People will be drawn initially by the aesthetic appeal of the apartment (more on that below), but before they sign the lease, they’ll look a little deeper. They’ll want to know that the overall infrastructure of the apartment and building as a whole is on point. While a nice floor layout is welcome, it won’t count for all that much if the taps have problems or the trash chute is non-functional. So before showcasing your apartment, make sure any issues have been taken care of; this might involve hiring a company that offers trash chute repair services or following YouTube tutorials to get the taps back to full working condition. A good rule of thumb is that if it bothers you in your home, it’ll bother your prospective renters in your apartments.
Most renters don’t expect to live in a palace that has bespoke decor in each room. But there are some standards. The walls should be painted, the lighting should be just right, the furniture selections should make sense, and so forth. If you’re unsure where to start on this front, then look at how other people have decorated their apartments. In most cases, you’ll find that the minimalist, clean look is the way to go. It’s generally best to avoid any outlandish decor decisions that may put people off.
If you have a website, then it’s recommended to be as upfront as possible about the prices and conditions of your apartments. Many companies elect to go overboard with descriptions of their apartments, but that plan nearly always backfires — after all, people will come to view the apartment in person before deciding. Similarly, people aren’t going to be comfortable paying over the odds just because they like the apartment. The price you set for the apartment rental should be reliable.
Trust is important to people. Before renting with you, the prospective renter will likely search for the company’s name online. You can develop trust by having a website with extensive information about your business, claiming your Google My Business page, and responding to reviews. Doing these things will help to ensure that people feel fully comfortable when they decide to rent from you.
The Perfect Location
Finally, there’s the matter of location. People always look for one that suits their needs, whether close to schools, in the city’s center, or anything else. Of course, you can’t do anything about the apartment’s location once you own it. However, you can tailor your marketing efforts with your target audience in mind.