research your target market

-This is something companies, and marketers are very familiar with. And while you might not consider yourself a business owner, you are! After all, managing a rental is like running a business, and your tenants are your clients.

-So, just like any business selling a product or service, it’s important for you to research your ideal tenant. You need to know what makes them tick and what they’re looking for when hunting for a place.

-For instance, are you looking to rent out your property to a family? In that case, fitting the place with a dishwasher, a washing machine, and a dryer might be a no-brainer. Are you more interested in having a young professional moving in? In that case, a fast and secure internet connection, plenty of power sockets, and an outdoor area for them to entertain friends would probably be great assets.

-We’d recommend doing thorough research into what amenities tenants are looking for in 2022 by reading reports and articles on the topic. This will help you assess what amenities are trending and what critical upgrades you need to consider based on your target market if you want to increase your rental yield.

-Also, don’t hesitate to get in touch with trustworthy property management agencies like 10 Stars Property Management. They know exactly what kind of amenities appeal to certain demographics.