The more than 230 homes available for rent toward the end of January were almost twice as many as the past average of 100 homes.
More than ever, owners renting their homes are looking for the attributes to give them an edge, making their house attractive to potential tenants.
With the current renters market, renters want the highest upgrades for the lowest price, and they are getting them.
If possible, renters want all granite, tiles floors or highly upgraded carpet and upgraded appliances. Basically, renters now want what a buyer wants in a home; not a home with only standard options.
If your home has more the standard options, try to provide the following at a minimum: all appliances; window coverings throughout home; landscaping in front and back yards; allow some pets; and, be understanding about low credit scores.
Keep in mind tenants generally have either lower income or lower credit scores than a homeowner. If they had high income and high credit, they would most likely purchase a home instead of renting yours.
Next thing to consider is how you are marketing your rental home.
If you have it listed yourself as the owner, you are not using the No. 1 method to contact potential tenants, which is the Multiple Listing Service (MLS). Realtors use the MLS to list homes for rent and sale. This system is connected to multiple websites potential tenants use to find homes.
Real estate agents also use this system to look for homes for any potential tenants they are working with.
In additional to the MLS, other ways to find tenants include newspaper advertisements, signs, local websites and websites specific to renting out homes. If you are not using a real estate company to find a tenant, we recommend doing all of these as you never know where you will find your next tenant.Of course, we always recommend using a real estate company to find a tenant for your home. Not only do we have the means to market it effectively, but we are experts at the entire process from application through writing the lease to protecting the homeowner’s best interest.
If you are going to work with a real estate company, we recommend working with one with a property management division.