Families are a great demographic for your rental property (make sure to do your due diligence, of course!)However, what makes a rental home appealing to families is far different than what other groups, like college students or retirees, may be seeking in a rental home. Let’s take a look at the top five important features that families look for in a rental home:
High Quality School District
As you search for possible rental properties to purchase, look into the quality of the local schools. You can ask via word-of-mouth and check on certain educational sites that rank schools according to test performance, student-teacher ratio, and student progress. Parents with school-age children take this into account when they are deciding whether to rent your home. If the school district does not have a good reputation and you are specifically looking to rent to families, you may want to consider buying in a different location. Many families will not rent in areas where the school districts are not up to par.
Equally as important, if not even more important than a high-quality school district, is neighborhood safety. Before investing in a rental home get familiar with the crime activity in the neighborhood. If you discover the neighborhood is known for a lot of break-ins or burglaries chances are families looking to rent will discover this too. Families want to feel safe and want to make sure they are raising their children in a safe environment. Besides criminal activity, families may also search the sex offender registry. This will tell them how many registered sex offenders live in the area. If the number is high, many families may look elsewhere; perhaps you should too.
When looking for a rental home, parents will look to see if the backyard is fenced in. A fenced-in backyard provides parents with peace of mind. If the yard is fenced, parents are more likely to feel good about letting their child(ren) play in the yard without worrying. If you are looking at a property that does not have a fenced-in backyard, you may want to look into the cost to see if it’s worth the investment, especially if you are looking to attract families.
Dishwasher and Washer/Dryer
Families have more dishes and clothes to wash when compared to a single person or couple. With that said, families will look for rentals that are already equipped with a dishwasher as well as a washer and dryer. These appliances are time-savers and are considered major amenities to any family. If a family has to venture out to a laundromat or take time to wash dishes by hand, your rental property may not be on the top of their list. A dishwasher and washer/dryer are not expensive appliances and are well-worth the investment in your rental home.
Homes with three or four bedrooms are key for families looking to rent. If the home has less there is a better chance for families to grow out of it and look elsewhere sooner. Anyone looking for a home with more than four bedrooms would most likely be looking to buy rather than rent. Having three to four bedrooms is appealing to families because it may allow children to have their own bedrooms or provide an extra room that can be used as a playroom or home office. Either way, families will likely gravitate to homes that are built this way.
Hope this post gives you some great ideas if you’re looking for a rental home to buy that is appealing to families!