As the owner or landlord of a rental property investment, a big chunk of your time is spent thinking about the concerns of your tenants. Maximizing their experience leaves you with happy people in your properties, which leads to longer rentals and fewer vacancies.
One of the biggest factors in tenant happiness involves the neighborhood a property is located in. Tenants care about many different things here, with a few common topics regularly present. At Americas Housing Alliance, all our properties are in excellent neighborhood locations, with proper resources and amenities in place. Let’s look at some of the traits that exemplify a good rental neighborhood for an investment property.
People want basic convenience in their lives, and within a neighborhood, this includes considerations like rush hour traffic, school drop-off, church attendance and any other large events that may take place in the area. If there are big buildings or events that will commonly take up big chunks of parking, make sure tenants are aware of this.
Schools are an important consideration, both for people with school-age children and for people without them. For those with children, the logistics and details of local schools are vital – everything from child safety getting to and from the school to class sizes and available programs will be important. For those without children, traffic and other neighborhood-related details are still very important for basic convenience and other considerations.
Safety is a big concern for all tenants, whether or not they have children. Check into local crime rates, which can be accessed either online or at the local police department. Find out if there’s a neighborhood watch – if there is, be sure to mention this while interviewing tenants, as it’s an attractive trait.
The public services available are also very important for many people, including basic neighborhood cleanliness. Are streets and sidewalks well-maintained, and do parks receive regular upkeep? Is there a sense of community within the neighborhood, and are people comfortable outside with children and pets? Is public transportation nearby, and are there police or fire stations in the area? What about libraries and other public works? All these factors will influence the types of tenants you draw, and the bottom line of your property.
Want to learn more about this or any of our real estate investment solutions? The experts at Americas Housing Alliance are standing by.