- Millionacres surveyed 1,500 renters and some 140 landlords to learn what renters want from landlords and what landlords think renters want
- In many areas, renters and landlords on same page
- In other areas, there are many discrepancies
If you and/or your clients are either already landlords or are considering becoming landlords, it’s important to know what tenants prioritize and what they don’t. Here are findings from a recent survey done by Millionacres, the real estate investment market segment of The Motley Fool, that may help you and/or your clients know what features tenants prioritize and what features tenants may be willing to pay more for.
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Here are some key findings of this Millionacres tenant-landlord study:
- Where Landlords and Tenants on the Same Page
- Convenient location
- Modern building
- Nice neighborhood
- Modern appliances
- Large size unit
- Utilities included
- Safety and security features
- Reserved parking or parking lot for residence
- Accessibility features such as elevators and ramps
- On-site pool and/or gym
- Central HVAC
- Where Tenants and Landlords Not on Same Page
- Renters willing to pay more than landlords thought for convenient payment options, guest parking and flexible lease terms
- Renters not willing to pay as much as landlords thought they would for pet-friendliness and high-quality nearby schools
- Nearly 50% of tenants believe that specific features more important than affordability
- Tenants would like and pay more to have guest parking for their friends and family members when they come to stay and/or visit
For landlords/potential landlords, it’s important to know that tenants value convenience and flexibility…and they’ll pay more for that convenience and flexibility.
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It’s also important to remember that the renter population skews in favor of people who do not have children, as families are more likely to buy than rent. Similarly, 82% of landlords thought renters would pay more for a pet-friendly property and proximity to high-quality schools while just 65% of renters said they would pay more for pet-friendliness and for closeness to a high-quality school.
Thanks to Millionacres, a division of The Motley Fool.
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