As a Milwaukee landlord, you’re going to be facing plenty of competition in our local market. These competing landlords are going to be conducting their marketing campaigns based on what tenants in the area search for in a rental. By knowing what prospective applicants are looking for, you can align your marketing and rental listings to stay competitive with other owners in the city.
So the question is, what are tenants looking for in Milwaukee?
Factors Tenants Will Consider
Location
The address of your rental unit determines whether it's an appropriate home for your target demographic. Families might prefer safe neighborhoods to avoid break-ins and young professionals might look for rental properties that provide more public transportation options.
While this isn't something you have control over, it can help you narrow down the best target market. If your apartment is located near a college, then marketing your space to students would make more sense. Indicating its proximity to a significant location could help with search results.
Property Condition
Having a rental property in good condition will certainly increase your chances of getting more tenants. You can conduct regular rental inspections to find maintenance or repair issues you can tend to. Refer to a move-in checklist when a new tenant rents your unit, which often urges you to look into the following:
- HVAC System
- Smoke Alarms
- Water Damage
- Plumbing
- Electrical System
- Structural Integrity
You may do the inspection yourself, but it’s preferable to hire professionals for better insight. Companies like Performance Asset Management, for instance, have the expertise to handle the routine work and maintain the apartment or rental home's condition.
Fair Lease Agreement
The lease agreement your tenant signs contains rules and policies they have to follow. While applicants typically agree to standard terms, having strict conditions will deter renters and increase your vacancy rate.
When you choose to have a pet-friendly rental business, implement a reasonable pet policy for your tenants. Create adaptable lease terms to boost tenant applications as well as reduce early lease terminations.
Rent Payments and Other Fees
Your rent price should be based on the current market conditions and the competition, which is why the input of an industry expert like a property manager can greatly help you attract tenants to your rental property. Other than rent payments, you should also price other fees accordingly.
For example, Wisconsin law states that landlords can only charge a maximum of one month's rent for a security deposit on an unfurnished unit. Charging more will deter tenants and get you in legal trouble, ultimately costing you more.
Depending on your lease agreement, a security deposit can help tenants pay for past due rent, cost for property damage, and other potential bills. Consider the budget that your target renters have as well as the overall value of your property when setting rent prices and rental fees.
Amenities
Amenities such as laundry facilities and parking can bring necessity, comfort, and convenience. Plus, they all contribute to the overall appeal of your rental property. Some of the amenities or utilities you might want to offer include:
- Parking Spots
- Laundry Facilities
- Gyms
- Patios
- Cooking Utilities
- Dishwashers
Size and Layout
The size of a rental home can also be a defining factor in whether applicants will consider your listings. They might prefer an open floor plan for a more spacious room, or a smaller apartment to make it easier to maintain. Even the placement of the windows can appeal to an applicant for lighting and views.
Payment Methods
Having multiple payment methods can be convenient for your tenants. You can use third-party online platforms or create one of your own, although you will always have to ensure that it is functioning correctly, and that might need a certain level of tech-savviness.
It would be easier to use existing apps and software, or at least hire a property management company like Performance Asset Management that uses an in-house online resident portal where renters can pay 24/7.
Communication
Landlords or property managers should establish a good relationship with tenants renting the properties they manage. It can contribute to smoother business operations since tenants can immediately alert them about maintenance issues or the need for repairs.
Making tenants your top priority can improve their rental experience, and that leads to your business getting a better reputation in the rental market. This in turn will give your listings an advantage. Lack of or bad tenant communication can lead to them terminating their lease early.
Rental Listing FAQs for Landlords
What do tenants usually look for in rentals?
Some of the most common factors tenants look for include rent price, size of the rental home, lease term, location, space, and amenities. It helps if your property is in a safe neighborhood since renters value their safety.
How to make my apartments stand out from other listings?
Other than providing amenities that competitors don't, ensure that the rental stays in the best condition. This can be achieved through regular rental inspections, making repairs when needed, and checking safety measures like smoke detectors.
Highlight advantages like parking availability or being located in a protected neighborhood. This can help your listing rank higher on rental websites, and you'll have no problems with renting apartment units or houses out.
How often should I inspect my rental?
A landlord should conduct inspections before they ask the tenant to sign the lease. It would be advisable to refer to a move-in checklist to ensure that you don't miss anything. You may do so again about a month into a tenancy, but make sure the renter is home to respect their privacy.
What should I include in my listings?
A landlord should include details like lease terms, rent cost, amenities, property description, pet policies, and square footage. You can always include more as it helps with search results and applicants can make an informed decision before renting the unit out. Make sure you have high-quality photos and videos to make your listing stand out!
How You Can Benefit from Property Management
As the landlord, you have endless responsibilities. Other than the day-to-day tasks that a rental business demands, you also have to worry about marketing your properties to reduce vacancy. To do so effectively, you must have a good understanding of the rental market.
Companies like Performance Asset Management possess the necessary expertise to navigate the rental industry, which is what a well-rounded decision requires. You can get your free rental analysis now, and we can help you protect your investment by maximizing your property's value.
