Many property owners get nervous when thinking about letting a family with multiple children invade their rental house. The thought of Crayola painted walls and holes in the drywall makes many investors think twice about pursuing tenants with kids. Though it’s illegal to discriminate against families who are interested in renting your property, it isn’t unusual to find a real estate investor who goes out of their way to make their property unattractive to families. However, there are a great number of benefits to renting to parents.
For instance, they are:
- more likely to have well paid, steady jobs
- prefer to keep their children in the same school
- want stability for their family
- don’t want to deal with the hassle and headache of moving a large household multiple times
There’s nothing worse for a property owner to deal with than flaky tenants and vacant houses. While renting to families may require a little extra maintenance, it can be well worth it to ensure that you have a reliable and steady flow of rental income every month. If you choose to make your rental property more attractive to parents, here’s a few considerations.
Upgrade Your Properties Security and Safety Features
Parents usually put their children’s safety first. Therefore, it’s very important that you take steps to make your property as secure as possible and point out those improvements to potential renters. If you have a swimming pool, you may want to install a safety gate. Consider adding a fence around the property to make outdoor play more accessible and safe for children. Add railing to porches or balconies and highlight the benefits of living in an area with a low crime rate.
Showcase Local School Districts, Parks and Kids Activities Nearby
Research the best school districts in your area when considering properties to invest in. Families will be willing to pay much more to ensure that they’re children get a quality education. Also, find out which kid-friendly activities are within a few miles of the home. Are there any parks within walking distance? Is there a daycare close by? What about miniature golf, theater or an amusement park that’s easy to access? Be sure to have a list of nearby attractions that will make families excited about moving into your house.
Add Some Family Friendly Features
Does your property have two bedrooms with a den or formal dining room? Consider converting the extra space into a bedroom by adding a closet. This will help make your house more marketable to families with multiple children. Families also need a lot of storage space. Consider adding built-in shelving or bookcases, or perhaps a large shed in the backyard. You may also want to prepare the house to decrease the amount of work involved once the family moves out. Wood flooring, for example, may be easier to clean than carpets and you may want to use paint, fixtures, cabinets and countertops that can hold up to extra activity.
Consider Allowing Pets
Although the thought of having dogs and cats running around your rental property might make you cringe, allowing pets is an excellent way to make your home stand out among others in the area. Many people consider their pets to be loved members of the family. Children are particularly attached to their furry companions and parents are usually willing to pay more rent for a house that won’t force them to abandon Fido or Fluffy. While you may be worried about the extra costs associated with cleaning up the home after a pet has lived there, much of the cost can be reduced or even eliminated by charging a pet deposit.
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Maintaining investment properties can be overwhelming, particularly when you own multiple units. Let the experts at DKRentals.net help manage your rental homes so you can focus on building and growing your real estate investments.