How to attract the right rental tenant and keep them

PUBLISHED 31 DEC 2020   

Attracting a tenant who is a good fit for your residential property can help you ensure a regular income stream and avoid disputes and misunderstandings over the long term.

As tenants become more discerning and make use of the wealth of information available to them on the internet, homeowners may need to work a little harder to make their properties stand out in the current market.

In this article we’ll take a look at some of the desirable attributes the tenants look for in a property.

Standing out in the rental market

The recent interest rate cuts have seen a large number of first time bond applicants entering the market. Nonetheless, 45% of tenants are not in a financial position to buy their own homes and will need to rent for the foreseeable future. 

As a landlord you’ll still be able to secure a desirable tenant if you make sure that your property meets the requirements of modern tenants. Here are some of the most important factors to consider:

Price

The old adage that money talks is as true as ever in today’s rental market. 

While double-digit vacancies have become the norm across South Africa properties with a maximum monthly rental of R7 000 are almost 90% occupied. 

If your property is overpriced relative to similar alternatives in the market you may need to rethink your strategy to attract tenants.

Security

House robberies increased year on year in the third quarter of 2020, highlighting the ongoing safety challenges faced by tenants and owners throughout the country. 

Security concerns are prompting more and more prospective tenants to rent in complexes, residential estates and highly secured apartment buildings. Owning a property of this type could allow you to charge a rental premium and still secure a reliable tenant.

Location

Proximity to business districts, shopping malls, good schools and other frequently used amenities is still a major draw card for any rental property. 

If you’re in the market as a buy to let investor it’s worth considering which suburbs offer the best access to facilities and ensure that your new home’s locations is enticing to prospective tenants

Still have questions? We’re here to help. 

Whether you’re in the market to rent or buy a Cape Town home our team is ready and waiting to assist you. Contact Cape Realty today to learn more. 

Image Credit: https://pixabay.com/photos/hand-key-house-keys-keys-101003/