Like many, the idea of renting to someone who has kids can be quite daunting. Most families don’t rent apartments, but many are seeking a single-family rental.
The first thing that comes to mind is the thought of crayons all over your newly painted walls. Then there are things like juice smeared into your recently laid carpets. So, some landlords often fear the thought of a family moving into their refurbished property.
Advantages of renting to a family
There are some great reasons to have a family as tenants. Tenants who have a family usually are further along in their lives and careers. They tend to have a steady paycheck and also do not plan to move every six months as they will want their children to be stable in their schools.
Also, some properties could be better suited to a family, such as a place with a big back yard or a quieter neighborhood. If there are excellent local schools, it will help attract families. It helps if you can provide information about the local amenities. Some Amenities such as playgrounds, parks and swimming pools can appeal to families. It also helps to show prospective tenants where the daycare centers and grocery stores are.
Make your rental child-friendly
If you haven’t already started to asses how kid-friendly your rental is then looking at some inexpensive updates. For example, you are adding extra storage space and closet organizers or even a shed in the backyard.
Also, wooden or tiled floors make it easier to clean for both the Tennant and the landlord when the time comes to vacate. If possible, you could look at converting the garage or adding a swing set to the backyard. Extras such as these can make the difference for Tenants when choosing your place over the next or giving you the ability to command a better price.
Another point that could set your property above the rest it to make it animal-friendly. Allowing tenants to have pets in the property may not be for all landlords but it helps you widen your pool of potential tenants. Also ensuring that a family will want to stick around for a long time after they move in.
Marketing your property to tenants with Children
If you have decided you are ready to rent your property to families with children, then it is time to start to market your property. Marketing to families is different from other tenants, such as couples or young professionals. It is much harder for tenants with children to get time to tour all the properties.
So you can make their life easier by adding as many photos as possible detailing all the rooms and showing pictures of all the local amenities. You can go one step further and distribute copies around the town or at local schools and other places families tend to visit. Also post them on bulletin boards at community centers, daycares, and other common destinations.
Turn-key solution to finding & retaining qualified, single-family tenants
Marketing your property to find the perfect family tenants can be a time consuming and hard to do without the proper resources. Then once you get the tenant into your property, keeping them there through multiple lease cycles by keeping the place maintained and the tenants happy can prove to be a full-time job.
According to our friends at BMG Property Management:
“working with a property management company is one of the best ways to reduce the stress of owning and managing a rental property, while also getting the absolute most value out of your investment as possible.”
A quality property management company will find & screen qualified tenants with children, manage monthly payments, perform normal maintenance and repairs on the property, as well as handle any evection processes that may occur.
Do your due diligence and ask other property owners for references to the best property management companies so you can start making the most of your property investment today.