Renting to families with kids can seem challenging, especially when thinking about the kinds of trouble little kids can get into. On the other hand, adults who have children tend to be more stable in their careers and are looking for a long-term place to raise their children. For those reasons, making your rental property attractive to families is likely to lead to the ideal long-term leases that bring substantial profits.
Invest in Kid-Friendly Updates
It doesn’t take a lot of money to make a few simple updates that can benefit the kids. For example, hard surfaces are much easier to clean and keep stain-free. So, installing tile and wood rather than carpet will ease the minds of family renters. Strong door-stoppers or even wall protectors will prevent holes in the wall. The wall protectors can also be painted to blend right in. Just make sure to avoid flat paints and choose satin or another finish with a bit of sheen that will wipe clean. These types will stand up to a bit of wear and tear better than the others.
In-unit laundry facilities go a long way for families with children, along with lots of storage and organization options for all the gear that comes with kids. Whether its organizers for the closets or secure storage options on the ground floor for strollers, bikes, and other cumbersome objects, families always appreciate plenty of places to stash their stuff.
A childfree life is a relaxed life, and staying safe usually consists of keeping the doors locked and paying attention to your surroundings, especially at night. For parents, however, a whole new set of dangers presents themselves, and it’s nerve-wracking trying to make sure the little ones stay safe and sound. As a landlord, you can pitch in and provide a little peace of mind without having to spend a lot of money.
At a minimum, every unit should have working deadbolts, smoke detectors, and carbon monoxide alarms. Go the extra mile and include high locks on entrance doors and patio doors that little ones cannot reach. Make sure railings on balconies and patios are secure and in good repair and that gates to outdoor amenities like pools are always locked and require a key or code to enter. For some landlords, it can be helpful to engage with a property management company that’s available 24 hours a day and can provide useful tips for kid-friendly features.
Help potential renters by searching and presenting them with all the child-friendly activities and places to go in the area. For example, list nearby parks and whether they’re gated and safe for toddlers or if they’re better suited for older children. Also include which schools are in the neighborhood and if there’s a bus stop nearby. Are there options for daycare, both in-home and in a center? What about community amenities, such as libraries, community pools, and recreation centers? By putting together a list of the above recommendations, it can not only save the parent time from having to do this research themselves, but it shows you care about their family.
A few other things you can consider including are whether there’s a grocery store nearby or if there’s a pharmacy open late for sudden fevers, if there are nearby hospitals and pediatrician facilities, and if there are other families in the neighborhood.
Small Changes, Big Payoffs
For a minimal amount of money and a bit of extra effort, including kid-friendly features, adding a few additional safety measures, and compiling a list of amenities and features will go a long way toward attracting the stable family renters you’re looking for.