Dallas Fort Worth tenants are looking for attractive, well-maintained homes in good neighborhoods. While the local rental market currently favors owners, there’s still a lot of competition for the best tenants. If you want to attract the best possible renters, you have to make sure you’re offering a desirable rental property

How can you make your investment property more desirable to the best tenants?

We have some ideas. Start with these simple steps.

Price Your Dallas Fort Worth Rental Competitively

Pricing your Dallas Fort Worth rental property is one of the first things you have to do when you’re listing the home and looking for tenants. Pricing the property competitively and accurately is important. There isn’t a good tenant in the market who will find an overpriced home desirable. 

As a rental property owner, you’re certainly thinking about cash flow and rental income. You don’t want to price the property too low because you’ll lose money and struggle to bring the home up to market rental rates. But pricing it too high comes with its own risks. Asking for more rent than the market will allow only leads to longer vacancies, and that’s money you can’t afford to lose. Rental prices that are too high also attract bad tenants who have been denied from renting other properties. 

Well-qualified tenants will never overpay for a property. So, take the time to conduct some market research. Conduct a comparative analysis so you know what homes similar to yours are renting for in Dallas Fort Worth. 

The right pricing will make your property more desirable to tenants because they’ll understand that they’re getting value by renting your home. Tenants know rents are going up. They won’t expect you to drop the price just to find a good renter. But, if you’re within range and the property you’re offering measures up to the price you’re asking – you’ll have no trouble finding a great tenant. 

Provide a Pet-Friendly Property 

Do you like pets? 

It doesn’t matter if you do or you don’t. You should make your property pet-friendly. It will attract more renters and be far more desirable than those homes that don’t allow pets. 

More than half the tenants in the Dallas Fort Worth market own at least one pet. They’re looking for homes that will welcome their cats and dogs. 

There are several benefits to considering pets when you’re looking for tenants:

  • Lower vacancy rates

You reach a larger pool of tenants when you accept pets. Vacancy is a huge money drain, and if you have to wait longer to find a tenant who doesn’t have a pet, you may be losing money that you’ll never recoup. 

  • Tenant retention is higher

Not only do pet-friendly homes prove to be more desirable to tenants, they also contribute to retaining those tenants. When a tenant with pets pays a pet fee to move into your home, they’re not going to be eager to move at the end of the lease term. It would only mean paying another pet fee elsewhere. 

  • Earn more rent with pet-friendly homes

Pet-friendly homes also allow you to earn more in rent. You can charge a pet fee, and that fee can apply to every pet. So, if you ask for a $200 fee per pet, you’ll earn an extra $400 from a tenant who has two dogs. Pet rent is also pretty popular in the Dallas Fort Worth rental market. Tenants are willing to pay $20 to $50 a month in extra pet rent just for the privilege of living with their furry friends. This increases your rental value and your income.

If you’re nervous about the damage that pets can do to your property (thus making it a lot less desirable), you’ll want to make sure you have a strong pet policy in place. You can limit dog breeds, restrict sizes and ages, and put a cap on the number of pets you’ll allow in each property.

Pay Attention to Curb Appeal

A quick way to make your property more desirable to tenants is to create a great first impression. Tenants will scroll through your photos in the listing before they read the description or do additional research. They want to see what the home looks like. 

They might drive or walk past the property before they schedule a showing. That’s why you need great curb appeal. You want to give them a reason to come inside and see the home. You want them to imagine themselves living there. 

Looking for a new home is an emotional experience. Curb appeal can make your home look desirable. It can also tap into those emotions that a tenant will experience when they see your property. 

Some of the steps you can take to increase your curb appeal and make your home more attractive include:

  • Paint

Paint remains one of the most valuable and cost-effective investments you can make in your rental property, whether it’s interior or exterior paint. This is a great way to increase your curb appeal as well as your rental value.  Look at the paint on your property. If it’s faded, chipping, or simply unattractive – schedule some painters to give it a modern, clean facelift. 

  • Pressure washing 

It’s easy to forget how easy and inexpensive power washing your property can be. There’s going to be a lot of debris, dirt, pollen, and wayward leaves clinging to the outside of your rental home. Your driveway and sidewalks can likely use a good cleaning, too. Pavement tends to get darker as the dirt accumulates. 

A good power washing will rinse away everything old and dirty and give your property a clean and fresh look. Power washing companies don’t charge too much, making this a must when you’re trying to improve your curb appeal. 

  • Keep your property well-lit

Good lighting outside your property is more than aesthetically pleasing – it’s also a security issue. You want your tenants and their guests to feel safe coming and going. It also helps when the property has a soft and visible glow in the evenings. Make sure there’s good lighting at the front door, on the side of the house, and in the back. Motion lights can be a good idea in garages, carports, or parking areas.

  • Look at your landscaping

Offering a well-landscaped home is an excellent way to earn the highest possible rent and attract qualified tenants. You want it to look clean and pretty, but also low-maintenance. If there are complicated topiaries, a koi pond, and sensitive plants all over the place, tenants may worry that they’ll be expected to keep it looking that good. There’s no need to go overboard with the landscaping, just make sure the outdoor space is clean, appealing, and if possible – green. Low-maintenance plants and simple landscaping features will enhance your curb appeal. 

Cost-Effective Improvements for Desirable Dallas Fort Worth Rental Homes

Update FlooringYour property will get a lot of love from tenants when you’re willing to make some cosmetic upgrades and updates. These don’t have to be costly renovations or big improvements. But, with a few strategic touches, you’ll find that tenants are eager to rent your home.

Focus on floors. Instead of carpet, have you considered hard surface flooring? Carpet has had its day, but it’s not terribly desirable to tenants. Most rental property grade carpeting stains easily and begins to look worn just months into a lease term. 

Tenants prefer wood, laminate, or tile flooring. It’s easier to maintain, cleaner to look at, and comes with fewer allergens and health concerns. You won’t have to replace hard surface flooring as often as you replace carpet, so it saves you in the long term as well. Hardwood floors would be great, and so would ceramic tile. If those surfaces are out of your budget, consider a vinyl floor or some engineered wood products. 

Kitchens can also have a huge impact. You’ll increase your desirability factor with some cosmetic updates around the kitchen. Consider a backsplash and some new fixtures on the sinks, cabinets, and drawers. A shiny new faucet and better lighting overhead will also improve the way the room looks and feels.  

Fresh paint on the walls and even new, shiny fixtures on doors and cabinets can make a difference. What about a new faucet in the bathrooms? Tenants notice these things, and they appreciate homes that feel modern and well-cared for. Don’t be afraid to invest a little money sprucing up your property. It will lead to a larger pool of tenants and higher rental values. 

When you make your Dallas Fort Worth rental property more desirable to tenants, you get better residents. But, there’s more. You also get higher rental values, lower vacancy times, and altogether a better investment experience

If you’d like some help leasing, managing, and maintaining your investment property, please contact us at Assign Property Management. We’d love to serve as your resource for property management in Dallas Fort Worth. 

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