Make Your Property More Family-Friendly with these Tips
For many investors, families make up a huge segment of their target demographic. Obviously, there are going to be some types of properties that don’t apply, like a condo downtown or a duplex in a 55+ community. However, for the owner of the average 2-3 bedroom rental, families and their needs are definitely a consideration.
With that in mind, it’s important to make your property as appealing to this demographic as possible. Incorporating some family-friendly features is just the way to do it, too.
Here are some ideas for making your rental property one that families will fall in love with:
- Add a playset in the backyard. Boom. Kid magnet.
- Install a fence if you don’t have one. Kid stays contained, mom and dad are happy.
- Make sure there’s ample room for Junior to run in the yard. If you have a tiny yard, this can be a bit more difficult, but taking steps to offer at least some green space will make your place much more attractive to families.
- Use semi- or high gloss paint on interior walls. Glossy paint is WAY easier for cleaning tiny, smudgy handprints.
- Install durable floors that will stand up to wear and tear from kids. Laminate is a good choice, as it’s long-lasting and easy to clean and maintain.
- Add a playroom if you have the space. Maybe there’s a room in the basement or a spare bedroom or office space that could easily be converted into a playroom. Play this up for families considering your property.
- Offer to install some child-proofing features, like outlet covers or child-proof cabinet and window latches.
- Install a security system to amp up your property’s safety features. Every family rests easier knowing their safety is being taken seriously.
- Allow pets. What kid hasn’t begged for a puppy or a kitten? Lots of families have pets, so if your policy has always been to forbid them, you may want to reconsider.
- Emphasize community. Think of all the fun, kid-friendly things going on in your area, and be sure to mention these to potential tenants. Nearby parks, pools, libraries, community centers and other family-friendly locations should definitely be mentioned.
There are lots of ways you can make your unit more attractive to families, and for most investors, it pays to do so. Families are an ideal demographic for many property owners for a few reasons. First, as I mentioned, they make up a large portion of the tenant pool, and you want to appeal to as many people as possible. Second, families with kids generally like to stay settled. Moving around is tough, especially when school-age kids are involved. If they like your place, these tenants likely stick around for awhile, which means you’re not dealing with vacancies and high tenant turnover. Lastly, most families will work to keep your property nice. Obviously, this isn’t true 100% of the time, but my experience with families has been generally positive. They want their children to be raised in a nice home, and therefore will do what they can to keep it clean and well-maintained.
When marketing your rental property to a demographic that includes families, be sure to include some of family-friendly features detailed above. You’ll be glad you did.