Current market trends show that tenant demand for rental properties is on the lower side right now. This is due to several factors. Some fall under the umbrella of a large portion of South Africans who lost their jobs during the pandemic. These households are downscaling to smaller homes or cohabitating with loved ones. On the other hand, interest rates are currently incredibly low, and first-time buyers are incentivised to purchase homes in places they could normally not afford. A decreased interest in rental properties makes finding the right tenants a challenge for many landlords. If you are currently seeking superb renters, then we have some tips on how to attract the best kind.

Think about the type of tenant you require

Your priority when looking for renters is to decrease tenant turnover rates, and renters who come and go can be a costly affair. It is helpful to set up a list of criteria that your ideal tenants should meet, and then screen any prospective renters based on these criteria. It is important that you find occupants who can pay their rent on time each month and those who are seeking long-term lodging. While screening them can be difficult in this regard, doing credit checks and requesting proof of a stable salary is helpful. You will also need to set up a strong rental agreement that protects you in the event of something going wrong. Properties to rent with flexible viewing hours also give landlords an advantage when finding new tenants.

Charging the right rental amount

As stated above, the current market is in favour of first-time buyers. For many, home loan repayments are more affordable than the monthly rent payments on similar properties. Landlords who wish to attract tenants will need to keep this in mind when setting their monthly rates. Supply outweighs demand in our current climate, and an attractive rental price will be a major advantage when seeking great occupants. One must not set this rate too low, however, as it could attract tenants outside of the budget bracket you are seeking, which may introduce its own issues in the future.

Ensure your property stands out

Tenants currently have their pick of too many rental properties on the market and making sure yours makes a statement is essential. Putting time and money into updating current furnishings will make a world of difference. Even a fresh coat of paint and new door and cupboard handles will give any space a noticeable facelift. Other affordable features that one can replace or add include light fixtures, taps and showerheads, new skirtings and ceiling cornices, and a few garden features.

Keeping up with trending demands

Tenants currently in the market for a new home, especially when it is the luxury market, are seeking high-style residences that boast more than just spacious rooms and a reliable internet connection. You may need to invest in superb kitchen facilities, extra storage space, more natural light, extra security features, and smart home technology to draw the upscale market. The upside here is that once you find a superb renter that cares for the home well, you will save on maintenance and repairs on the property for years to come.

Partner with an agency that understands marketing

The places your rental properties are listed, as well as the photography used to highlight their best features, are essential. Partnering with a rental agency that understands the luxury market is the best way to draw exceptional tenants and find someone reliable. Here at Fine & Country South Africa, our unique marketing approach has won multiple awards and continues to impress with a high level of intelligence and sophistication.