Over the past decade, the rise in high income renters has steadily increased. Households earning over $150,000 per year fit into this high income renter bracket. The higher income renters are not the same as lower income with high turnover rates. The difficult aspect is finding a tenant who can afford to pay higher rental rates.
Studies have concluded that the city of Seattle experienced a 16.7% increase in high-income renters. Working with a property management company is one way to stay in the loop with high-income renters. Many of the renters in this category have access to other resources to find property. Some people work through property managers and realtors to help them locate places to rent. Failure to have your information in systems and networks that they use could cost you the home!
There are additional methods to use to capture high income tenants. Start with the following tips to find tenants that will be able to afford the property:
- Have strict tenant criteria. People need to know what is expected of them as a tenant. Having a narrow target market can actually help you get your advertisements for vacancy in front of the right people. Use an Internet listing service to ensure you are getting the placement in the groups you are targeting.
- Use professional photography! When you are creating a real estate rental listing, think of it from their eyes. What do people want to see as they browse the listing? Paying for professional photography does make a difference in the type of renter that will view the property. While some immediately feel the professional photos help to push it out of the market for lower-income people, others find it does enhance the listing for the right audience. Videos in addition to photography are commonly-used methods to attract the right renters.
- Effective maintenance and upkeep. For the higher income bracket to consider the property, it must be well-maintained. If the property doesn’t have regular exterior and interior maintenance completed, it will start to age and you could miss out on potential renters. Hiring a property management company can help to ensure the property will always have a fresh look and feel. The property will be safe, and will be well-cared for by the property managers.
- Streamline communications. People need to know who they need to contact when the property has an issue. Hiring a company to manage the property reduces the burden and stress on your part. Allowing trained professionals to handle this area can also enhance your reputation as a property owner as you always have a team ready to fix problems for tenants.
- Stay organized. A sign of a good property manager is one who is organized. If your tenant meets you in person and you have forgotten things, it will reflect poorly. Tenants in the higher income bracket have come to expect a certain level of professionalism and organization and they might pass your property by due to lack of organization.
Keyrenter Property Management Washington DC provides real estate investment opportunities. Our expert team has the tools, training, education, and resources needed to ensure your property will be a successful investment.