What do Tenants look for in the Surrounding Neighborhood?
When a tenant rents into a unit, they’re not just purchasing that unit, they’re purchasing the community and the surrounding neighborhood as a whole . In general, the more variety there is in nearby neighborhood amenities, the higher the property value. Keep in mind that some amenities contradict one another. For example, you’re not very likely to find a hiking trail or park nearby a nightclub. Luckily different tenants want different amenities in their neighborhood. What is important is that you have as many nearby neighborhood amenities as possible.
A lot of tenants need a place to go that is away from bustle of daily life other than their apartment unit. While many live in the city for the job, they may prefer more rural areas to city life. Parks and hiking trails can provide them the seclusion they need that is out in the open air.
Trees help to create a more relaxed feel to a community, even if there aren’t any parks nearby. While there are tenants that thrive in urban life, even these tenants will feel out of place if there is not a tree in sight.
Night life can include bars, clubs, movie theaters, malls, and more. Your younger and hipper crowd thrives in these locations. If you want this to be your target tenant, you’ll need a lot of nearby entertainment!
Restaurants and other Retail Stores
Restaurants and other small retail locations have such a big impact on apartment communities that they even are made part of the building itself. Convenience is the key with these amenities. Growing populations of tenants do not have the time to make dinner for themselves or make long drives to get basic things they need, like a toothbrush.
Grocery stores are almost imperative to be in close proximity to your community; even more so than restaurants and small retail stores.
Good schools are important to tenants with a growing families because they want to provide their children the best opportunities for growth and development. As a landlord, you want this kind of tenant because they will likely be willing to pay more and remain rooted in your area to achieve this goal.
This is probably the most important aspect of a neighborhood that you can be focused on. If there is high crime in your area, you still might be able to fill vacancies, but you’ll need your rental rate to be dramatically lower that in areas with less crime. No matter what the other neighborhood amenities may be.