The tenants who live in small rental properties are usually different from the ones that live in big ones. This is because the living conditions, requirements and ages of tenants differ from one another. Therefore, each renter type has its own special needs and requirements that need to be taken care of. However, there are some common types of renters with their specific characteristics which can be seen below:
Common Renter Types – Types of Renters Based on Different Requirements
The first step is determining the type of renters you are looking for. Once you decide on the renter types then you need to make sure that your rental property meets their requirements. Thus you will be able to rent out your property quickly by targeting the right audience in the market.
For example, there can be tenants who do not have kids or pets and also do not want any stairs. These types of renters might be either physically disabled and so cannot climb stairs or they might be elderly. Elderly tenants tend to be more responsible, respectful, and mindful of their surroundings than other generations. They also prefer a quiet environment where they can relax and unwind after a long day at work. So if your rental property meets that requirement then you just need to target a small audience to present your property.
If you own a place that is close to transport, shops, and other amenities then you may either look for couples with kids or elderly people who would love such a place. Now let us understand the types of renters. All renter types looking for small rental property can be broadly divided into the following categories.
Couples with Kids
The first thing that couples with kids look for in a rental property is safety and security. If you want such type of renters then don’t forget to invest in the security aspects of your property.
Couples with kids prefer properties that are close to the city and the beach where they can spend quality time with their kids. They may also want to be close to a park or other recreational area, so they can come home after work and enjoy some time together. If their kids go to school then their preference will be to rent a place that is near a good school.
If both parents are working and have younger kids that require full daycare. Such parents will prefer a property near a daycare center. Usually, couples with kids hunting for a small rental property are cost conscious.
Young professional tenants
Young professionals are usually working in the city and looking for a place to rent. They are usually in their 20s or 30s, most of the time single, and prefer to live in the city. For example, they may be recent college graduates or young professionals who have just started their careers after graduating from university. They do not want to waste commuting to their office daily. If your property is near the city’s commercial hub, then such young professional tenants might be of your type.
Young professionals tend to be more selective when choosing where they will live because they have higher standards than other tenants who may be seeking a cheaper rate but aren’t as picky about location or amenities. To sum up, young professionals usually want:
- -A convenient location near public transportation or within walking distance of work
- -A safe and secure environment with good security features like an intercom system, cameras, or keycard access
Tenants looking for Low Budget rentals
If you’re a landlord, it’s important to know that tenant characteristics and preferences can vary widely. Some tenants are looking for low-budget properties with affordable rents; others might be looking for a small rental property but are not worried about the budget.
To better understand your potential renters, consider what type of tenant they might be:
- A student who needs a place to stay while studying abroad (or renting through Airbnb)
- An older person living alone who wants to avoid high prices or inconvenient locations but still wants access to services such as grocery stores and pharmacies
- Business travelers who want to avoid hotels and stay in a furnished apartment with all of the comforts of home
Couples without kids
These types of renters can again be divided into two distinct types.
Couples without kids: These are either newly married couples or couples who have decided not to have kids for various reasons. Their decision not to have kids can be temporary due to financial or other reasons. Such couples will stay on your property until they change their decision. Couples who prefer not to have kids in their life might tend to stay longer.
Elderly Couples without kids: There are many elderly couples who although had kids but are all grown up and moved out. Such elderly couples will prefer property near their children or relatives.
Single Person Tenant
Single-person tenants are usually individuals who are looking for a place to stay on their own. They may be young professionals or students looking for a place to stay on their own. They may also be people who are divorced, widowed, or separated.
Single-person tenants tend to be more active in the community than other renters. A single person has fewer liabilities. They also tend to be more active to make new friends. Thus they would prefer a property where they can invite people from the college or place of work.
The second type of single-person renter is the “empty nester.” These tenants are in their late 40s, 50s, or 60s. They might have lost their partner or never married. Or had children but divorced and the children’s moved out. They don’t necessarily need a lot of space but want to stay near relatives and friends.
Migrated tenants are those who are new to the city and looking for a place to stay. They can be single, or a couple without or with kids. The type of property they are looking for varies. But if they have imigrated from a different country or culture then they would prefer to live near places where they can find similar community members.
It is important to note that not all tenants will fit into the same category, and each type of person has different needs. If you are looking for a rental property, it is best to go through a website like www.rentalshelter.com that provides detailed information about your neighborhood so that you can choose the right apartment for yourself and your family members.