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Whenever you are preparing to set up a rental property, you always need to consider your target demographic. Are you planning to cater towards students? Retirees? Single professionals? Or perhaps you want to set up a family-focused rental that a family could look at and call home.
Family-focused rental properties are great for a variety of reasons, but they come with their own needs in order to be truly successful. So, in order to help you create long-lasting family-focused rentals, here are some of the key essentials you need to focus on.
First, in order to help you set up family-focused rentals, we want to help you by setting you up with financing that suits your goals. After all, at LendCity, we are family-focused company and to us, investors like you are family.
So, if you are ready, click the link below to book a free strategy call to learn how you can build strong family-focused investments today.
Setting Up Family-Focused Rental Properties
When families are looking for a place to settle down and rent a home, they frequently will look beyond the property itself. So, when you are planning to set up a rental with families in mind, you need to weigh the details of both the property itself, and the surrounding neighbourhood in order to find the best properties.
What Are Families Looking for in a Rental Property
When you are evaluating a property to create a family-focused rental property there are a few main factors for you to consider when deciding if a property is a good fit.
Starting a family-focused rental means that you are going to need multiple bedrooms in order to ensure that there is enough room for everyone to sleep comfortably.
In fact, many families who expect to have more children will look for rentals with extra bedrooms so that they can accommodate their growing family without needing to move.
Many families will prioritize properties with multiple bathrooms in order to guarantee that they do not have to be stuck waiting for one while another family member is taking a shower or using the washroom. It also can provide the ability for parents to take longer uninterrupted baths in private if they need to unwind after a long day.
Living and Dining Space
Creating a rental for families means that you will need to ensure that the property has enough living and dining space to accommodate full-family meals and activities – with the option for space to entertain guests as well. Even with dining rooms falling out of favour, dining rooms in family-focused rentals can also serve as great homework spots or places for children to spend time with their friends when they come over.
Key Neighbourhood Features Families May Look For
Beyond the specifics of the property itself, parents looking to raise a family will usually want to ensure that the community they are moving into is one that is well-suited to their children’s growth and development. Some of the main things they will be looking for are:
Families will often prioritise rentals that are located near good schools. After all, it is much easier to accommodate everyone’s schedules if the school the children are attending is nearby enough for the kids to walk or for the parents to have a short drive each day.
Staying near a school also increases the family’s childcare options and provides easier access to extra-curricular activities for the children.
Parks and Entertainment
Part of a family’s healthy development is the ability for the kids and the rest of the family to get outside and do something together – or for the kids to go out and socialize with friends and classmates. For this reason, families often value properties near parks and other forms of entertainment much higher.
Traffic and Public Transit
Good traffic and access to public transit is a valuable thing for families. Not only does slower traffic and fewer cars on the road mean that the parents can rest easy knowing their children are unlikely to be hit by a speeding car while playing outside but having close proximity to public transit can be very helpful for families without access to multiple cars. Having transit options available can also help the children develop a sense of agency as they grow up because they will be less reliant on their parents for transportation.
Grocery Stores and Essential Retail
Families – like most other people – highly value rentals with easy access to grocery stores and other essential retail stores. This way they can ensure that they have easy access to all of their basic needs.
An Active Community
Finally, families will usually look for rentals in active communities with plenty of life and culture to enjoy. People want their families to grow in somewhere worth living. After all, these communities offer more opportunities for the family to get out and socialize. Additionally, active communities typically have lower crime rates because more people are constantly out and about, thus eliminating many of the opportunities for would-be criminals to act out without being caught.
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Family Rentals Build Long-Lasting Tenants
One of the primary appeals of family-focused rentals is the fact that families often make for excellent long-term tenants. After all, parents frequently like the idea of having their children grow up in a home they can truly feel comfortable in and will try to avoid moving whenever possible – especially if they have younger children.
So, if you can create an appealing property for a family to rent, you are likely to keep those tenants for a long time. This is excellent for building a strong and reliable source of cash flow to maintain your portfolio.
Financing Your Next Rental Property
If you are looking to secure the best available mortgage for your next investment property, you are in luck. Our team at LendCity is dedicated to helping you lock down the best available interest rates with the most manageable monthly payments you can so that you can invest without any unnecessary stress, because to us, you are family.
So, if you are ready to get started today, visit us online at LendCity.ca or give us a call at 519-960-0370. Alternatively, you can book a free strategy call at the link below.