“Walkability” refers to a property’s proximity to neighborhood and community amenities like pathways and sidewalks, trails, parks, schools, restaurants, and even retail stores. Because a location within walking distance to places of interest is desirable, marketing this vital factor to potential tenants may give you an advantage over the competition.
Why Is Walkability Important?
1) Convenience. If amenities are nearby, tenants don’t have far to go to enjoy an outing at the park or a Friday happy hour, and it cuts down on wasted time spent in traffic.
2) Budget Savings. Reduced trips to the gas station and wear-and-tear on cars equal more money in the bank.
3) Sustainability. With more focus on protecting the environment, minimizing pollutants is a high priority for many young people.
4) Improved Health. A walkable neighborhood translates into an easy way for health-conscious tenants to add exercise to their daily routine.
5) Closer-Knit Neighborhoods. Walkability naturally encourages interaction (with an homage to safe social distancing practices) and a sense of community where friendships are developed and a sense of belonging prevails.
How Can You Market Your Rental Property’s Walkability?
Consider adding your rental’s Walk Score when listing it for rent. Walk Score’s online tool measures the distance of places of interest to your property. Proximity to things like libraries, schools, parks, and shopping centers are factored into your rentals Walk Score. The higher the score, the more walkable the neighborhood.
Walk Score highlights helpful information about nearby attractions that aids in promoting other desirable features of your rental’s location. Supporting research from Walk Score demonstrates that a higher score often corresponds to higher housing prices, which is good news in optimizing your rent and rental income.
If your Walk Score is not high enough to list, don’t fret. Instead, point out any places of interest (such as community features like a pool, splash pad, or hiking trails) or businesses (like grocery or convenience stores) that are within walking distance of your rental property. Tenants will still find a nearby park or a short trip for groceries as advantageous.
As a landlord, it’s essential to highlight the many desirable features of your rental property, and favorable walkability may have the muster to push your listing to the top of a potential tenant’s list.