I have a family friend from a small town who rented out her basement. Her property was twenty-five minutes from town and located amidst large tracts of farmland. Aware that the placement of her rental wasn’t convenient, she made up for it by offering a low cost for rent. “A lot of young couples love the low rent,” she mentioned to me once, “and so are really excited, until they realize it’s not convenient to run errands or visit friends. Then they have to decide which is more important.”
Location and Advertising
Proximity to town is one of the aspects you need to consider when renting in a rural setting. How to advertise is another one. Most of the advice you will read on the internet about marketing and renting properties will apply to urban settings and aren’t so practical in areas where the population is sparse. My friend said that at first they advertised and it wasn’t effective. After that she marketed her rental strictly by word of mouth and that worked really well. In her case, young couples were willing to put up with the distance because it was more important to them to save up money to buy a house.
If you would like to go beyond word of mouth, consider utilizing the venues that people use to get community information, like the local grocery store, movie theater, bowling alley, or town newspaper. For landlords who rent multiple properties this could be a smart move when word of mouth doesn’t move fast enough to fill empty units.
Population
Aside from location, one of the major problems you will run into is the size of the population. There simply aren’t as many people to rent to and so you won’t have as many people to choose from. This will require you to plan and save ahead - have enough money set aside that if your rental is empty for a few months your financial situation isn’t put into arrears. Rural areas also have higher rates of homeownership so you are competing against that as well. On the bright side, you will have less competition since not as many people will be renting out property like you are.
You should also be aware of what type of demographic would find your property most appealing so that you can target them. In my friend’s case she knew that young couples would be most willing to put up with more travel in return for lower rent, so when it was time to look for new renters she would ask friends and acquaintances if they knew of any young couples looking for a place to live. By being more specific she was able to get better results.
Property Perks
When marketing your property, don’t forget that every setting has its own perks so don’t be afraid to let people know all the positives. In a rural setting you may not have public transportation or an events center two blocks away but your property does have other advantages to offer. For example, a yard for barbecues or for children to play in, biking paths, or natural hot springs ten minutes away. Perhaps you’re renting an old house with original wainscoting and a gorgeous staircase in the entryway. You never know what exactly it is that renters are looking for and the perks of your property may be just what they want.
Renting in the country isn’t impossible, it simply takes a different strategy.
