Wondering what to do to your rental property to attract quality tenants or keep the ones you already have in place? Consider incorporating some of the amenities that renters are looking for nowadays.
As people’s needs shift over the course of a life, so do a rental community’s needs as a whole. That’s why paying attention to the trends in rental property amenities can keep you and your property on the cutting edge of what people want.
We’ll take a look at each one and discuss how you might include it in your rental property or do something similar to attract top applicants and beat out your competition.
Top 10 Property Amenities List for Rentals:
Washer and Dryer
Washer and Dryer Hookups
Secure Package System.
1. Washer and Dryer If your rental property has hookups, this may be the single best investment you can make for your property’s image. If you want to buy the appliances yourself, make sure you get high-efficiency ones to cut down on the water bill. When a new washer and dryer is not in the budget, consider checking out a rent-to-own store and working out a rental agreement. There’s no reason that you can’t take the rental fee for a washer and dryer and build that into the rent. If your rental property doesn’t have hookups, it all depends on the property’s layout, plumbing and more to see if it’s is feasible to do the remodel. However, some property owners are surprised at how affordable it can be.
2. Air Conditioning This amenity is especially desirable in hot and humid climates, so if your rental property doesn’t include air conditioning, it could be that adding it might separate the good applicants from the great ones. Of course, you’ll need to consult with an HVAC specialist to get air conditioning installed properly and you can also explore other options, like a window unit in the bedroom or something similar like a swamp cooler. Either way, being able to include AC in your vacancy ad is sure to bring in more interested parties.
3. Washer/Dryer Hookups If a unit doesn’t come with a washer and dryer, most tenants are perfectly willing to either buy or rent their own in order to avoid spending time at the laundromat. If your rental property includes hookups, make sure to mention it in your advertising and when giving tours, you can provide info on nearby rental companies. If you don’t have hookups but want to see what it would cost, check with a licensed plumber or contractor about what it would take to upgrade.
4. Furniture Many people who are just starting out in life don’t have the means to buy a bunch of nice, comfortable furniture. When it comes to renting a place with no furniture and having to scrounge around yard sales and thrift stores, many renters want to eliminate the hassle and look for a place that comes furnished. Especially attractive for young singles or couples, furnished apartments can mean the difference in them having pride in their home and making do with old stuff. If buying furniture isn’t in your budget, check out a rent-to-own company to see what it would take to offer a furnished rental property.
5. Patio or outdoor space Many property owners forget about including the outside space when advertising or showing a property. When there is a nice outdoor area like a patio, porch or balcony, it can increase what the renter feels is livable space as long as the weather is nice. For single-family homes, adding a patio, pergola, porch area or similar outdoor nook isn’t all that expensive and may really boost the quality of applicants you get. Even if you don’t have funds to create a proper patio, there are many ways to create a usable outdoor space that is cozy and inviting, like setting up a patio set in a shady spot, building a fire pit area or installing an awning.
6. Hardwood Floors Few people will argue that the look and feel of hardwood floors are superior to just about anything. The warmth and durability that wood flooring brings are second to none and if you can advertise that your rental property has wood floors, then you are ahead of the competition. While pure hardwood flooring is costly, there are all kinds of affordable wood laminates that give the look, feel and durability of true hardwood. Another more affordable option is to put in wood flooring in key areas, like an entryway, kitchen or bedroom.
7. Dishwasher It’s hard to imagine a rental property that doesn’t include a dishwasher because these are so much a part of daily life that it’s no wonder that renters will avoid places that don’t include one. If your rental property doesn’t have a dishwasher, it’s not difficult or too costly to get that setup. You can consult with a contractor to see if there is some lower cabinet space to take out to fit one in and get pipes in place. Or, there are dishwashers that can be stored nearby, then rolled into place and hooked up to the sink to run. When kitchen spaces are simply too small to accommodate one, consider including a compact, portable dishwasher that fits right onto the countertop.
8. Fireplace There’s something cozy and inviting about a fireplace in your living space, and renters across the country have put this amenity in the top 10 of features they’d like in a rental property. Efficient fireplaces can really cut down on heating costs during cold weather, and there are a range of options, from true fireplaces to gas varieties and wood-burning stoves. While putting in most of these options may be out of reach for you, gas fireplace units are surprisingly affordable in many instances and are worth checking out.
9. Walk-in Closets Few people are so disciplined that they have with them only the things they need. The rest of us need lots of storage space, and walk-in closets are highly desirable for many renters. If you are in a position to do some small remodeling of a bedroom, consider expanding the closet space as needed to give renters plenty of room. You might even knock out a wall between a large room and a small room and create a walk-in closet space that might attract renters looking for such an amenity. Even if you can’t change the layout of your rental property, you can maximize closet storage space by installing closet organizers or including an additional wardrobe if the unit is furnished.
10. Wireless Internet In this wired world, it’s no wonder that renters are interested in properties that offer free wireless internet. The good news is that this is one of the most affordable things you can do to boost the attractiveness of your rental property for applicants and tenants. Many internet companies have affordable monthly rates and offer blazing fast service and full customer support. All you have to do is make the arrangement for installation and call the company if there is trouble. It’s a small thing that will make a big impact when you are advertising a vacancy and your current tenants will really love this amenity you are providing.
11. Secure Package System.
With all of the online orders these days and package theft, renters are increasingly finding the need for a secure system of receiving their packages. By providing a system for the peace of mind of a prospective tenant, this may mean a signed lease or a lost tenant.
According to Washington Post, these are 11 amenities that applicants and renters searched for the most.