With so many rental properties to select from, tenants can base their decisions on the amenities offered. This means that ensuring that to keep your rental competitive in the market, you need to offer things that tenants want. But how can you decide as a landlord which features are worth your money?
Some amenities are more appealing than others, depending on a tenant's demands or lifestyle. For instance, having a good parking place is vital for individuals who travel to work. More storage areas within a leasing space are preferred for folks who have a lot of possessions or if they have children. It’s therefore important to understand who your target demographic is.
Here is a list of the most popular features requested by tenants!
Distance to Essentials.
Many people are now opting alternative transportation options including public transit, biking or walking to work. This reduces commute expenses, time, and effort required to access important services. As a result, tenants want to live in an area with easy access to public transit and critical amenities.
Renter want to stay in areas where they can walk out their front door and do all of their shopping, eat at nearby restaurants, or take a bus or train into the city.
When dealing with potential tenants, you'll likely be asked the following questions:
- Is there a grocery shop close to the rental?
- Is it within walking distance of a school?
- Is there a good selection of stores nearby?
- Is there easy access to buses and trains?
Lots of Safe Parking Spots
Cars are necessary among a larger part of the population. As a result, a safe parking location is preferable. A parking lot is valued in a densely populated city where parking is notoriously difficult to find.
Ask yourself the following questions:
- Are my tenants likely to need a car?
- Is there a specific parking area for tenants?
- Is the parking area secure?
If you have available parking spaces for tenants, you may even be able to charge them a parking fee. This is also an excellent strategy to increase your rental income without raising the rent.
Extra Storage Space
The majority of renters are looking for a place to bring all of their possessions. Large families with many belongings may want to stay in a rental with plenty of storage. Make additional room in your rental apartment. Establish dedicated storage rooms to keep the rental house clutter-free.
For example, people who have amassed an extensive collection of clothes, shoes, and accessories may find walk-in closets particularly appealing. If they have larger items like bikes or tools they want to use a basement or shed for additional storage too.
Health and Wellness Amenities
Investors have noticed that apartment developments with exercise centers are becoming increasingly popular. Today's tenants choose to live in an apartment complex where they can take advantage of various amenities without having to go far or pay a monthly fee for these services.
As a result, some of the most common inquiries you'll hear are:
- What facilities are provided in the building?
- Is there a yoga studio, a pool, or a lounge area?
- Do you have a fitness center with exercise equipment, free weights, and weight machines?
An important element in health and wellness is the protection from noise. The tenant can enjoy peace within the home thanks to soundproof walls. As a result, a rental flat with soundproof walls is considered particularly appealing.
Outdoor Living spaces
With more companies open to work from home conditions outdoor living spaces are now necessary for individuals to take a break and enjoy some free air. Outdoor spaces also mean more entertainment space as you can have people mingling inside and out. When hosting a BBQ party, for example, it’s much easier to entertain visitors in the outdoor area.
Spaces for space gardens are often appreciated and families with young children may enjoy putting up trampolines or swings outside.
In comparison to other areas of the rental property, the kitchen is frequently scrutinized. It's a popular area in the house because people frequently gather in kitchens to make and share meals.
Renters expect modern appliances with stylish features and value a spacious layout. They prefer durable counters, such as granite tops that hide wear and tear. The flooring is also considered, as some can be difficult to clean.
Liquid spills and stains are a common occurrence in the kitchen. As a result, the area must be filled with materials that are simple to clean.
Central Air Conditioning and Heater
In a region where the summer can be hot, having centralized systems can be highly beneficial. It efficiently distributes cool air across the rooms, guaranteeing comfort.
Renters also enjoy being able to modify the temperature control rapidly. What’s more, the amount of noise is also kept to a minimum and the air is cleaner and has healthier circulation with one of these systems.
Splurging on amenities is important for remaining competitive in the rental market. Different amenities suit various types of tenants, so emphasize the one that provides the most value to your target demographic.
Professional property managers understand which amenities to concentrate on and have the most significant influence on the demographics you've decided to serve. Taylor Street Property Management in Phoenix, Arizona can assist you in growing and maximizing the value of your investment properties. We have all of the resources you'll need to be a successful property owner.