To be a good landlord, you need to give your tenants what they want. Buying rental property is only one part of the equation for success. Tenants are going to need certain amenities to feel at home. Providing them along with the rental unit makes it easy for everyone. You’ll be providing an important tenant-friendly benefit that renters will appreciate. Give your quality tenant one more thing they don’t have to worry about.
To be successful, you need to provide a home that people want to rent and to be even more successful, it should be one that renters continue to renew year-after-year. Here are five things renters can’t resist:
This amenity varies depending on where your rental property is located. In a hot, humid city climate, air conditioning is a must-have feature. There is little doubt that an air conditioner for rental property makes the property more desirable for tenants. Property managers always find that there is extra demand for rental properties with air conditioning installed. The real benefit here is that the property manager has a larger pool of prospective tenants to choose from.
Sometimes, renters will avoid a place altogether if it doesn't offer a dishwasher. It’s hard for some to imagine living in a property without one. They are becoming more of a necessity than a luxury. If your rental is missing a dishwasher consult a contractor to see how much it would be to set one up. It shouldn't be too expensive to remove part of a lower cabinet and get pipes in place. If your property is simply too small, consider getting a compact unit that fits on a countertop or under the sink.
Renters want off-street parking, and that’s a feature they don’t necessarily get in a building in an urban area. If you have a garage in your building, definitely play up this feature. Any off-street parking, such as a covered area or a driveway, is a great selling feature. In the suburbs, renters are fine with street parking since it’s typically easy to find parking in front of the property. However, in the city, it is a very different story.
The availability of off-street parking is in high demand. Tenants want a safe and secure place where they can keep their vehicle, like a garage or covered parking. Whether they want to avoid the damage caused by severe weather or it’s simply making sure that their vehicle stays looking its best, parking is more reason why a quality tenant will find your investment property a good place to live.
All tenants want a washer/dryer in their rental unit. Although this is an extra amenity that you’re not required to offer, it makes your unit more desirable to renters if you do. Convenience is truly key, and a quality tenant will appreciate this. Some renters have their own washer/dryer or don’t mind getting their own, so if you have a laundry room or a place to hook up a washer/dryer, make sure potential tenants are aware. If the appliances are yours, stay on top of upkeep and expiration dates.
Today, tenants are increasingly tech-savvy, and this plays into their housing wants and needs. Smart devices can make properties more attractive and valuable to renters. Many will actually pay much more for smart home features. If you don’t already offer internet in your property, consider the ways you might capitalize on the desire for connectivity. Choosing to implement internet access, you can be assured that you will recoup that cost from your tenants. Everyone wants easy access to the internet these days, don’t make potential tenants go search for it somewhere else.
Smart TV or Bluetooth speakers are two simple ways to elevate your rental home decor and make the space much more advanced and high-tech. Provide the amenities and advantages that you would want while staying in a rental home. When working with Blueground, we transform your property into a high-value rental property. Smart devices are always included in the apartment designs. Blueground knows what potential tenants are looking for and is always ahead of the game.
When you want to find a quality tenant, you need to provide the kind of living environment that this type of client will appreciate. A quality tenant is willing to pay a bit more for a property that is comfortable and looks nice. There are upgrades that will not only allow you to get your investment back in higher rent payments, but that will also bring in a higher caliber of tenants. Keep in mind, a quality tenant ends up costing you less in the long run.
Simple things, such as a few upgrades can make a dramatic difference in property value. Think about adding new appliances in the kitchen, swapping an old sink for a more upscale and modern sink, or even upgrading the countertops. Other rooms can also be upgraded rather easily. An older bathroom is not very attractive and probably won’t be very inviting to a quality tenant. However, a new vanity, shower enclosure or even lighting, can help make this space much more appealing. You’ll be amazed how a few changes can completely transform a room.