Landlords don’t have to put in the most expensive refrigerators and the most expensive washer and dryer sets to attract good tenants, but reasonably nice amenities will go a long way in this pursuit. Renters understand that they’re not going to get the most lavish amenities, but there are still things they expect when it comes to expense, aesthetics, and functionality. Some amenities mean more to potential tenants than others, so choosing the right upgrade for your rental is critical for seeing a return on your investment. If you’re a landlord or are thinking of becoming one and wondering what it takes to attract ideal tenants, read on. These are the amenities tenants want in 2018.
In-Home Washer/Dryer | As mentioned, your laundry offering doesn’t need to break your bank but tenants have come to consider having these in the unit as a must instead of a preference. Unless your tenants are in college (and even sometimes if they are), they’re not going to want to use a laundry room, even if it is onsite. Not only is this an added expense for the renter but there is also an undeniable “ick” factor.
High Tech Payment Systems | Gone are the days when people would run their rent over to your doorstep. Everyone is busier and more technology oriented than ever, so you must provide a website for information in addition to offering the best online rent payment service. A bonus for you is that the efficiency of these systems will help you get your payments on time, so it’s a win/win.
Central Air Conditioning | Unless your rental unit is right on the water and offers killer ocean breezes, you need to offer air conditioning. Sleepless nights caused by excessive heat certainly aren’t going to retain top tenants. If your rental property is relatively new, the installation shouldn’t be over-the-top. Word of warning, though: If your rental place is old, hiring a contractor to install central air conditioning could be quite costly. But once it’s done, it’s done, and you’ll want to make this a huge selling point.
Hardwood Floors | Real hardwood floors are extremely expensive, and could easily be damaged by renters. However, there are plenty of faux hardwood floors that look clean and chic. While people are typically happy with carpeting in the bedrooms, they won’t want that in the main area. Not only is carpeting less aesthetically-pleasing than hardwood floors, but people often associate it with former tenants. Unless you replace the carpeting in between each tenant, the cleanliness of your carpets could be a sticking point.
Stainless Steel Appliances | As with the hardwood floors, appliances in rental units don’t need to be authentic stainless steel. However, a faux finish that looks similar will go a long way in making your house, apartment, or condo look sleek. Appliances with other finishes automatically date your rental unit, and that’s never going to attract worthy tenants. Find a price range from Sears that works for you and then make sure all the amenities match. Mismatched amenities are a tenant turn-off and will likely be noticed from the very first run-through.
Smart Features | Making your rental place “smart” isn’t mandatory but it will certainly help if you’re trying to attract Millennials. Members of this crowd are surprisingly frugal and eco-conscious, so anything that they can “set and forget” will be huge. As this Forbes.com article notes, “A smart apartment can include remote features for the light switches, all the electrical, all the outlets, the thermostat, for opening and closing doors, door locks, sensors throughout the apartment, motion, temperature, air quality, vibration, air flow and ambient light.”
Parking and Storage | While these things might have been considered perks in the past, they are both now musts when renting out a place. Rental savvy potential tenants will see past a lack of storage in a heartbeat and will likely move on because of it. And no one wants to get weekly parking tickets, so offering at least one spot as part of the rent is the only option.
Don’t panic, as you don’t have to break the bank to please the right tenants. Ensure you’ve secured the amenities mentioned on this list and your field of worthy applicants will surely be widened.
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