Do your tenants even use that basement gym you built in your rental property? Will not having a soaking tub be a deal breaker? There are a handful of amenities we know your tenants will have high on their list.
So, whether you’re doing a renovation on an existing property or looking for your next investment, consider these top six amenities your potential tenants are looking for in their home hunt!
Plenty of Closet, and Shoe Collection, Space
You might be surprised how much weight potential tenants will place on spacious closets and storage options in your property. Perhaps you’re limited by an older property with small closets, but it might be wise to do renovations to change that.
More often than not, potential tenants prefer a large closet with a little less space in the bedroom as opposed to a small closet and a larger bedroom. If you have some wiggle room in your renovation budget, it’s worth adding some space for the closets.
The Luxury of the Washer/Dryer
In some cities, having an in-unit washer and dryer is not always a given. For residents of large cities like New York City, Chicago and Washington, D.C., it may even be a huge luxury. The good news is you can set yourself apart by providing this in your property.
If you’re planning a remodel and have room somewhere for a stackable washer and dryer, you will surely see the return by being able to charge slightly more rent than your neighbors, especially in cities where they are hard to come by. You might also draw in potential tenants that wouldn’t otherwise look at your property.
Ice Cold Air Conditioning
There aren’t many places in North America that don’t get at least a few sweltering hot weeks of weather a year. In places further north you may able to get away with some good fans and an open window. In others… well, you may feel as if you’re actually melting come summer.
Depending on the age of the building, this may be a tall order to install; however, if your property is in the southern states of the U.S. it is almost a necessity. You’ll have some serious trouble renting out your investment property without one. Trust us – in many states, air conditioning is one of the top amenities potential tenants are looking for.
Flexible Pet Policies
Potential tenants aren’t likely to abandon Fido or Fluffy – regardless of how much they love your rental property. If you want to expand your options for potential tenants, think about offering a more flexible pet policy.
If you’re worried about damage, don’t be afraid to ask for a generous pet deposit or monthly fee. Dedicated pet owners that love your property won’t bat an eye at an additional cost for their best buddy.
Take it Outside
It may be that your rental property doesn’t have balconies, backyards, or a pool but an outdoor area can be a real selling point for potential tenants, even if it’s a common one. Most tenants don’t want to spend the best months of the year indoors so it’s best to identify an area around your property that you can turn into a common outdoor space with a deck, grills, and perhaps some hammocks or lounge chairs. Just make sure you set those ground rules for house parties!
That’s a Real “Smart” Home
Whether you’re renting a single-family home or units in a multi-family property, turning your rental into a “smart” home is something that anyone can easily do with a little time and financial commitment.
Install temperature controls that can be managed from a smartphone so your tenants won’t ever have to kick themselves for not shutting off the air conditioning before leaving for work. Add smartphone locks to the front door so your tenants won’t have to worry about locking themselves out after a late night out.
If you’re doing a complete remodel – think about installing lights and sound speakers that can be controlled through an iPad or smartphone. The Millennial and tech-savvy renters will appreciate the nice touch.
Ultimately the amenities you provide in your rental property will be largely dictated by the limitations within your existing property or the budget you’ve set for remodels. For those of you looking for your next investment property, keeping these things in mind will help you find the best bang for your buck, and some great new tenants!