What amenities and rental property features do tenants want?
What are renters looking for in new rental units?
This post attempts to answer these questions so you can attract quality tenants and hopefully retain them.
Without wasting time let’s dive straight in.
Must-Have Feature #1 Iron-Clad Security Systems
Studies carried out by the Bureau of Justice Statistics reveal that tenants suffer more break-ins than homeowners.
Across the United States, every 18 seconds an apartment is pillaged. Per hour it works out to 200 burglaries or an alarming 4,800 per day.
It isn’t surprising then that security is one of the leading rental property features tenants are looking for.
By installing a security system, CCTV, biometric entry keypads, and additional locks you can show how committed you are to tenant safety and well-being.
Must-Have Feature #2 Built-in Appliances
You may be wondering if it’s worth it on your end to install appliances for your tenants? Yes, it is, and here’s why.
You see, there are 10% more people renting in America than a decade ago. With many baby boomers downsizing and millennials not too keen on the idea of buying a home, people are looking for live-in ready units.
The majority of these tenants won’t want the hassles associated with purchasing their own washing machines, ovens, and fridges.
The more amenities you provide in your unit, the higher the odds your place won’t stay empty and on the market long.
Must-Have Feature #3 Open Floor Plans
Open floor plans are another contemporary must-have feature that makes a space have that IT factor.
We’re talking open-plan kitchens that flow into the dining and or living area. This look is extremely popular in small spaces as it can make them feel and appear larger than they are.
If your target demographic includes students or young professionals, then this is definitely a facet you want to keep in mind.
Must-Have Feature #4 Outdoor Patio Space
Balconies, patios and garden spaces are definitely in-demand rental property features.
Outdoor space has always been advantageous in a rental unit but has become a highly sought-after aspect since the start of the COVID-19 restrictions and lockdowns.
Why should you care?
Landscaping your rental unit’s garden allows you to charge more and it also increases your property value by a 10% margin. On a $300,000 property, that’s a tidy $30,000 extra. Not bad at all.
Must-Have Feature #5 Pet-Friendly Space
67% of Americans have some type of pet. That means on average almost 7 out every 10 would-be tenants are seeking a place that allows pets.
Making your space pet-friendly instantly increases its market appeal.
In addition, it can also mean more dollars in your pocket because rental units that are pet-friendly generally charge more. The price difference between these units and those that aren’t pet friendly can be as much as 30%.
Must-Have Feature #6 Home Office Space
COVID-19 has forced companies to rethink how employees work. As hybrid working models gain traction allowing more people to work remotely, the demand for rental units with home offices has gone up.
Ideally, a room that’s shut off from the open-plan space is preferred. Some quick-thinking landlords have remodeled walk-in closets to accommodate this trend. While others have opted to market two-bedroom places as one-bedroom apartments with a home office.
The Bottom Line
Tenants are now looking beyond the aesthetics of a place. They’re after certain amenities and rental property features and won’t settle for less.
A wise landlord pays attention to market conditions, trends, and listens to what tenants want.
If you would like to talk to a seasoned expert about improving your rental unit’s market desirability or are looking to hire a property manager don’t hesitate to contact us.
