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Rental property amenities are among tenants' most significant deciding factors when looking for rental units. One particular amenity can be the deciding factor, and not having it puts you at a disadvantage compared to your competitors. Knowing what amenities renters want can reduce vacancy and boost your cash flow, and here are some you might not have yet.
Community Amenities
Designated Parking Space
Tenants tend to have vehicles, and having a place to park near the residence is a good way to attract them. Covered parking would be preferable since it protects their vehicles from the elements, but even open-space parking lots are enough to encourage potential tenants to rent your units.
Communal Laundry Rooms
One of the most popular amenities is laundry facilities within the rental property, so tenants don't have to go to outside services. Laundry facilities are necessary for all tenants, and if you don't have one on your property, it could be a good investment. Some landlords even charge amenity fees in exchange for access to the laundry facilities.
High-Speed Internet Access
An internet connection is becoming an essential amenity, especially since more and more tenants are starting to adopt remote work. More importantly, it is used by people for communication. Depending on whether you have a single-family home or multi-unit rental property, you might need an internet connection with higher speeds.
Fitness Center
A fitness center or gym is a highly sought-after amenity because it allows tenants to maintain a healthy lifestyle right where they live. You can start with cardio machines like treadmills, elliptical machines, and multi-functional strength stations. Over time, you can add more equipment, such as kettlebells and free weights.
Swimming Pool
A pool is not a standard community amenity, but it can increase the appeal of your outdoor space. This can be beneficial for San Diego, particularly during its blistering summers. Apartment complex amenities like a pool can help your tenants cool off during the summer, but you have to consider the upkeep that comes with having a pool.
Community Garden
The National Multifamily Housing Council conducted a study on the sense of community and found that community amenities, like an outdoor space where residents can mingle and converse, can help boost mutual communication. These desirable outdoor amenities help increase property value and morale.
In-Unit Amenities
Energy-Efficient Appliances
Energy-efficient appliances like smart thermostats are now among the most common amenities that attract tenants, as they help them reduce utility bills. Certain smart home features have integrated automation through a smart access control system that can adjust based on needs. For instance, smart lighting can automatically turn off during the day and on at night.
Stainless Steel Appliances
Stainless steel appliances are popular due to their durability and resistance to stains and corrosion. They contribute to a sleeker aesthetic and can be easier to match with other themes. There's a reason so many rental listings use photos of these modern appliances: They have become an apartment amenity that tenants prefer.
Air Conditioning
As mentioned, California can get hot during the summer, and air conditioning can keep your tenants comfortable. Tenants prioritize the rental amenities that enhance their quality of life, and an HVAC system can easily attract more prospective residents to your rental property.
In-Unit Laundry Facilities
Most renters want their own washer and dryer for their apartment units, which offers more convenience and privacy than community amenities. While an individual apartment amenity like in-unit laundry will require a more considerable investment, it can pay off by increasing the value of your rental property.
Hardwood Floors
Many tenants prefer wooden floors as they make the living space more elegant. They are also easier to repair if scratched or chipped since you can just replace a panel. These are some of the best amenities you can offer tenants, but you should also consider the property's location, such as its proneness to flooding.
Smart Locks
Innovative features like smart locks can provide more security and convenience for your residents. Keyless entry for a rental home can be more challenging to break into due to the nature of the locks, such as relying on biometrics or digital access codes. Installing smart locks can be expensive, but tenants are beginning to look for smart home technology in rental properties.
Pet Amenities
Dog Parks
Pet owners will be happy to have a designated communal space where their pets can play off-leash for exercise and socialization among other pets. It won't just be for their amusement, but also for the safety of other tenants in the apartment building who may not be comfortable with animals they aren't familiar with.
Pet Washing Stations
If you intend to have a dog park, the right amenity to accompany it is a washing station to avoid a mess inside your rental property. It also prevents the need for maintenance requests when pet hairs start to clog drains. While it isn't among the most must-have amenities out there, your rental can gain an advantage if pet owners are among your target market.
Maintenance with the Help of Property Managers
The mentioned amenities need to be monitored, inspected, and maintained regularly to keep the rental business running smoothly and retain tenant satisfaction. However, that can be a lot to carry for just one person, and any landlord can quickly be overwhelmed.
Property managers like Income Property Advisors can help in that regard, as well as increase exposure for your listings in apartment searches, conduct effective rent collection, regular property inspections, handle evictions, and more.
You’ll not only save money in the long run but also earn passive income as you focus on other profitable ventures like expanding your rental portfolio. You can get started by contacting us to learn more about our services.
