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Great tenants are worth their weight in gold! They pay their rent on time and don’t (usually) cause much trouble. When trying to attract good tenants, it’s important to properly market your property, but before doing that, you’ll want to have some marketable, affordable amenities available. Most tenants aren’t just looking for a room. They want affordable amenities that’ll make their living situation more comfortable, which could include convenient parking spaces, an on-site gym and more.
For the most part, there are plenty of attractive and affordable amenities that you can add to your property—without spending much money. Learn about some of these affordable options below.
Financing The Addition of Affordable Amenities
Before we dive into the list of which affordable amenities you should add to your properties. It is important to think about how you are going to pay for them, because while these are affordable amenities, if you are making multiple improvements to multiple units, ‘affordable amenities’ can quickly become an expensive project.
So, if you would like to explore financing options to add new, affordable amenities to your property, click the link below to book a free strategy call with our team at LendCity today.
Make the rooms pet-friendly
So many people own pets these days. If your property isn’t pet-friendly, you could be missing out on a lot of good tenants. Consider making your property pet-friendly, but with conditions. You don’t want tenants bringing in as many pets as they want, for example. A room with three large dogs could quickly become a problem when it comes to smell and noise. The same is true for people who own a large number of cats or any other animal. Consider limiting the number of animals a tenant can have as well as their size.
After deciding to make your building pet-friendly, it’s usually best to set up a pet deposit and rental fee. This will bring in extra cash, which could help pay for any small damages a pet might cause.
Install a gym
Gym equipment can cost a lot of money, but you don’t usually have to add much to an apartment gym. A few pieces of cardio and some weight-lifting equipment could easily get the job done. For the people who don’t feel like going out of their way to get exercise, an on-site gym will make your building quite enticing.
When you have a gym installed it’s important to keep it well-maintained. This means cleaning the gym whenever necessary and making sure that the equipment is safe for use.
Create some shared spaces for people of all ages
Tenants want spaces where they can enjoy a nice day outside. This could include picnic tables and a grill, both of which are inexpensive to have installed. You could also set up a dog park using some free space on your property. Just build a chain-link fence and install some dog poop bag stations.
Playgrounds and walking trails also look great to certain tenants, especially those with children. They’ll love having a way for their kids to have fun without needing to drive to a local park.
Discover How To Stage A Home With This Step By Step Guide
Have washers and dryers installed in every unit
If installing washers and dryers in all your units seems too expensive, then consider offering tenants an option to have them installed. You could charge the tenants a small monthly fee for having a washer and dryer installed, which could quickly pay back any money you spent on the appliances.
Offer plenty of parking options
Many people are unsatisfied with their living situation because they have limited parking options. There’s nothing more annoying than coming home after a long day of work to find that there’s no parking near your room. Consider having extra parking spaces installed if your property is looking a bit limited.
Give them storage space
People love storage space. It allows them to keep all their stuff nearby without having to pay for a storage facility. Make sure all your rooms have large closets and other forms of storage. This might include extra cabinets, a pantry and more. If tenants visit your space and see that it’s limited on storage space, they’ll likely look elsewhere.
Make sure the property always looks great
It doesn’t cost much to make sure your property is kept clean and free from damages. No one wants to live in a place with cracked paint and weeds growing all over the place. Hiring a good landscaping contractor could be an inexpensive way of providing constant upkeep to your property. It’s also a good idea to have a professional cleaning crew come in from time to time.
Keep your tenants safe
Safety is a major concern for most people when looking for somewhere to live. First off, you’ll want to invest in a property that’s in a safe neighbourhood. This can easily be done by checking crime statistics near the property in which you’re investing.
There are also plenty of inexpensive ways you could increase the safety of your property. Having security cameras installed, for example, will allow tenants to know that their vehicles and other pieces of property are always being watched. Visible security cameras will also deter criminals. It’s a good idea to have your locks changed from time to time as well.
Offer plenty of kitchen appliances
Many people don’t move into apartments already owning their own refrigerators. Make sure that all your apartments have an updated refrigeration system that has been perfectly cleaned. Most people also prefer to have a dishwasher in their kitchen. Many of these systems are inexpensive to buy and have installed, especially when bought in bulk. Do some research to find the best options for high-quality dishwashers and refrigerators in your area.
24-hour emergency maintenance
Tenants want to know that they won’t be left high and dry in case of an emergency. 24-hour on-site maintenance will give both you and your tenants peace of mind. If an apartment has started flooding, for example, you can’t exactly wait until the next day to have it taken care of. This could result in major water damage to your building as well as the growth of mould.
Contact a local maintenance company and inquire about contracting them from 24-hour on-call service.
Great tenants are easy to find when you offer plenty of affordable amenities. These tenants may even recommend your apartment building to friends and family! Set aside some money and have all these affordable amenities installed on your property. It’ll be worth it in the long run!
Remember, it is important to think about how you are going to pay for them, because while these are affordable amenities, if you are making multiple improvements to multiple units, ‘affordable amenities’ can quickly become an expensive project.
So, if you would like to explore financing options to add new, affordable amenities to your property, click the link below to book a free strategy call with our team at LendCity today.