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When you invest in a rental property, one of the most important things you have to do is find a way to attract renters to your property. Unfortunately, this is often easier said than done.
Renters look for a lot of things in a rental property, from unit square footage to proximity, to local attractions, but one of the biggest selling points across the board is the quality of the amenities offered at the property. The right amenities can put you at a significant advantage over competing properties when it comes to attracting new renters and keeping good renters long-term.
But first, another way to attract tenants is to offer a competitive rental price. So, in order to help you do that, click the link below to book a free strategy call to discuss making lower rents more profitable with our mortgage team.
Which Amenities Attract Renters?
While fancy fitness centers and luxurious pools certainly won’t detract from the appeal of your property, those amenities can be costly and might not be the most cost-effective way to attract renters. Investing in smaller features and amenities is often the best use of your money.
After all, if you are looking to invest in profitable long-term rentals, you need to think about sustainability over luxury. While luxury can certainly attract renters, it is often far from your primary priority. As well, many expensive, luxurious amenities are more than a single purchase, they require additional upkeep and maintenance. Otherwise, they will slowly wear down and will no longer attract renters.
Renters are looking for practicality and convenience, so consider a few of these amenities to attract renters to your investment property:
Having places where your residents can relax and enjoy time outside of their apartments is a great way to cultivate a sense of community at your multi-unit property and attract renters. Dog parks, playgrounds, walking trails, clubhouses and outdoor kitchens are all excellent shared spaces you can incorporate into your rental property.
More and more renters own pets, so a flexible pet policy is essential if you want to attract renters to your property. While pets can cause damage, you can offset some of the costs by requesting an additional pet deposit and even additional monthly pet rent. These requests aren’t out of the norm and most tenants will gladly pay them upfront to have peace of mind about living with their furry friend.
However, when it comes to pet policies and deposits, you need to be careful about local laws and regulations. In many places there are laws that prevent you from charging additional fees or higher rents to renters with pets.
Residents want to feel safe where they live, so it’s important to take steps to improve security at your property in order to attract renters. Most landlords switch locks between tenants, but you should consider going the extra mile and installing security cameras in hallways and common areas, invest in motion-activated floodlighting for your outdoor areas and allow renters to install security systems in their spaces if they so choose.
Renters want to take pride in where they live, so make sure you take the necessary steps to keep your property in the best condition possible. Hire a landscaping crew to maintain the grounds regularly, invest in professional cleaning services for indoor spaces and common areas, and freshen up the facade of your property every once and a while to show renters your property is a nice place to live.
Discover How To Stage A Home With This Step By Step Guide
Parking is a headache at many rental properties. This can turn off prospective tenants before they even begin their unit tour. Make sure that there is sufficient parking for everyone at your property, as well as for guests and visitors. Installing carports offers an added level of convenience to your renters and may make them feel more comfortable parking their vehicles on-site.
Washers and dryers in-unit
Most rental properties offer laundry facilities on-site, but many renters are looking for the added convenience of washers and dryers in their units. In-unit washers and dryers can be a huge selling point for renters who don’t want to drag their laundry across their complex just to clean their clothes. Most renters are willing to pay more for the convenience of washers and dryers in-unit—it’s usually worth it in the long run to make this investment.
You can attract renters to consider your property by offering a variety of storage options, including large closets and storage units on-site. Walk-in closets are one of the most appealing features you can offer in an apartment unit since they give renters the room they need to store all of their most important possessions. You can offer access to a storage unit for an extra monthly fee if renters have additional items they need to store outside of the home.
As a property investor, you have an incredible amount of control over the amenities and features at your property. It’s important to carefully think about how you can make your property more attractive to prospective renters, without completely breaking the bank on extravagant extras.
By carefully selecting features that are functional, practical and appealing, you can maximize your property’s curb appeal and keep your vacancies to a minimum.
Again, another way to attract tenants is to offer a competitive rental price. So, in order to help you do that, click the link below to book a free strategy call to discuss making lower rents more profitable with our mortgage team.