Amenities – It’s a word that most landlords don’t like to talk about because they like to collect rent and earn income from their properties without having to offer their tenants anything extra.
The reality is that even though landlords like to earn income from their properties every landlord should think about amenities because it’s those amenities that are going to keep the tenants happy and living occupying their rentals potentially for years to come.
What Amenities Do Tenants Really Want?
1. Location, Location, Location
Does this place have easy access to roadways? Can I bike to or otherwise easily access grocery stores? Will my commute be reasonable for my preferences? Is this area safe? Are the school districts acceptable?
These are all questions renters are going to ask when looking for a quality place to live. You don’t necessarily need to provide all of these to have a rental that performs well, but they are certainly things to consider.
2. Parking
The properties I own that have covered parking (garages mostly) are in very high demand. Covered parking is big in places like Florida, where it rains often (especially near salt water, which can be damaging to cars), Northern states with plenty of tough winter weather, and areas like Colorado where remnants of the last few hail storms are seen on a few cars throughout the Denver metro area.
3. Private Spaces
Things like a fenced-in yard go a long way, especially if you happen to be pet-friendly or if these tenants have young children. Many places also provide extra storage on site to assist with the moving process or to otherwise hold excess sports gear if the place doesn’t provide something like covered parking or garages.
4. Unit Readiness
No one wants to move into a project. The unit needs to be clean and in working condition. Sometimes things are overlooked during move-out and move-in inspections, though. The intent is to cut down on that so the tenant can be left to unpacking instead of scheduling additional visits. Making sure older HVAC units, electrical, plumbing and the like are properly maintained will fall into this category as well.
5. Unit Upgrades
The nicer a property is, the more tenants you can attract. Stainless steel and energy-efficient appliances go a long way to giving a good first impression, and following local trends will help a great deal as well. Get rid of that dark green or maroon carpet. In many cases, there’s some really nice hard wood flooring under them anyway!
If you have an old, tired bathroom, dress it up with a nice vanity, newer sink, and updated fixtures. These are minimal repairs that can dress up an entire room. When upgrades are done, figure out how much more you can charge as a result and how long it will take to make that money back. If it means you provide a higher quality product and hopefully receive a better tenant pool, why not go for it?
Source – bigger pockets
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Do you own income properties in the Waltham area? If so, let Martin Property Management professionally manage those rentals for you! Learn more about our services by contacting us at (617) 957-0166 or click here to connect us online.
