Posted April 21, 2021 | by Posts by Colin Douthit
When looking for a new property to live in, tenants look for specific features that would make their time living there more comfortable. And if you invest in features like this, your chances of attracting quality tenants will increase a lot. Of course, as an investor, you have to weigh which properties are worth your extra money based on which ones can bring in higher rents and better tenants. You’re going to find that residents simply do not want to live in apartments that don’t have at least some of these features, so when you’re putting out an ad for a vacant unit, make sure to highlight any of the current amenities that you have on your property. So what do tenants want?
Electric heating and air conditioning systems can be expensive and inefficient, so tenants expect apartments to have a central floor and air heating. The majority of tenants consider built-in washing or drying machines in an apartment, but it remains less common in apartments. This may be because while they value its desirability highly, renters are not as willing to pay as much for it as for other amenities. Baby boomers place significantly less emphasis on laundry than millennials. Perhaps the design of buildings just needs to fit the needs of the younger generation and this should be considered if you are involved in new construction or renovation. Another thing, make sure that every apartment has an easily accessible recycling center, the majority of residents want to have a positive impact on the environment.
A huge number of American households own pets, most of which have at least one dog and pet owners tend to stay longer at the same property. So a great privilege for dog owners would be a private dog park in the building, and maybe you want to consider having a pet spa in your building, although this is definitely a more luxurious option. You can imagine the costs associated with placing pets on your property, but there are many ways you can reduce the risks associated with placing pets, regardless, have some thoughts on making this an option for your tenants.
A balcony or patio can be a valuable selling point if your apartment can accommodate it and baby boomers value it more than other generations. Get creative with the space you have and think of small additions that can easily increase your occupants’ comfort levels, their convenience. Some tenants are willing to pay more for the amenities that make the property more luxurious and attractive, even if they do not consider it a necessity.
Coming back to the interior of the unit, people are looking for stone countertops and granite or marble are also more expensive to install than alternative materials, so you need to weigh the return on investment that it will generate for you before investing in them. There’s an option where you can buy a great artificial stone that looks and feels real, without paying high prices.
Other things like having high-speed Wi-Fi are essential, so make sure your residents have excellent access and signal in all common areas, as most of the people want to watch a movie in the living room, or participate in conference calls, having a fast Wi-Fi signal definitely worth investing in. Times of pandemic led to an increased demand for secure package delivery options in residential areas. With residents receiving more packages than ever before, it’s no surprise that many residents have expressed an interest in having an access to 24/7self-service parcel lockers.
Whether a pool is practical for your multi-family property or desirable for your tenants depends on location. Whether the pool should be indoors or outdoors, choose an option that suits best for your residents, or you can have both types of pools, as this is a great opportunity to stand out from other apartment complexes and hotels. Having a fitness center is convenient and can be a money and time saver, residents love access to sports facilities where they can get access to tennis, basketball courts, and the gym.
To learn more about what type of amenities are or going to be desirable by tenants, watch the trends in construction. Also, people who live in different neighborhoods tend to have different lifestyles, work in different jobs, and are generally different people, which, of course, affects their housing needs. Baby boomers are generally more willing than their younger peers to pay a premium for minor home upgrades. Tenants value different living conditions at every stage of their lives. Young professionals may love the coworking space in your building, while families with young children may prefer the pool. Seniors may pay more for modern kitchens, and college students may not even need a stove. The property remodeling you do to get more money from the sale doesn’t necessarily make more money for tenants and property improvements that add value to a property do not necessarily affect rent in the same way.
One of the most common reasons why residents decide to move to another property is by not getting a quality service from property management. Your property management company should start by listening to tenants’ needs by gathering feedback through surveys. Identify common themes mentioned by tenants and focus on making process changes that will prevent similar problems in the future. Not handling these issues will affect your online reputation as well, as most of the people who look for a new property read through the ratings and reviews, and having bad ones will actually prevent them from visiting the property. Residents who leave negative reviews on these sites usually expect a response, and a well-written response can also help preserve your brand’s reputation with potential tenants.
Which features will provide the most profit for your property depends on many factors, and that require thorough research based on your market and the demographics that you’re after. Try running surveys or finding as much information about what tenants want and look at the property’s amenities through the eyes of potential tenants in your area. You can invest your money to get the most out of your investment by understanding the needs and values of tenants and focusing on the amenities they are willing to pay more for.