- Invest in tenant-friendly amenities to improve rental profits and make tenants feel more at home.
- Do research on popular trends in rental unit amenities and get input from other landlords.
- Choose quality items over quantity and focus on features that could attract more renters.
- Consider fresh paint, flooring, energy-efficient appliances, and tech amenities.
- Invest in outdoor features like landscaping, sheds, and outdoor lighting.
As a landlord or rental property investor, you know that your tenants are the lifeblood of your business. The happier and more comfortable they are, the more likely they are to stay and pay rent on time. So how can you ensure that your tenants feel at home? Invest in tenant-friendly amenities. Before making any big changes to your rental properties, here’s what to consider.
Do Your Research
You want your investment to pay off, so make sure you’re doing your research beforehand. Look into popular amenities for renters in your area and read up on the latest trends in tenant-friendly design. Speak with other landlords about their experiences with providing additional amenities for tenants, and get an idea of what works well (and what doesn’t) when it comes to increasing rental profits. Here are other factors to consider:
Get to Know Your Tenants
Before investing in any tenant amenities, getting to know who will be living in the rental unit is important. What age range do they fall into? What is their lifestyle like? Are they looking for luxury amenities or basic necessities? Knowing this information will help you make informed decisions when choosing which amenities to invest in.
Focus on Quality
When it comes to selecting amenities for tenants, quality should always come first. It’s better (and more cost-effective) to invest in fewer high-quality items than a lot of cheap ones that might break quickly or need frequent repairs or replacements. Plus, investing in higher-quality items could help increase rental prices if you decide to upgrade down the road.
Choose Amenities Wisely
Once you have a good idea of what type of tenants are renting from you and what types of amenities would work best for them, make sure that you select items wisely based on budget constraints and available space in the rental unit itself. Remember that not all tenants will be interested in the same things—so focus on providing those features that could potentially attract more renters and increase profits over time.
When it comes to amenities, think beyond just the basics and consider adding some interior fixtures. These are items that can add a touch of style and value to the rental unit itself. Here are some examples:
Fresh Paint and Flooring
A freshly painted and well-maintained floor can drastically improve the appearance of any rental property. Not only can it make a unit look more attractive, but it can also help protect the existing flooring from further damage or wear and tear. Additionally, fresh paint can add warmth to a room and provide tenants with an inviting environment in which to live.
Investing in energy-efficient appliances is a great way to increase rental profits. Not only do these types of appliances help reduce utility bills for tenants, but they can also add to the visual appeal of the rental unit and make it more attractive to potential renters. Energy-efficient appliances are also eco-friendly and often come with tax credits or incentives—so it’s really a win-win situation all around.
While not a requirement, tech amenities can be an attractive addition to any rental property. From Wi-Fi routers and smart thermostats to security systems and digital locks, plenty of tech options can make the rental unit more secure and comfortable. Plus, tech amenities can help you manage your rental property more efficiently and make the overall experience smoother for tenants and landlords.
When it comes to amenities, don’t forget to look outside of the rental unit. Outdoor features can make the property more attractive and inviting while also providing tenants with additional living space. Here are some ideas:
Adding landscaping to the premises of a rental property can be a great way to make it more aesthetically pleasing and inviting. Landscaping can also add to the overall value of the property. For example, adding walkways and trees that provide shade can create a pleasant atmosphere for tenants to enjoy.
Having a shed can be an attractive amenity for tenants. This extra storage space can help keep the rental unit neat and presentable and provide additional protection for items like outdoor furniture, tools, and equipment. You don’t even need to hire a contractor to do it if you’re quite handy. There are good 10×12 shed plans available that can help you save money and time.
Outdoor lighting can provide safety and security for tenants and add to the property’s overall aesthetic. There are a variety of lights available that can be used to highlight certain features or create an inviting atmosphere for tenants. Motion-activated lights are also great for added security—which could help reduce tenant turnover in the long run.
Providing tenant-friendly amenities can be a great way for landlords and rental property investors to maximize their ROI while improving tenant satisfaction rates at their properties. By doing research ahead of time and focusing on quality over quantity, landlords can select the right amenity package that suits their budget and fulfills their tenants’ needs without breaking the bank or taking up too much space inside their rental units themselves.