What Renters Want. In order to attract quality renters to your investment property, you need to provide them with amenities. With rental costs increasing across the nation, there is undoubtedly money to be made with apartment complexes and other residential investment properties. The key to real estate investment success is to continue investing in your property. As you know, it takes money to make money, especially when it comes to investment properties. So, here are the top 6 amenities that attract and retain reliable renters.
In many cases, the people moving into your apartment complex come from single-family homes. Whether they’re moving because of work or simply looking to downsize, there’s a good chance they will bring more items from their home than your apartment complex offers room for. That’s why many landlords have started installing self-storage spaces on their properties. Unused parking lots or basements in your apartment complex can be utilized as storage spaces to attract potential tenants.
The kitchen is the heart of any home, including apartments. With that in mind, quality renters want their kitchens to have a certain look. Yes, installing granite countertops and stainless steel appliances can be costly, but property investors can generally expect to make their money back on these costs. Since you’re striving to attract quality renters to your property, consider investing to make the kitchens in your apartment complex as appealing as possible. It’s also worth noting that granite countertops can last for decades, meaning the cost of initial installation can be worth it when you’re not having to replace the counters nearly as frequently.
After spending the better part of the last two years isolated, most people are looking for opportunities to entertain their friends and neighbors. With this in mind, you should consider investing in outdoor spaces. Obviously, there are some caveats. Outdoor spaces are much easier to maintain if you live in an area that doesn’t experience a ton of snowfall, heavy rain, or other inclement weather. Additionally, outdoor spaces don’t have to be large. Something as simple as balconies overlooking the city can increase the perceived value of your rental properties, helping you attract quality renters.
As a real estate investor, one of your many responsibilities is providing your tenants with a safe place to live. Yes, you want to make money on the space, but nothing matters more than providing tenants with a safe place to call home. From a business standpoint, you want your property to have a reputation for safety. Make sure every unit in your apartment has a security system. Not only does this ensure that your tenants have peace of mind, but it’s also something that will attract quality tenants to your property.
Technological advances have changed how every industry works, including real estate. In addition to smart thermostats, those advances include lights, HVAC, security, and virtually everything else. Quality tenants want to control as much as possible in their homes. When you have smart home capabilities installed in your rental property, you’re giving potential clients exactly what they’re looking for. While you certainly don’t have to install every type of smart home technology on the market, giving clients a few options is a great idea.
Finally, you should invest in on-site laundry services for your tenants. Ideally, you have the space to give each renter their own washer and dryer in their unit. However, in crowded metropolitan areas, some apartments are so small that doing so is simply not possible. If you can’t install a washer and dryer in each space, make sure that there are multiple washers and dryers in the basement or another area of your property. Quality tenants don’t want to travel to laundromats, so they will pay more for on-site laundry services.
If you’re going to find success as a real estate investor, investing and improving your properties is a must. Doing so will help you attract and retain quality renters, ensuring you never lose money on vacant spaces.
