There are now 100.9 million people in rental housing, as reported by the United States Department of Housing and Urban Development. Younger generations are increasingly choosing to rent instead of buying a home, contributing to a steady fall in the homeownership rate over the previous few years. Here are some clever rental amenities to differentiate your rental property from others and make better profits.
In contrast to popular belief, most rental properties are owned by individuals rather than conglomerates. When a private investor is engaged, this creates an excellent opportunity for a unique spin and additional value. It’s common for large-scale developments to provide all of their rental units with the same amenities. If you’re a landlord or a real estate investor, you can adapt some of the features and upgrades in your rental property to the changing needs of your tenants. You can rapidly fill your rental units and keep your tenants happy by catering to their preferences.
There are some perks that everyone would want to provide, like a balcony overlooking the ocean being one of them. The items on this list are those that an investor can typically incorporate into their rentals with relative ease.
Rental Amenities to Differentiate Your Rental Property
When describing a rental, the term “amenity” describes something nice to have but not required. They’re not fundamental to survival, but they’ll significantly improve your tenant’s quality of life.
For instance, functional home appliances are essential for any kitchen. Apartment amenities range from a six-burner gas stove to a stainless-steel refrigerator with an indoor water filtering system.
A potential tenant’s decision to sign a lease might be influenced by the availability of certain facilities, even if such amenities aren’t strictly necessary for everyday life. The need to highlight the buildings’ facilities in attracting renters is, thus, paramount for landlords.
It is common practice for landlords to include the cost of extras in the monthly rent. A renter would only have to pay a little for utilities like washers and dryers. However, they would be paying more rent each month. However, in other situations, such as the case of a pet fee or particular parking spot, tenants who use the facility may be charged an additional monthly price to opt-in.
Now that you understand why it’s crucial to make upgrades to your homes, here are some features that will set your vacation rentals apart from the competition:
Hot Bath Tubs & Spas
The benefits of a relaxing soak in a spa or hot tub are well-known, so who wouldn’t want to take advantage of one? Guests will know they have found the ideal place to stay if you provide comforts like these; if they are debating between two similar houses, the thought of soaking in a warm, bubbling jacuzzi may be the deciding factor.
Even while an above-ground hot tub might entertain visitors, a built-in one is the better investment. A property’s atmosphere may be elevated from “standard” to “luxury” with an in-ground hot tub and appealing landscaping.
It’s common for vacation rentals to have extra amenities that guests wouldn’t find in a typical hotel room. On the other hand, many potential tenants will pass on a place because it needs a smoothie blender, food processor, or dehydrator. Rental homes have a distinct advantage over hotels since they allow visitors to feel more at home throughout their trip without requiring them to give up comforts like cooking and eating in.
Nonetheless, that’s not all. Non-kitchen appliances can also play a significant role in attracting customers and retaining them as regulars. An air purifier might be a godsend for allergy-stricken visitors, while a clothes iron is a “must” for the professional on the go.
Locations near water, such as lakes and coastlines, are famous for vacation rentals. Imagine how much more appealing your properties will be if you provide entertaining water accessories for your guests in addition to the mere prospect of lazing around on the beach or swimming in the water.
Provide equipment for fun water sports like snorkeling, stand-up paddle boarding, canoeing, and kayaking to enhance their experiences. Canoes and kayaks may be a great addition to a property because many guests can use them at once.
Specialty Electronic Equipment
While some visitors may be seeking a quiet escape, the vast majority, like having their favorite entertainment options readily available, assure potential guests that they will have everything they need to indulge in their usual hobbies, whether a Netflix subscription or video games, or high-quality speakers. You could even up the ante by investing in a smart TV or a selection of video game consoles your guests may not have at home.
Parking might be challenging if you’re looking for a rental property in a metropolitan region. The availability of parking spaces is crucial for renters who have automobiles, especially in a communal setting. After a long day at the office, nobody looks forward to sitting in traffic and finding a parking spot twenty minutes away from home. Because they will be so accustomed to their designated parking spot, your tenants will feel more at ease.
It is only sometimes realistic to spend a few hours a week at the laundry because of time constraints in today’s busy environment. Taking the time and money to pack up the car and head to the laundromat isn’t worth it if you can avoid it. Most tenants would prefer a unit that has a washing and dryer. Even if they cost money, washing machines and dryers should be provided on-site.
It’s reasonable to assume that many potential tenants in a residential neighborhood would not even look at a rental unit if it lacked a washing machine and dryer.
Spacious Outdoor Area
It is something you can only sometimes influence. Remember this as a real estate investor looking for a place to rent. Many tenants won’t care if they have a balcony, deck, or porch as long as they have some outside area. A well-maintained outer space is an added amenity for residents and a significant selling point for potential buyers. If your home lacks a suitable yard, you should investigate public options like parks and playgrounds.
Air conditioning is among the most sought-after conveniences in hot and humid climates. If your home or business doesn’t have air conditioning, you’ll want to talk to an HVAC expert and figure out how to pay for it. Spending more on expert advice now might save you money in the long run-on maintenance bills. If a central AC unit can’t be installed in your house, alternative solutions like window AC units or standalone AC units for separate rooms should be considered.
The days of using actual keys may be numbered. In today’s society, when convenience is valued above all else, smart locks are all the rage.
Anyone who has ever been locked out knows how annoying it is. Every apartment dweller can relate to the agony of being locked out of one’s flat because one misplaced or forgot their key.
Each door in the building may be equipped with a smart lock, allowing tenants to securely lock and open their dwellings from anywhere using just their phones. Smart locks can also be installed on the doors leading into common areas.
Smart Access Control System
Improving the quality of life for your tenants is as easy as updating the building’s access control system.
Take a moment to consider.
All of your tenants, no matter their background or interests, desire a quick and easy way to let themselves and their guests inside the property.
The top two concerns of your tenants are the ease of living there and the safety of the building.
Stand Apart from the Competition
These are only a few suggestions to get your creative juices flowing. Think about what you need as a visitor and what would make your stay memorable and make you want to tell others about the property. Of course, it would be great to incorporate several of these features, but even installing just one will significantly boost your rental occupancy rates.