Tenants now demand a lot from their rentals; outdoor spaces, updated kitchens, gyms, covered parking, and more. Although landlords might not be able to fulfill all of these wishes, they should try to entice tenants with at least some of these amenities.
That’s because amenities tend to lure in more qualified tenants and reduce turnover. In turn, leading to higher profit margins and lower vacancies.
Given how much we believe landlords should invest in property amenities we’ve outlined the five things that tenants are now demanding in rentals.
1. Outdoor Space
Having a place where tenants can go to gather outside is an attractive feature to have. These areas don’t need to be extravagant but should be nicely landscaped and clear of debris and garbage so they can freely walk. If the space permits, consider investing in some outdoor seating, tables, or even a BBQ that way tenants can gather to enjoy the outdoors.
2. Updated Kitchens
The kitchen is often the most used area of a home. So, it should come as no surprise that tenants want a nice one. This doesn’t mean that a complete renovation is needed. Instead, some simple and inexpensive upgrades can be done to increase interest in the unit.
Things like paint, upgraded appliances (to stainless steel), new hardware, better lighting, or added shelving can all be redone for relatively cheap. That way, tenants will be drawn to the unit given its new modern look.
3. Laundry Facilities
Having to take clothes to a laundromat can be exhausting. That’s exactly why tenants are now seeking rentals that offer laundry on-site. If it’s possible, consider updating units to have a washer and dryer in the suite.
If this is something that’s not possible, consider creating a room in the basement or garage with the appliances so they have somewhere to wash their clothes. Or, if new appliances are not within the budget be sure to mention in the advertisement that there are laundry hookups in the home and that tenants can install their own appliances.
4. Gym
Another perk tenants look for is gyms. These don’t need to be completely renovated areas. Rather, just a space that’s dedicated to fitness. Something with communal equipment such as a weight rack, elliptical, bike, etc. is a great way to entice prospective tenants and make the building seem more desirable.
5. On-Site Maintenance
No one wants to wait a long time to have a maintenance issue resolved. That’s why landlords should consider offering an emergency maintenance line. Doing this can add a layer of trust between them and the tenant by showing them care about their safety and well-being.
This also means that landlords don’t have to personally respond to an emergency in the building after hours or that there will be a delay in getting help. Otherwise, waiting on an outside contractor to get to the unit can waste precious time and cause the issue to spread and get worse (for example flooding).
Of course, we always recommend working with a property maintenance company, like us at PMI Midwest to ensure that tenants are taken care of around the clock. Our property maintenance teams offer a 24/7-hour hotline that tenants can freely call emergencies into. That way, all tenants feel like they are a priority regardless of what time it is.
If you’re a landlord and you want more information on how you can attract and keep good tenants, consider speaking with a member of our staff today by phone at 317-546-3482 or emailing info@midwestpmi.com.
10/13/2022
