Retaining amazing tenants is a landlord’s ultimate goal, as this prevents costly turnovers and improves your bottom line. In order to keep a great tenant happy in your rental property, it’s important to consider the changing needs and wants of the modern renter. If you’re looking for ways to improve your rental income, consider adding the following amenities to your rental business plan.
1. Energy-Efficient Appliances
Today’s young renter is more concerned with environmental issues than any generation before, and it’s important to consider the ways you can incorporate eco-friendly living into your rental property. One such way is through energy efficient appliances; modern technology has given way to stylish dishwashers, refrigerators, etc. that conserve energy and water. This benefits the environment while slashing your tenant’s utility bills, which could persuade a great renter to stick around in your property longer.
2. Hardwood Floors
Consider installing hardwood floors throughout your property. Higher-end rentals feature this low-maintenance, aesthetically pleasing feature, and this upgrade could help you fetch higher rental rates (one of the ultimate goals of owning a rental property). If you decide to make your property pet-friendly, hardwood is a better option for your tenant’s furry friends.
1. Make Your Place Pet-Friendly
Speaking of pet-friendly properties, consider the benefits of opening up your rental to pet owners. For some people, pets are considered valued members of the family, and turning away every applicant with a pet could mean turning away a high-quality tenant. According to the National Pet Owners Survey, 68 percent of people own a pet—that’s a large portion of the population you’re throwing to the wayside.
2. Online Rental Payments
Today’s renters are motivated by convenience, and writing a rent check every month is so 20th century. Your tenants are likely constantly on the go, and offering online rent payment provides an extra measure of ease they’ll greatly appreciate. Whether you collect rent through online platform Venmo or use an online service dedicated to rental payments, this setup benefits both you and your renter.Your renter will be able to pay with the press of a button, and you’re more likely to receive your rental income on time each month.
3. Central Air Conditioning
If you live in an area that experiences hot summers, invest in central air conditioning for your rental property. Top tenants certainly won’t be enticed to stay in a home that traps hot air during those sweltering summer days.
4. In-Unit Laundry Facilities
In the same vein of convenience, consider installing in-unit laundry facilities, whether that’s a top/bottom combo in your rental home’s kitchen or a coin-operated machine shared between tenants in a multi-unit complex.
5. Expanded Storage
It’s easy to get caught up in the flashier amenities, but don’t forget the practical features tenants are after. Storage space is a priority for renters in all stages of life. If your property boasts walk-in closets, be sure to highlight them on rental listings; if it doesn’t, consider building new storage options. Storage solutions extend to the outdoors; invest in a shed from TuffSheds.com that you can place in the backyard for your tenant’s storage needs.
6. Enhanced Security Features
Tenants want to feel safe in their home, so provide additional security features that enhance the safety of your property, whether that be advanced locking systems, front-door camera capabilities, or automatic outdoor lighting that illuminates when movement is detected.
7. An Outdoor Living Space
So many of us spend our days stuck behind a computer, and many modern renters are looking for ways to get out of the house and enjoy the outdoors—without having to pack up a tent and head into the woods. The happy compromise? Stylish outdoor living spaces that offer the comforts of home in the front and backyard.
8. An Upgraded Kitchen
The kitchen is the heart of the home, and if you’re renting to millennial tenants, it’s time to consider the ways you can update this part of the property. According to a recent survey, 76 percent of millennials say they cook at least 4 times per week, meaning an updated kitchen would probably be priority. New appliances, new backsplashes, or even a movable island addition could be an effective way to pull in high-paying tenants.
Consider adding these amenities into your rental and reap the rewards now and later.