When renters are looking for a new place to live it’s normal for them to compare different properties. Depending on the needs of the prospect, they might prefer a particular amenity that’s missing in other rental units.
It’s a good idea to update some of your amenities or make changes to the property to make it more competitive. However, before you start investing in those changes, you need to consider the needs of your target renter demographic.
If your target market is a family, their needs in a rental home are different from young professionals. If your target renters are seniors then amenities must provide extra safety such as suitable non-slip flooring and carpets.
Be sure to make any interesting amenities a central selling point when advertising your rental home. By choosing features that are heavily in demand per your target market, you will help make your property more desirable.
Here are 7 amenities that renters find most desirable:
1. Extra Storage Space
Renters welcome having plenty of closets and shelves in a newly rented Reno unit. They will appreciate the fact that everything will be ready when they move in. One only needs to transfer their things to the available storage spaces.
Renters will also be happy that they won't have to shop for additional storage or build it all while dealing with a move. Large families particularly have a greater number of items so having extra storage space ready for them when they move in is more than appreciated.
Renters look for this specific amenity before signing a leasing agreement with you. Consider renovating your rental and add several storage areas such as walk-in closets, pantry spaces, and shelf spaces.
2. Additional Building Perks
If you own an apartment or multi-family property in Reno, having comfortable added amenities will attract plenty of tenants to your unit. You can perform property upgrades or add certain amenities into your rental design plan during construction. Among the building amenities that renters desire are pools, gyms, and recreational areas. Fenced-in yards can also be a strong selling point.
When considering these add-ons or upgrades assess the long-term property value they will generate and what competitors in your area are offering tenants.
3. Expanded Outdoor Spaces
Does your rental in Reno contain several outdoor spaces? More people look for spaces outside in the form of balconies or patios. Others also enjoy gardening and would need the additional space to grow their plants. Outdoor spaces also make it easy for the tenants to entertain family and friends.
For families, a front yard or back lot can mean a place to set up inflatable ring pools for the kids or a playground. These are welcome extensions rather than confining the play area to inside the home. It’s also refreshing to enjoy the outside air when the weather is nice and breezy.
4. Central Air Conditioning and Heating
For heat and cooling efficiency, investing in centralized air conditioning and heating can lower your utility bills. Tenants will be more comfortable with the even distribution of the heat and cool air during the summer and winter seasons.
Other advantages of having a centralized air conditioner and heater are reduced noise and higher air quality. Thus, your tenants will enjoy a quiet and peaceful environment.
5. Good Parking Spots
Many renters have their own vehicles for convenience. Naturally, they’d need a safe place to keep them away from potential theft and weather damage. If the personal vehicle is used for a daily commute then it’s all the more reason for them to ensure that their rental unit has a safe parking area.
Are you able to manage the tenants’ needs by providing a garage or secure parking location? If yes then chances are, your current renters will want to stay long-term. Landlords can also charge for parking. Thus, earning higher income without pushing for a rent increase.
6. Updated Kitchens
Given that kitchens are where people gather the most and start meal preparation, renovated kitchens features that renters are drawn to. Evaluate the material of your countertop. Check out your kitchen appliances and invest in energy-efficient models. You should also replace those that have exceeded their life expectancy for safety.
If your kitchen appears to have a coordinated look such as steel finishes for appliances and durable countertops, you have a better chance of attracting potential tenants. When looking to update the kitchen, consider the materials you use. Maintenance is easy if you choose to use backsplash tiles, granite countertops, and ceramic or porcelain floorings.
7. Soundproof Walls
For tenants to enjoy a tranquil rental, they need to ensure that they have privacy. Having thin walls can be a cause for the disturbance. Noise is one of the chief tenant complaints in a rental. Avoid that by being aware of the common sources of noise in your area. Find ways to block the noise from outside especially if you have a multi-family unit.
Location-wise, you have less control over the street sounds so consider installing soundproof walls or design elements in the rentals that help reduce noise. You can highlight these noise-reducing features as a selling point when advertising your rental property.
Always remember that happy tenants become long-time renters. This earns you steady returns on your Reno property investment over time.
Since renters have different requirements, it’s essential to study your target market and focus on their specific needs. From there, you can begin adding the desirable amenities to your Reno rental home.
Avoid over-investing in amenities that hardly matter to your group of renters. Start with ensuring you have extra storage spaces, building amenities, good parking spots, outdoor parking spaces, central air, kitchen upgrades, and soundproof walls.
If you’re on the lookout for a trusted property management company offering full services, call Evolve Nevada at (775) 398 2700. We can help you calculate your ROI and find ways to maximize it!