If you own a multifamily rental unit, you should be looking at every possible way in to attract more quality renters. One of the biggest things today’s renters look for when searching for their next home is amenities. Do you really understand what types of amenities are the most attractive?
You Have to Give Them What They Want
When the average person starts looking for a rental unit, they are searching for value. While the average monthly rental tends to be quite static, especially within the rental area, it is the distinguishing features that frequently make the difference as to the rental they choose.
The problem is, trying to determine which specific amenities are most in demand. Are they looking for a fitness center, swimming pool, community room? What about laundry facilities, especially when the nearest laundromat is miles away? Have you thought about adding one if you don’t already have one?
The National Apartment Association recently conducted a survey entitled, “Adding Value in the Age of Amenities Wars”. This study discovered which amenities renters wanted the most and add the same time goes over those which are most likely to provide the best return on your investment.
According to NAA President and CEO, Robert Pinnegar, ” Our research shows that community spaces and modern conveniences drive the demand for amenities. We’ve done the research and found which amenities increase the appeal of apartment communities through simple-to-implement offerings that require little up-front investment.”
Creating New Friends
On a community level, fitness centers, business centers, clubhouses, outdoor kitchens, swimming pools, playgrounds, and nicely landscaped common areas sit at the top of the list. People want an excuse to meet new friends just as much as they want space to have fun with their current friends. These areas tend to achieve this quite well and can help attract and retain top-quality renters.
When it comes to unit specific amenities, the list is even longer but the most commonly sought amenity was having a washer and dryer in each unit (no one wants to use the laundromat). Right under this was the need for high-end energy-efficient appliances as more people are concerned with saving money on their power bill and doing their part to help the environment.
You are likely to find buying washer and dryer plus having it installed can cost up to 60 percent less than buying a kitchen full of upscale appliances. On top of this, the washer and dryer are a bigger draw. Among the other amenities at the top of the list are cable TV, electrical, lighting, and plumbing upgrades, garbage disposals, and ceiling fans.
A Final Thought
Even if you feel your rentals are up to par and you don’t seem to have a problem keeping them rented out. A few simple upgrades may allow you to raise rents or at least keep your renters happy enough they have no reason to consider moving. Definitely food for thought in today’s highly competitive rental market.