Top Amenities Rents Want and How They Can Increase Your Business
There is really good survey and article published recently by ForRent.com discussing the top amenities that renters want (I have included the link to the article). It got me thinking about our properties, and how we’ve used new amenities to grow our business. Amenities are a big deal to your renters and they should be a big deal for you too. By offering amenities your renters want, you can increase occupancy, increase rental rates, cut turnover and most importantly, the value of your property.
For example, we have a property that we were having higher than normal turnover on. We couldn’t figure out why, so we asked our tenants. Through a survey, we found out that the one thing our renters disliked most was, taking their laundry to the laundry facility. They were leaving us to go to properties that offered washers and dryers in the apartments. Now that we were armed with this information, we started looking for solutions. What we found is that we were able to reconfigure a closet and add a washer and dryer unit into each apartment.
The results were amazing! After installing the washer and dryers in the apartments, we were able to rent each one of them for a premium of over $125 per month more. Over a year, that is over $1,500 in additional income, enough to cover the cost of the project in 1 year. Not only that, it increased the value of our property by over $21,000 per unit. Talk about ROI!
Now, I know not every apartment can be renovated to add a washer and dryer, but almost every property has something they can add to improve their tenants lives.
Some great aminities we’ve added recently are:
> Dog parks
> Washer and Dyers
> Updated Laundry Facilities
> Updated light fixtures
> Playgrounds
> Tanning Booths
> Hardwood floors
> Ceiling fans
> Workout facilities
The key is focusing on what your renters and potential renters are looking for. Not every aminity has to be big and flashy to be effective. Amenities can add a lot to your renters lives and your own pocket book!