If you’re looking for more ways to not only retain great tenants but also attract new ones, it’s a good idea to take time to carefully consider the amenities that your property has to offer. When you’re working on attracting new tenants, you’ll want to highlight these items on your listing to help draw more people in to see the property. When you’re looking to build more retention, it’s a good idea to send out a survey to your current tenants to see what type of amenities they want the most. You could include a list of potential ideas that you’re considering or you could simply ask what they’d like to see and then take all of the ideas into consideration as you plan your next move. Don’t make any promises when putting out this survey, but rather let tenants know you’re using the survey to figure out what amenities are most desired.
While surveying your current tenants can help you decide on the right amenities for your property, it’s equally a good idea to carefully consider who your target audience is. What age range are they? What are their demographics? Are they mostly single, married, do they have kids or pets? What are their interests? Take careful consideration over your location as well.
These are just a few things to keep in mind as you think about what amenities you may want to add to your property. Moving forward, we’ll talk about some of the amenities that may draw more people in or increase retention.
In-Unit Amenities
What amenities do tenants desire in their apartment? Well, there are several options to consider here. Modern kitchens are often desired, those that include stainless steel appliances and beautiful countertops (granite is a top choice for tenants). Tenants often appreciate energy-efficient upgrades too such as energy-efficient appliances and LED lighting. Speaking of energy-efficient appliances, most tenants will be happy to pay a little more if it means they get a washer and dryer in their apartment. Tenants also appreciate dishwashers. Another thing many want to see are smart upgrades like smart locks and thermostats. And one of the more obvious ideas is air conditioning (central or a window unit). In fact, you can pair two of these ideas and go with a smart window unit. One more amenity to consider in-unit is storage space. Most tenants want to see a decent amount of storage. Walk-in closets are definitely worth highlighting. In fact, you may find it’s worth converting closets in current rentals to make the room slightly smaller but the closet larger. Most will prefer this over just having a big room with a tiny closet to store their things. People love built-ins too; it’s less furniture they need to purchase!
Building Amenities
What amenities does your building have to offer? Make sure to talk about these in your listing. And, if you’re looking to add some amenities, let’s discuss some options to consider.
A big thing that people are looking for is enough parking space. Some of the options here include reserved parking spots (preferred in cities), garages, covered parking spaces, visitor parking, etc. It’s important to ensure plenty of parking so that not just the tenants have a place to park but also their guests. This will certainly appeal to more prospective tenants. Another thing to consider is an area for people to park their bikes as well as a rideshare area for those being picked up and dropped off.
Speaking of the outdoors, many people desire outdoor areas to enjoy. Community gardens, patios, decks, grills (or even outdoor kitchens), playgrounds, picnic tables, dog parks or dog runs, swimming pools, and beautiful landscaping are all options to consider.
Security is equally important. People want to know they live in a safe area. Some things to think about include security cameras, gated access, smart locks, and well-lit parking lots.
Not only do people want to feel safe, but they want their packages to be safe too! A package room or package lockers are also an added bonus, and in some areas, they’re becoming a must to avoid package thieves. This can allow the packages to be delivered safely when the tenants are unavailable to immediately pick up.
With a lot of people working from home, high-speed internet as well as a coworking space can both be appealing to many. You might make your co-working space reservation only and offer some additions like self-serve coffee and tea.
If you’re not offering an in-unit washer and dryer, then community laundry facilities will be desired. People would rather pay to live in a place with a laundromat on-site than have to go to one every time they want to wash their clothes.
If you want to add a little fun and entertainment to your community building, you could consider a game room or movie theater space. Outdoor sports courts or yard games may also be enjoyable.
One more option to consider is a fitness center. A lot of people are health conscious these days, so having a fitness center on-site will go over well with many prospective tenants.
When considering what amenities you’ll offer on-site, remember you also have to consider how you’ll handle the costs. These amenities may increase the value of your property, allowing you to charge more rent to prospective tenants. Or you may decide to keep the rent where it is and charge an added price for them to use the amenities. This way tenants can decide if they want to pay extra or not for the amenities. When landlords choose this avenue, they typically charge the fee once a month or year.
As you can see, there are plenty of amenities to consider. Another one we’d like to highlight is online rent payment. This is an amenity too because while it’s not required, it does offer a huge convenience factor for tenants. Not only is it convenient for tenants, but it’s equally good for landlords because there’s less of a chance of missed or late rent payments. Plus it’s easy to track.
If you’d like to discuss more ways to attract and retain tenants, and you’re looking for help managing your rental property, please reach out to us at PMI. We’re happy to help (and yes, we offer online rent payment).
