Potential renters want to live in a place they're comfortable in, and if your rental property can't give that, it's almost guaranteed that they will look elsewhere. The lack of amenities is often a deal breaker for most, since they want to make the most of the rent.
If your investment property is in the metro area, your tenants will be closer to certain amenities that the city can offer. However, urban areas also pose limitations that you can offer instead.
Key Highlights:
- Providing tenant-focused, in-unit amenities, such as laundry appliances, air conditioning, and smart home features, significantly boosts rental appeal in metro areas.
- Security remains a top priority, with strong locks, alarm systems, and even cybersecurity measures now essential for tenant safety.
- Eco-friendly and energy-efficient appliances are increasingly in demand, helping reduce utility costs and attract sustainability-minded renters.
- Community amenities like outdoor lounges, fitness centers, package lockers, and covered parking elevate convenience and tenant satisfaction.
- Metro renters, often young professionals, value high-speed internet and modern communal spaces that support work, socializing, and everyday comfort.
Tenant-Centric and In-Unit Amenities
In-Unit Laundry
While there might be laundry shops that are easily accessible in the city, an in-unit washer and dryer are still the most requested conveniences in the metro area. Since many renters in the city area don't own vehicles, it would be such a bother to haul around a bag of dirty laundry to and from the cleaners. For apartment complexes, you can build a laundry room for each apartment building.
Air Conditioning
Austin summers can get hot and humid, which means prospective tenants will be looking for rentals that offer air conditioning. At this point, it becomes more of a necessity, given that the heat can pose health risks for some tenants. This can make all the difference between getting renters and not.
Smart Home Features
Features like smart thermostats, smart locks for keyless entry, smart lighting, and other appliances not only help attract tenants but also allow you to justify higher rental rates. Many modern appliances already come with smart connectivity. whether it's through a hub or mobile devices, and they can immediately elevate the experience in the living space of the apartment unit.
Security Systems
Your rental unit can barely be called a home if your tenants don't feel safe in it. Amenities matter the most when it comes to security, which means strong locks and security measures, like alarms upon unauthorized entry. Be sure to also improve your cybersecurity. As the National Multifamily Housing Council reports, the housing industry is a target-rich environment, risking the leak of tenant data on your database.
Eco-Friendly Appliances
While smart home features can already help your tenants save money with the ability to remotely adjust or control their appliances, the passive energy usage can still be reduced. Eco-friendly rental amenities are becoming increasingly sought-after, especially by eco-conscious tenants. It adds to your rental property value and reduces overall costs.
Community Amenities
High-Speed Internet Access
The typical renters in the metro area are young professionals, which means that internet access is essential for them, for both entertainment and work. You can include the fee in the monthly rent, or make it a pay-to-use community amenity.
Outdoor Lounges
An outdoor space where your tenants can enjoy some fresh air and mingle with other tenants can boost satisfaction and sense of community. It can even serve as a coworking space for tenants who do remote work, just for a change of scenery. It can be a rooftop deck or a ground-floor area. Either way, it is a gated access space where your tenants can relax or work.
Package Lockers
It might not make the list of the most popular amenities renters want, but it's a good addition nonetheless. Packages can be dropped off in designated lockers instead of their front doors, preventing instances of theft and the need for a package room in your rental property.
Covered Parking
If you have enough space for a parking lot, you can assign parking spaces for your tenants, especially since there aren't a lot of spots where anyone can park in an urban space. It's a common rental amenity in metro areas, so not having one can deter potential renters.
Fitness Center
With your target market being mostly young professionals, they may not have the time to go to a gym or a fitness center to work out. Having an in-house fitness center promotes wellness for your tenants and can help your rental stand out in the market, given that this isn't a common apartment amenity. You should, however, consider the property's location. It might not be a smart investment if there is a fitness center close by.
Pet Washing Stations
Even without a dog park, tenants still take their pets to walking paths and public parks, which means they can track mud on your floors or other kinds of messes. This pet amenity is not just beneficial to your tenants, but for you as well, since it keeps the common areas clean.
Apartment Amenities FAQs
Which amenities should I prioritize?
- Always go for amenities that make daily living easier for tenants first, such as smart thermostats, reserved parking, and outdoor space furniture. You can then move on to must-haves like fire pits, swimming pools, or smartphone-based video intercoms.
What are the best amenities for pet-friendly rental properties?
- Just like basic amenities, go for the ones that make pet ownership easier, like a pet washing station, garbage disposal for pet waste, and other pet-friendly amenities. These can help you attract tenants who are also pet owners.
What are high-end features I can add as amenities?
- Concierge service, valet parking, and central air conditioning can be luxury amenities. These, along with more amenities along the way, allow you to charge higher rent.
How can I discover which amenities can attract tenants?
- You can research the local rental market and learn what the amenities are in the top rental properties in the area. You can also look at existing research, such as the National Apartment Association's, regarding tenant safety, which says that 70% of survey respondents who live in a property with surveillance cameras felt safe.
How to determine which rental property amenities are worth the investment?
- Look into factors like location, property type, number of units, target market, budget, and ROI. For instance, it would not make sense to add a fitness center in a single-family home or a fireplace in a relatively hot city.
Keep Your Residents Happy with Professional Property Managers
Pondering over must-haves and necessary amenities can be greatly beneficial to improving your rental business, but it's not a one-time strategy to retain tenants. In fact, these amenities often require regular maintenance and inspections to ensure they stay in good condition.
Between improving tenant satisfaction and maintaining property value, you will have your hands full, but Austin Property Management can take those responsibilities off your hands.
Earn passive income now. The first step is to contact us, and we'll do the rest.
