In rental properties, there are some amenities that can really make your premises attract quality tenants. But the most important factor to consider is the convenience these amenities provide to your tenants.
As an investor, finding the right amenities for your property can make it popular with tenants and reduce vacancies.
In this article, we at Windermere Property Management will highlight seven of the most popular amenities that the residents of Spokane, WA look out for.
Proximity to Amenities
Is your property close to shops, schools, hospitals, and other vital services?
Is your property near recreational spaces and entertainment?
Tenants love the comfort of a property being within walking distance of the services they need. The proximity of amenities ranks high on every tenant’s checklist because it’s easier to walk a short distance to access a service than relying on a car, especially in emergencies.
The property’s location also enhances the tenant’s social life. Tenants like being able to walk their kids to school, go for runs in the park or meet with some friends at a nearby restaurant.
A property with off-street parking facilities is preferred by tenants because it provides safety from vandalism, auto theft, and damaging weather.
Tenants need assurances that their vehicles are secure, so by providing a designated parking space you can help ease their concerns.
Sheltered parking spaces also help to reduce the tenants’ vehicle maintenance costs. Tenants appreciate being able to park their cars away from harsh weather conditions or busy city streets where damage can easily occur.
As a bonus, you can impose a parking fee to increase your rental income.
Additional Storage Facilities
You can never go wrong by adding some additional storage space on your property. This could range from adding basement storage, attics, and sheds. To building some additional shelves and wardrobe space.
Some tenants may have different items that may not fit in their rental units and so by providing some extra space saves them the trouble of having to find off-site storage.
With multi-family properties, you can rent out storage spaces to earn some additional income.
Upgrade the Kitchen
An upgraded kitchen can easily become the centerpiece any house. The kitchen is where people tend to socialize as they prepare and share meals and so tends to attract more scrutiny than if other rooms in the home were renovated.
Installing fittings like a backsplash or granite countertops can help improve the kitchens aesthetic appeal.
Additionally providing low maintenance appliances that are easy to clean are also a bonus for both tenants and landlords as they reduce maintenance costs while remaining efficient.
Provide Outdoor Spaces
Tenants appreciate outdoor space on the property where they can entertain their guests or get some fresh air. Having a balcony, patio, front porch, backyard deck, or space for a garden can significantly improve the interest prospective tenants express towards your property.
A spacious front yard can also help to improve your property’s curb appeal. By landscaping the front area of your property, you can make it more appealing and pique the interest of prospective tenants.
Add a Washer and Dryer
Providing in-unit washers and dryers for your tenants creates convenience as they avoid the hassle of doing their laundry at a laundromat.
Before installing washers and dryers in your property, we recommend doing a little research on the appliances you are interested in buying.
If installing washers and dryers for each unit is beyond your price range, you should consider creating a designated laundry space within the premises. You could also utilize additional space in your property, such as a basement, and rent out the laundry appliances to save on wear and tear.
Feature Smart Appliances
Tenants like the comfort of being able to control their environment, for example, the temperature and lighting. Other popular home devices such as smart home security systems and automated locks can provide a modern feel and add security to your property.
Adding smart home features is also a great way to separate your property from others in the area who may not have invested in these modern amenities.
As a landlord, providing amenities on your property can help it to remain competitive. Properties in the same neighborhood may sometimes be similar and having the right amenities can help your property to stand out.
To help you manage your Spokane property, reach out to us. At Windermere Property Management, we offer turn-key management services that’ll keep your property competitive in the rental real estate market and provide you with the best returns on your investment.