Potential Tenants often compare nearby amenities when searching for rental units. As a landlord, knowing what amenities are most popular, will increase the likelihood of attracting quality tenants.
To make renters happy, you must provide them with sought-after amenities when possible. The more your amenities align with their needs, the more they are encouraged to stay long term.
What Are Amenities?
Amenities are added features that make your Raleigh multi-family property or apartment desirable in the eyes of residents. Different types of amenities are offered by landlords, such as gym use, playgrounds, parking areas, and pools.
When amenities are offered many tenants will choose to apply as a renter in your unit. The more premium the amenities you offer, the higher the rate that you can charge. However, make sure that your target market still finds your rental affordable.
Diverse demographics will prioritize different things. Some will prefer a spacious parking space, in-unit laundry facilities, and close access to schools. Others will want more storage areas, furnished units, and outdoor spaces.
Should You Collect a Fee For Amenities?
The rental rate can include a fee for using amenities or the rental building can collect a separate fee for the maintenance of building amenities they use. If you choose to charge a different fee for amenities, a monthly or annual charge is advisable. Another option is to collect a one-time fee before a renter moves in.
Ensure that your rental price is not too high and remains similar to rental averages with local competitors. You don’t want to reduce your potential tenant base based on a high rental rate when you offer similar amenities in your Raleigh rental.
What Are The Different Types of Amenities?
There are two types of amenities landlords can offer to their renters.
1. Community Amenities
Community amenities are shared by the building residents in communal areas, such as pools, gyms, parking spaces, bike storage areas, playgrounds, rooftop decks, and laundry facilities.
2. In-unit amenities
In-unit amenities are reserved for each renter. Many residents desire this, increasing the value of your rental property. These amenities include central air conditioning, in-unit washers and dryers, dishwashers, patios, and smart thermostats.
8 Amenities to Consider For Your Raleigh Rental Apartment
In today’s competitive rental market, offering the right amenities can make all the difference in attracting and retaining tenants.
1. Provide Smart Locks
Modern technology makes it efficient for residents to lock and unlock doors without physical keys. As a landlord, you won’t be contacted for lost or forgotten keys. When a new tenant moves in, you can easily reset the passcodes to ensure safety.
You can also consider additional smart technology features, such as controlling thermostats, light switches, and other sensors around the home. This provides more convenience for the residents.
2. Build Outdoor Space
Rental units that lack outdoor space can feel suffocating at times. It is best to provide a patio, balcony, or even a roof deck for renters to spend time in. When the weather is nice, renters enjoy having a refreshing outdoor spot to relax.
Communal outdoor spaces are also desirable for renters to gather and socialize with fellow tenants. You can assign an area for grilling and picnicking. Placing lounging spaces in your multi-family rental also engages the interest of prospective renters.
3. Offer Pet Amenities
If you accept tenants with pets, after a pet screening process, you can encourage them to be loyal renters by providing pet-friendly amenities. You can offer a dog wash station, pet play areas, and even needed services for grooming and pet-sitting.
This can be lucrative for landlords since they can collect pet fees or pet rent, depending on state laws.
4. Install More Storage Spaces
With more individuals having a large stack of possessions, it is valuable to have ready storage areas in the rental. With plenty of cabinets, closets, and shelves, organizing is easy.
If you have a small rental with limited spaces, it can work against you since many tenants don’t like staying in confined spaces with little storage available. Adding extra storage helps renters save from buying storage bins and cabinets to store their items, increasing tenant satisfaction.
5.In-Unit Laundry Facilities
While laundromats may be accessible, carrying around laundry and going outside can be inconvenient, especially when it rains. With a rental that provides an in-unit washer and dryer, residents can save time and money.
6. Dedicate a Parking Spot
If your renters drive their own cars, it is valuable to have a parking space to keep their vehicles safe. This feature is even more desirable in a dense location.
7. Invest in a Granite Countertop and Stainless Steel Appliances
Many renters check kitchen spaces before deciding to sign a lease. They want a kitchen that is low-maintenance and attractive. Investing in a granite countertop and stainless steel appliances helps your renters clean up quickly.
Best of all, choosing durable materials limits damage and repair requests.
8. Provide a Secure Rental Unit
Safety is everyone’s priority so it is recommended for landlords to invest in security features, such as security cameras, motion light sensors, and alarm systems. Check out the state and local safety standards and building codes to ensure compliance.
The safer your rental unit, the more long-term residents you will attract.
Bottom line
Before investing in amenities, make sure to research the needs of your chosen demographic. To avoid wasting money ensure that the amenities are compatible with the residents’ needs. Make sure to perform regular inspections to ensure that your amenities remain in top condition and fully functional.
For expert advice and assistance in selecting and managing amenities that appeal to renters, contact KRS Property Management today!