4 Features and Amenities Renters Want in Your Rental Property
Dec. 4 2023, Published 1:35 p.m. ET
Did you know there are 19.95 million U.S. rental properties with 48.2 million rental units?
And while around seven in 10 rental properties are owned by individual investors, 18% of rental properties are owned by for-profit businesses. Whether owned by individual investors or for-profit corporations, you should know that many owners hire property managers to help them.
From diversifying their investment portfolio to earning rental income, people have various motivations for buying investment properties. You might be interested in joining their ranks. You’ll have to decide whether to take on landlord duties or hire a property manager.
One of the ways a property manager can assist is by finding quality tenants. But how can you make your rental property attractive so that quality tenants want to rent from you in the first place?
Here’s a look at four amenities and features renters want before signing lease agreements.
1. Storage
Renters want storage -- and storage is something you can never have too much of. You'll want to ensure there are enough closets in the bedrooms and hallways and sufficient storage options in the kitchen, bathrooms, and other living spaces. And don’t forget outdoor space. A garage or shed will give renters space to place their possessions.
There are options even if your rental unit is small. You can add free-standing storage units and other solutions that maximize the available space and give renters what they want.
2. Carpet-Free Areas
Renters also want premium flooring. While some people are okay with quality carpets and rugs, others prefer hardwood and laminate flooring. Adding higher-quality flooring will attract more tenants, and they’re easier to clean and maintain. Some renters won’t even consider a rental unit with carpeting -- especially if it’s clear the carpeting has seen better days.
So, if you want to add value to your rental unit and attract tenants, upgrade the flooring. It can be a cost-effective way to attract quality tenants.
3. Pet-Friendly
Yet another way you can attract quality people is by allowing tenants to own pets. According to one source, about half of rental housing is pet-friendly. But a mere 9% of housing that permits companion animals do so without restrictions on size or type of pet.
Whether you allow or ban pets from your rental units is up to you, but you’ll be excluding some potentially great individuals and families if you won’t allow tenants to have pets. There are benefits landlords can get by being pet-friendly. For instance, people with pets tend to stick around longer, and you can charge pet owners higher rent. Nearly seven in 10 families -- 66% -- own a pet. So, it makes sense to broaden your target market by renting to pet owners.
4. Kitchen Counter Space
The kitchen is one of the most popular areas in any home -- and there are certain things renters want in a kitchen. Yes, they want adequate space for dishes, pots, pans, and dining with family. But they also want plenty of counter space for meal preparation and more. That’s especially the case if they have a big family or if they entertain a lot. The more counter space, the better.
If your rental unit is due for renovations, you can incorporate more counter space into the plans. Otherwise, you can install an island in the kitchen so tenants have more space counter space. You can install one or have a moveable island in your rental unit.
Those are some things to consider if you want to attract renters to your investment property. Finding good tenants isn’t a matter of luck -- there are ways to get quality tenants in your units. You won’t make any money from unoccupied rental units.
Consider hiring a property manager to help you find good tenants, set competitive rental rates, and care for your property. When it comes to finding a third party to help, think locally. So, if your rental property is in NYC, find a NYC property manager. And if your rental property is in Houston, find a local service provider specializing in Houston property management.