Tenant Amenities and Upgrades: What Tenants Are Looking for in 2023
The rental market is competitive, and landlords are always looking for ways to attract and retain tenants. One way to do this is to offer desirable amenities and upgrades.
What amenities are tenants looking for?
The specific amenities that tenants are looking for vary depending on their needs and preferences. However, some of the most popular amenities include:
- In-unit washer and dryer: This is a major convenience for tenants, and it can save them a lot of time and money.
- Air conditioning: This is especially important in hot climates.
- High-speed internet: This is essential for today’s digital world.
- Pet-friendly policies: This is important for tenants who have pets.
- Gated community: This can provide a sense of security for tenants.
- Fitness center: This is a great way for tenants to stay active.
- Pool: This is a popular amenity for tenants who want to relax and cool off.
- BBQ area: This is a great way for tenants to entertain guests.
- Common areas: These can provide a place for tenants to socialize and meet their neighbors.
What upgrades are tenants looking for?
In addition to amenities, tenants are also looking for apartments that have been recently renovated. Some of the most popular upgrades include:
- New appliances: This can make a big difference in the overall look and feel of an apartment.
- New flooring: This can also give an apartment a fresh look.
- New paint: This can brighten up an apartment and make it feel more inviting.
- New countertops: This can add a touch of luxury to an apartment.
- New fixtures: This can make an apartment look more modern and updated.
- New lighting: This can improve the overall ambiance of an apartment.
How do amenities and upgrades add value to an apartment?
Apartments with desirable amenities and upgrades can command higher rent prices. This is because tenants are willing to pay more for the convenience and comfort that these amenities provide.
For example, an apartment with an in-unit washer and dryer might rent for $100 more per month than an apartment without these appliances. An apartment with a fitness center might rent for $50 more per month than an apartment without this amenity.
The amount of rent that an apartment can command for its amenities and upgrades will vary depending on the specific amenities and upgrades, the location of the apartment, and the demand for rentals in that area.
Conclusion
Tenant amenities and upgrades are an important part of attracting and retaining tenants. By offering desirable amenities and upgrades, landlords can increase the value of their properties and command higher rent prices.
Here are some additional tips for landlords who are looking to improve their properties’ amenities and upgrades:
- Do your research. Find out what amenities and upgrades are most important to tenants in your area.
- Be creative. Don’t be afraid to offer unique amenities and upgrades that will set your property apart from the competition.
- Get feedback from tenants. Ask your tenants what they think of your property’s amenities and upgrades. This will help you identify areas where you can improve.
By following these tips, you can create a rental property that tenants will love and that will be worth more money.