CNN Money predicts that 2015 may be the first time in several years that first time home buyers make a comeback to the housing market. The reasons behind this prediction are that rent continues to rise faster than incomes, there is a cheaper and larger supply of houses available and lower mortgage rates. As renters begin to buy there will likely be a decrease in demand for rent causing rents to decline. In fact, cities like Atlanta, Phoenix and Washington DC are forecasted to have over 10% increase in home sales, while the country overall is expect to have 7% increase in home sales next year
If you’re a property owner or manager you might be thinking of different strategies to keep your rental property competitive in a market that may experience pressure on rental prices. One strategy that can separate your rental property from comparable options in your area is amenities.
There are a handful of amenities that renters all over the country are looking for in rental properties because they save tenants money and time. Below is a list of amenities that can give you an edge over competitors.
On property gym are considered valuable to renter because they save them travel time and are extremely convenient. In addition, gym memberships can cost hundreds or even thousands of dollars a years. Investing in quality gym equipment will attract potential renters, in addition tenants may be willing to pay an extra fee to use a rental property’s gym bringing in an extra revenue stream.
Laundry in the Building or in the Unit saves tenants from having to go to the laundromat . Many tenants would not even look at a rental property if it did not include a washer and dryer. However, if you want to increase the value of your rental property to potential tenants then having a simple washer or dryer is not enough. Make sure that you have updated machines and that the space as well as the amount of washer and dryer units is enough to service the amount of tenants you have.
Dishwasher can be essential to tenants who are used to the convenience.
Accepting electronic payments makes paying rent convenient for the renter and landlord.
Pet Friendly policies may not seem like an amenity but can help you keep units full. Often when pets aren’t allowed in buildings tenants either hide them or find a loophole. Why not allow pets and have tenants pay an extra security deposit that way they are happy and you’re protected from potential pet related damage to your property.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.