Those looking to lease a rental property in Howard County are likely looking for a place that offers specific amenities. And, with the large populations of people leaning towards renting Howard County homes as opposed to buying them, it is important that you, as a landlord, differentiate yourself from the local competition if you want to reduce vacancy and turnover rates.
Property owners and their property management companies often work together to decide which amenities the highest quality tenants are seeking. However, for those that are unaware of the amenities that they should be providing their tenants, keep reading.
Today we are going to share which popular amenities you might consider including in your rental property so that you can generate a lucrative positive cash flow while keeping your tenants satisfied enough to call your rental “home.”
Top Amenities to Include in Your Howard County Rental
1. Affordable Rent
Sometimes a rental property’s desirable amenity does not come in the form of something physical. Affordable rent is one such amenity. Ranking right up there with great location, an affordable monthly rental rate is an important amenity you should provide your tenants.
Discussing your Howard County’s rental rate with an experienced property management company will help you take in the highest amount of money each month, while keeping your property occupied at all times. After all, if your rental’s rent rate is too high, potential tenants will look elsewhere. That’s why staying informed about the surrounding market rates is so crucial to making it in the rental property business. In order to stay competitive you must offer a reasonable rate that tenants feel comfortable paying.
When it comes to your rental property’s appliances, it is best to at least provide the basics. This includes a washer and dryer, refrigerator, stove/oven, microwave, dishwasher, and oftentimes a garbage disposal. These are all common things tenants looking to lease a property are going to expect in a home they are renting.
If you wish to take it one step further and really separate yourself from other property owners in the area, try installing updated, modern, and matching appliances. More so, install the coveted stainless steel appliances that so many tenants have come to love in their rental homes.
In addition, a nice touch to add when it comes to providing appliances for your tenants is to make sure all appliances are environmentally friendly. In today’s world, people are looking for any way to reduce their carbon footprint and having ENERGY STAR certified appliances could sway a tenant to lease from you.
3. Storage Space
It should come as no surprise that your tenants have a lot of stuff. In fact, people who have moved recently can probably attest to the fact that they never knew they had accumulated so much stuff until it came time to pack and move.
With all of your tenant’s personal belongings coming with them to stay in your rental property, it is smart to offer them as much storage space as possible. People do not like to feel cramped in their home, and your tenants are no different. Walk-in closets and extra shelving can make a big difference when it comes to a potential tenant’s decision of whether or not to lease from you. In addition, things like a clean and open basement, garage, or even backyard storage shed can help tenants visualize where they will put keepsake trunks, holiday decorations, bicycles, and more.
4. Available Parking
Not all Howard County rental properties will have a garage or driveway for tenants to park their vehicles in. That said, tenants will look for covered parking structures, carports, or designated spots to guarantee they will have a spot near their home to in which to park their car.
Not only is this the safer option for tenants, it in an amenity that many tenants will not budge on because of the convenience factor. People want to know they can park nearby, in a well-lit area, and in a place that will protect their vehicle from the weather. Just think about the amount of snow that can potentially fall onto your tenant’s car if exposed to the Howard County winter weather. The thought of digging their car out of the snow before work will not sit well with many tenants.
5. Natural Light
In the past, we have discussed when it is best to replace your rental property’s windows and what style is best for the modern day renter. To recap, we suggest that anytime your windows appear damaged, you get them repaired as soon as possible. Better yet, you should make the investment to replace them altogether to avoid further issues.
However, visual appeal is also important to potential tenants. Not only do tenants want the exterior of the rental home to look modern and inviting, they typically want large windows that provide views and lots of natural light. In the end, the sunshine that enters your rental property during the day can really encourage an interested tenant to lease from you.
6. HVAC Systems
For those who own investment properties in older sections of Maryland, central air conditioning may be an important amenity tenants are looking for. This feature, especially during the warm and often humid summer months in Howard County, is often welcomed. Plus, an air conditioning unit tends to get your property leased quickly if the surrounding properties are not offering this amenity to their tenants.
The problem with an HVAC system is that it is very complicated to install in a house that was not built to accommodate it. That’s why so many property owners forgo installation of central air; it is too costly and time-consuming to deal with. If you can afford to have your property outfitted with an HVAC system (if you do not currently have central air in your property) it is highly suggested you do so. This highly sought-after amenity can possibly even bring in higher monthly rent amounts because tenants are often willing to pay extra to be comfortable.
7. Wireless Internet
In this day and age, it is likely your tenants are well connected to their devices at all times. This means they are using cell phones to make calls, computers and laptops to do work, and tablets and televisions to stream online movies. Plus, everyone wants to check their social media accounts, email, and read the news online, right?
Although not always a required utility to cover for your tenants, offering to provide the wireless internet for tenants to enjoy while leasing your property will garner major bonus points, especially amongst the younger generations. Altogether, this is an affordable amenity you can provide your tenants to increase the value of your rental home.
In the end, there are many amenities you can offer prospective tenants that will make a difference in your vacancy rates and monthly rental income. The key is to have these amenities readily available and advertised properly when your property is on the market. This way, those who are seeking out those particular features will clue into your available property right away and make the call to lease from you.
If you are interested in advertising your available Howard County rental property and want to highlight the many amenities you are offering potential tenants, contact Bay Management Group today. With access to all of the best advertising resources, your property will get noticed right away. Plus, we will ensure your property’s best features are showcased front and center for all potential tenants to see. So, contact us today and find out how we can fill your vacant property immediately.