Renters these days are looking for specific apartment building amenities to improve their renting experience. That said, when you own a rental business, one of your top priorities should be keeping an updated living space that people are eager to rent. Most of the time, landlords can work with their rental property management team to decide which amenities are worth the money. However, keep reading if you are just starting out or unaware of which amenities are desirable for renters.
What Are Apartment Building Amenities?
Apartment amenities include all the nonessential services or features provided to a tenant in a rental unit. Most tenants look for these unique features in a rental home to improve their overall experience and quality of life. That said, one of the most significant selling points for rental properties is the amenities provided.
So, if you are looking to secure a long-term lease with quality tenants, keep reading as we go over the top apartment building amenities people want.
What Amenities Do Tenants Want?
Including amenities that improve your renter’s overall experience and general wellbeing is key to a successful rental unit. There are several services and features that tenants look for in a rental. However, not all amenities are worth adding to your building. For example, a full fitness center and in-house swimming pool are likely not feasible for most rental business owners.
Although not every amenity is crucial for providing a great tenant experience, here is a list of amenities that tenants may look for in a rental unit:
- In-Unit Laundry Services
- Flexible Pet Policies
- Fully Furnished Living Spaces
- Parking Availability
- Storage Space
- Security Features
- High-Speed Wireless Internet
- Modern Appliances
- Fitness Center
- Swimming Pool
- Utilities Included in Monthly Rent
- Good Location
- Electric Car Charging Stations
- HVAC Systems
- Affordable Rent
- Online Payments and Maintenance Requests
Now, if you’re a landlord and you think that this list of tenant wants is a little long, it is. As you can imagine, not every service or feature is worth investing in for your rental business. However, there are a few essential amenities that landlords should consider adding. So, with that, let’s go over a few.
Which Apartment Building Amenities Are Worth Investing In?
Most landlords are not necessarily able to add every single amenity that tenants want. However, some of them are worth providing or investing in. For example, affordable rent, online payment methods, and security features are among the most accessible amenities to add. With that, let’s go over a few other amenities that are worth it, and why investors should consider adding them.
Affordable Monthly Rent
Some amenities aren’t physical features or services but instead ease of mind. For example, providing your tenants with fair, affordable rent is one way to make life easier. Similarly, apartments with high monthly rates will likely turn quality tenants away.
If you’re unsure how to set a fair monthly rate, reach out to your local property management team. Trained management professionals can help you keep your apartment occupied while also helping you receive maximum income.
Online Payment Methods and Maintenance Requests
One easy way to cater to your tenant’s needs is by implementing technology. Not only does this make paying rent easier for tenants, but it makes receiving rent more convenient for landlords. After all, waiting for a check to come in the mail or counting large sums of cash is unnecessary with the online resources available today.
While this payment method may not be as attractive to older tenants, younger tenants will appreciate the convenience and ease of online payment methods. Similarly, submitting maintenance requests online can also make running your rental business easier.
Almost everyone can agree that finding a safe, secure place to live is most desirable. That said, landlords can add a few different features to ensure tenants feel more comfortable, even if the location is safe overall.
Some easy-to-install security features include a smart lock system, security devices outside the apartment complex, and alarm systems to prevent intruders. That said, if you add any of these apartment building amenities, you must include them in your rental advertisement.
Bringing laundry to a laundromat is a huge inconvenience for anyone, including your tenants. That said, another amenity that most tenants look for is a washer and dryer either on-site or in their personal unit.
While it’s more cost-effective for landlords to include a community washer and dryer for the entire complex, you may score tenants easier with separate washers and dryers in each unit. Along with that, tenants may be willing to pay more for convenient amenities like these.
As far as apartment building amenities go, providing at least essential appliances is necessary. However, adding modern, energy-saving appliances is a huge selling point for most people. Some examples of basic appliances are a refrigerator, dishwasher, stove and oven, microwave, and sometimes garbage disposal.
Most tenants these days are looking for updated, matching appliances that save energy and water. Similarly, keeping things environmentally friendly is one of the top ways to attract quality tenants.
What Amenities Are Not Worth the Money?
While it likely goes without saying, some amenities are unnecessary and too over-the-top for most investors to include. For example, adding a swimming pool, fully-furnished units, and large fitness centers can cost a ton of money for landlords. So, let’s go over some apartment building amenities that won’t hurt to skip out on.
While it may sound nice to provide your tenants with a fully-furnished apartment, it’s not always worth the cost. After all, you have to worry about damages and may have to switch out all furniture between each tenant lease.
Similarly, the price of adding furniture to each apartment unit can add up very quickly, leaving investors wondering if it’s worth the additional costs. Overall, it’s not a necessity or desire for most people, so it’s best to leave the furnishing up to your tenants.
Swimming Pool Access
As you can imagine, adding a swimming pool to an apartment complex can be a huge expense for landlords. On top of that, maintaining the pool area and keeping it sanitized is another expense that landlords don’t want to worry about.
Everyone loves a swimming pool, especially if you live in an area without many public swimming options. However, installing a pool in an apartment complex that houses children could also be a liability for landlords. Overall, although it could be a fun amenity, adding a swimming pool could be more hassle than a necessity.
Like adding a swimming pool, adding a full fitness center is expensive. Although it may be a selling point, chances are some tenants already have a gym membership elsewhere. On top of that, heavy lifting equipment around people of all ages could also be a liability for landlords.
So, to save some money and avoid injuries in your apartment building, consider skipping out on a fitness facility.
Need Help Deciding What’s Worth the Investment?
Now that we’ve provided you with a few starting points, reach out to your property management team to see which apartment building amenities are worth adding to your building. The Bay Property Management Group professionals are trained and qualified to help you reach your maximum potential as a business owner.
Once you’ve decided which amenities are worth it, we can help you advertise your property and highlight your unique amenities to win over tenants. Not only can we help you advertise your rental, but we can help screen prospective tenants, collect rent payments, take care of maintenance, and much more. Reach out to our full-service management team today if you need help with your rental business.
Bay Property Management Group is a top-notch property management company in Baltimore, Philadelphia, Washington DC, and Northern Virginia.