All tenants have their own specific needs and wants for a rental property. Some want a property with a lot of space, some want a quiet community, and some want amenities that enhance their lifestyle, such as a pool or fitness center. It’s important for rental owners and property managers to understand what their tenants want so they can find the right fit for their properties. Today, we’re discussing how to attract tenants in 2024 with the amenities they’re looking for.
Contents of This Article:
- What Do Tenants Look for in a Rental?
- What Are Rental Property Amenities?
- Amenities That Will Attract Tenants in 2024
- What Amenities Are Right for Your Rental?
- Attract Tenants in 2024 With Professional Management
What Do Tenants Look for in a Rental?
Every tenant is different when it comes to what they need or want in a rental property. Some need a certain location for school or a job, some need enough space for an entire family, and some just want an affordable place to live.
With such diverse needs, landlords and property managers must cater to everyone with amenities that all renters would like. If you want tips for rental property management in Washington, DC, read along as we review the basics of rental property amenities and how to choose ones that will attract tenants in 2024.
What Are Rental Property Amenities?
Rental property amenities are additional features, services, or facilities landlords or property management companies provide to enhance the overall rental experience. Amenities generally go above and beyond the basic necessities of a rental and are designed to improve the tenant’s experience, attract tenants, and justify higher rental rates.
Some examples of rental property amenities include in-unit features like modern appliances, air conditioning, or smart home technology. Or they could also be shared building facilities, like a swimming pool, fitness center, or rooftop lounge area. That said, amenities vary widely depending on the property type and target market. Next, we’ll go over some of the most popular amenities that attract tenants in 2024.
Amenities That Will Attract Tenants in 2024
The ultimate goal of any landlord or property manager is to attract and keep tenants. However, this can be hard to do unless you have the features and amenities that your tenants want. So, you’ll want to consider your target tenants, figure out a budget, and determine what tenants in your area are looking for in a rental property.
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Here are a few ideas of popular amenities that will attract tenants in 2024.
- Smart Home Features
- Energy-Efficient Appliances
- EV Charging Station
- Pet-Friendly Spaces
- Pools or Fitness Centers
- Security Systems
Smart Home Features
Most people try to keep up with technology, so having smart home features in your rental property could be a major attraction. You don’t even have to get very fancy–a smart thermostat, video doorbell, and smart lighting are all relatively affordable ways to elevate your tenants’ rental experience.
Energy-Efficient Appliances
Who doesn’t want to save money on bills? Energy-efficient appliances can draw in tenants who want to save on their monthly utility bills. In fact, depending on which ones you choose, ENERGY STAR appliances can save you around 20% to 50% on your monthly energy bills.
EV Charging Stations
With electric vehicles becoming more popular, adding EV charging stations to your rental can be beneficial. Not only will you attract EV-owning tenants, but installing these chargers can increase the value of your property and stand out against other rentals. It also gives you a unique opportunity to become more eco-friendly and reduce the carbon footprint of your rental property.
Pet-Friendly Spaces
Deciding whether or not to make your rental properties pet-friendly can be tough. However, people love their pets, and most renters with pets won’t even consider moving somewhere they’d have to leave their pets behind. So, accepting pets and taking it a step further by providing pet-friendly outdoor spaces can attract a wide range of pet-loving tenants.
Pools or Fitness Centers
Having a pool or fitness center–or both–makes your rental stand out significantly. These amenities are convenient and appealing to renters who prioritize fitness or relaxation after a long day. However, if they don’t already exist in your building, whether inside or outdoors, they can be expensive to install and maintain.
Security Systems
Safety and security can be an issue in some rental properties. After all, landlords don’t always treat their rentals the same as they’d treat their own home, falling short on security measures. However, spending the extra time and effort to secure your rental can make it more attractive to renters, especially those with families.
What Amenities Are Right for Your Rental?
Ultimately, the best amenities are the ones that set you apart from similar properties in the area. However, there are some other factors to consider when deciding which amenities your rental needs. Here are a few factors that can help you determine must-haves vs. nice-to-haves.
- Cost- It might be obvious, but the biggest factor to consider is how much it’ll cost you to install or maintain the amenity. For instance, installing and maintaining a pool is quite expensive, while buying and installing a few new appliances may be more cost-effective, depending on your budget.
- Demographics- You’ll want to look at the tenants you’re renting to and who you’re trying to target. For instance, if you’re trying to target young professionals, offering high-speed internet or modern smart home technology can be appealing. However, if most of your tenants are families, amenities like family-friendly common areas may be more important.
- Location- Your property’s location can help you determine the best amenities for your rental. For instance, if you’re in a highly populated area, providing EV chargers could be more beneficial than in a smaller town with fewer electric vehicles.
- Rental Rate– If you’re going to charge a higher rental rate for desirable amenities, it’s important that they’re better than your competitor. Otherwise, people are going to go for the lower-priced rental with similar amenities.
- Staff- If you’re a one-man show, you probably don’t have the bandwidth to keep up with a pool, fitness center, or rooftop garden. However, providing more amenities becomes more doable if you work with a property management company with the staff to keep up with your properties.
Attract Tenants in 2024 With Professional Management
Keeping up with what amenities renters want in a rental is the best way to attract tenants in 2024. If you have desirable amenities and features, more people are going to want to live in your rental properties. However, knowing which ones to choose and how to keep up with them is important. For instance, if you have a pool, you must have a maintenance schedule to keep it clean and functioning properly. If you install an EV charging station, having a technician on hand is important in case something goes wrong.
If you need help keeping up with your rental properties, hiring a property management company can help ensure each unit is well-maintained. Bay Property Management Group offers comprehensive rental management throughout Baltimore, Philadelphia, Northern Virginia, and Washington, DC. Contact us today to learn more about how we can help your rental business succeed!
