The increase in housing prices and lack of inventory has left some potential homebuyers renting instead of purchasing. As a result, these renters may not just view rentals as a temporary steppingstone to homeownership and expect their rentals to have nicer amenities than in previous decades.
If you’re a landlord, there are 8 amenities your rental should consider including:
- Dishwasher – Rentals without dishwashers may experience more turnover than those that include one.
- Washer and Dryer – With all the great space-saver appliances on the market, there is no excuse not to find room for a washer/dryer unit.
- Alarm System – Security systems cost a few hundred dollars and add value to your rental.
- Pest Control, Gardener, Pool Service – Renters are looking for low-maintenance homes. Including these services in your rent also ensures your property stays in great condition.
- Central Air conditioning – Homes with central air conditioning rather than wall units always command higher rents than those without.
- Private Parking – Whenever possible, make sure there is a designated parking spot for the renter.
- Outdoor Space – While not always possible, opt for one with outdoor space when looking for new investment properties.
- Home Warranty – avoid unexpected repair costs by adding a home warranty to the property.
Rentals have become a necessary alternative to homeownership for some. These renters will pay top dollar for the best properties. Make sure your unit stands out by offering the amenities modern renters want.