If you’re contemplating investing in a home to be used as a rental property, it’s important to know what amenities are most important to the typical renter. According to research conducted by Landlords & Property Investments, renters look for certain features in rental properties. Vienna Property Management has put together a partial list of these items that can make your rental property competitive in the rental market:
- Location, Location, Location. How many times have you heard this mantra repeated in relation to real estate? If your rental property is located near transportation, shopping, dining, and good schools, you can command a higher price for your rental.
- Renovations. Vienna Property Management has found that tenants like new things – new carpet, new paint, new appliances. A renovated property makes the home feel new and, more importantly, personal. Renovated kitchens and bathrooms are a must!
- Stainless Steel / Matching Appliances. Though pricey, stainless steel is your best bet when picking appliances. If you can’t afford stainless steel, purchase appliances that have the appearance of stainless – there are several currently on the market. Also, make sure all the appliances match. Finally, Vienna Property Management recommends the installation of a dishwasher – while a dishwasher may be a luxury item for some renters, it is a definite necessity for others.
- Parking. In most suburban areas, parking is generally not an issue since most single-family homes include a garage, carport, or a driveway. However, in urban areas, lack of designated parking could be deal breaker. Not many people want to park six blocks from where they live, especially in adverse weather.
- Washer / Dryer. Nobody wants to haul their dirty laundry all the way to a local Laundromat. The property managers at Vienna Property Management recommend that our clients discuss with their tax preparers the benefits of equipment depreciation if you purchase a washer/dryer unit for your rental property.
- Closet Space and Storage Space. Everyone has “stuff” they want to store – clothes, vacuums, toys, etc. Are there enough storage closets in your rental property? If not, look into adding a closet. Install cabinets in the garage, or provide a storage shed on the property.
These are just a few of the features that renters are looking for. We encourage investors to contact Vienna Property Management Company to discuss additional work you can do to make your property more attractive to prospective tenants.