12 Amenities Tenants Now Want
Dec 13, 2022
Property managers and landlords rely on tenants to keep their business afloat. Vacant units don’t bring in any income but continue to incur expenses. Attracting and retaining high quality tenants should be on the very top of the priority list.
Investing in the types of amenities that tenants are looking for is one way to encourage people to sign the lease and keep current tenants happy. While most landlords know this, they don’t always know where to start. These investments can be costly and focusing on the wrong area might mean never recouping expenses.
So what amenities do tenants want? Here is our list of the top 12 amenities tenants are looking for.
1. Assigned Parking
Nobody likes looking for parking at the end of a long day. Tenants want to know that their car has an assigned parking spot waiting at home. Underground parking is preferred as it can house many vehicles out of sight. This helps in deterring thieves and vandals as well as preventing damage from the elements without sacrificing outdoor space that can be utilized for tenant use.
2. Outdoor Washing Stations
Not everything can be washed in a bathtub. Tenants appreciate an outdoor space where they can wash their car, bicycle, or even a pet. Outdoor washing stations are one of the easiest and least expensive amenities to install. It’s an economical way to make tenants happy.
3. Fitness Centers
There is a growing trend towards health and wellbeing. For many a gym membership is a must and having an onsite fitness center is a nice feature for a growing number of tenants. Not only is it convenient to have a gym in the building, people see it as an opportunity to save by ditching their gym memberships elsewhere.
4. On-Site Childcare
Childcare services are a major concern for most working parents. The convenience of having an on-site daycare facility where young children can be dropped off on the way to work is a major selling point for many tenants. Parents of school aged children can make use of it too by having the school bus drop kids off where they can be supervised until parents get home.
5. Swimming Pools
Swimming pools appeal to the health minded, families wanting to entertain the kids, as well as those who are looking for a place to cool off during the hot summer months. An onsite pool is seen as an attraction. It’s somewhere to go and something to do with the convenience of staying at home.
6. Laundry Facilities
One of the most sought after amenities are in-unit laundry facilities. Having your own washer and dryer is the most convenient and comfortable way to do the laundry. A communal laundry room isn’t as desirable but tenants will still prefer that over having to haul their laundry to a laundromat.
7. Outdoor Activities
If your property has underutilized outdoor space, consider transforming it into a soccer field, basketball court, jogging trails, tennis court, or other outdoor activity. Tenants with children will appreciate a place for their kids to play. Health minded adults who enjoy staying active will enjoy these amenities as well.
Tenants want to know that their homes are safe and secure. There is no one right way to approach the issue of security. With many options to choose from to improve the security of your property the right mix of solutions will depend on available budget, layout of the property, and local crime rates.
Installing proper locks and self closing doors at all entry points is a must have for most multi-family properties. Surveillance cameras in hallways and stairwells can deter unauthorized entry and security systems can build on that even further. For some properties having on-site security personnel is the best way to attract quality tenants.
A dishwasher may not seem like a must-have but washing dishes by hand doesn’t appeal to busy people on the go. A growing number of tenants prefer not to settle for a home without a dishwasher. It may take a bit of a kitchen makeover but installing a dishwasher can help attract more tenants and get units rented out faster.
10. Balcony Or Patio
There is a growing trend towards extending livable space to the outdoors. For rentals without a yard a balcony or patio space can be a nice amenity for tenants to have. Keep the exterior of the building in good shape to help people visualize the lounge, eating area, or small garden they can create outside.
If your property doesn’t have balconies or patios, consider converting a communal space into a garden or create a rooftop dining area. If you have a lot of land you can even utilize some of it as a shared garden where tenants can plant fruits, vegetables, and flowers. You can easily transform underused land into a space tenants can make their own and really enjoy.
11. Walk-In Closets
Tenants value storage and one of their priorities is a walk-in closet. These days a greater number of people are willing to downsize on square footage but they still need space for their stuff. Walk-in closets are a versatile option and a sought after amenity, especially in one bedroom apartments and master suites.
One aspect of bringing the indoors outside is outdoor cooking. Tenants value the ability to barbecue and landlords would be wise to accommodate this economical amenity. Whether it’s an actual BBQ to use or space to accommodate one, tenants will appreciate this addition to their home.
The most effective way to figure out what your tenants really want is to ask them. Property Matrix can help with a state of the art communications hub and tools for tenants and property managers. This sophisticated software is an amenity in itself and tenants will appreciate what Property Matrix can do.