Investors in rental properties have to walk a fine line. On the one hand, owners, investors, and landlords want to offer features in a rental property that will bring in the best prices and attract the best renters, yet they also have to avoid features that can be easily damaged or need to be replaced often. Some features are also more desirable in the city than in the suburbs. For instance, in New York City, the presence of a doorman can significantly increase rental prices, but is not as desirable of a feature in most other cities. Here are three features that will increase the price of your rentals no matter where they are located.
1. In unit washer and dryer
Having access to a communal washer and dryer is great, but having your own washer and dryer is better, and many renters are willing to pay a premium for this convenience. When it comes to rental properties, prices in a certain area are often highly competitive, so having better features can often give owners, investors, and landlords a significant edge. If you can’t offer washers and dryers in every unit, then at the very least, making sure they are available on every floor of a multi-story building is the next best thing.
2. Fitness center
Not only can offering a fitness center cut down on one more expense renters have to pay, but it also saves them a trip to the gym every day. As a result, many renters are willing to pay more for an apartment that offers an on-site fitness center than they might for a monthly gym membership. Remember, however, that if you want to get the most value for your fitness center, it needs to include equipment that tenants will actually use, and it needs to be kept in good repair.
3. Dedicated parking
Garages will generally bring in the greatest ROI, with covered parking coming in a strong second. Where garages or covered parking are not an option, dedicated parking is your third best bet. Just remember, however, that in addition to dedicated parking for your tenants, you also need to offer a fair amount of guest parking. If guests can’t park in dedicated tenant spots, you need to clearly delineate where they can park and reserve some spots just for them.