Updated February 2, 2021
Tenants are becoming pretty savvy when finding the features they desire in their future rental homes. It's important to make sure you can offer potential renters the most features tenants want for their home.
Here are the 7 must-have rental features tenants want in their homes
1 - Location
While you can't do much to change a rental property's location, you can always make sure to highlight the benefits of your property's location. Are there schools close to the rental property? Is the property in a quiet neighborhood or within walking distance to great attractions? Is the neighborhood known for being safe? Close to public transportation? Ensuring that your tenants know the benefits of your property's location will attract those who will be most likely to bite.
2 - A Renovated Kitchen or Bathroom
The two rooms people look for the most recent renovations are the kitchen and the bathroom. If you have the budget to do only one, the kitchen is usually your best bet. Stainless steel appliances will give the room a modern feel and show that you are well-versed in what potential tenants are looking for when it comes to a fashionable home. Other upgrades that will increase the value and the rent are new kitchen cabinets, new countertops, and updated flooring. An updated shower surround, contemporary lighting fixtures, and new flooring in the bathroom can add value in the tenant's eyes.
3 - Hardwood Floors
Carpets often create a breeding ground for germs and dust mites. When you upgrade to hardwood, it gives the property an instant touch of class (and tenants love it). There are many reasonable wood-imitation plank flooring options on the market as well. This will give the tenants a look they want while keeping the renovation costs low.
4 - Open Floor Plan
People love open properties where you can see the living room, dining room, and kitchen all at once. It's a very appealing option that many modern tenants look for because it allows energy to flow from one area to the next and for the house itself to feel larger and more open. This is not often the layout of an older rental property. If possible, opening a walkway or taking down a wall between the kitchen and dining area or dining and living area can help you achieve this look.
5 - A Washer and a Dryer
An in-home laundry room complete with a washer and dryer is liable to make any potential tenant swoon. If you can offer this option, it will make more people look at your property and consider the perks of such. The alternative is having to go to a laundromat. If the cost is a concern, you can install coin-operated wash and dryers. They will help off-set the utility costs while offering convenience to your tenants.
6 - Closet Space
Nothing brings a tenant down, like seeing a great house that has little to no closet space. They want to imagine their things in your property, so the more storage and closet space you can give them, the better. If building a closet isn't an option, consider turning a larger hall closet into a clothes closet. Or you can install wardrobes in the bedrooms that will allow for some storage and hanging space. If you have room in the basement or garage to add storage options for bins and boxes, this will also help keep the minimal storage in the living area available for daily-use items.
7 - Outdoor area
Whether it's a balcony, a patio, or simply a small backyard, any amount of outdoor area you can add to your property will allow you to charge more and will catch a tenant's eye. Keep the outdoor areas well maintained while showing the property. Paint the deck or patio to add appeal but also help with maintenance. Providing tenants with a working lawnmower can help them enjoy the yard while keeping it looking nice.
Added amenities can add value to your property and allow you to raise the rent. If there is a reasonable return on investment, it never hurts to improve a property to appeal to tenants. Using a tool like Rentometer can help you decide if your property improvements will earn you a rent increase or price you out of the neighborhood.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology. If you liked this article, subscribe to Rentometer's email newsletter to stay updated on the latest rental housing trends.