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August 15, 2017

Investing in new features for your rental property can help increase the number of applicants interested. However, before you start investing in just anything, check out the top rental features that your tenants really want. Each feature also comes with a tip about how much extra work the updated features will cost you.

1: Appliances & Energy Saving Features

The majority of renters do not own major appliances, which is why most rentals come equipped with stoves and refrigerators. Take a look at the market around you and determine what appliances most rentals in the same market come equipped with. Beyond a stove and fridge, tenants also give preference to rentals with extra appliances such as microwaves and washers/dryers. When choosing a new appliance, opt for a stainless steel appliance as it will pair well with any decorating scheme. An increasing number of renters are also looking for energy saving features. Upgrading an old appliance to an energy efficient one can help your property stand out from the rest. Be sure to include this feature Keep in mind that some appliances will become more of a maintenance headache than they are worth. Stay away from garbage disposals and dishwashers, which tend to break down frequently due to tenant abuse.

Tip: This feature upgrade will result in extra work and maintenance.

2: Tech Upgrades

With the majority of renters falling into the Millennial generation, tech features are one of the hottest new rental trends. You can spend a pretty penny if you dive into tech features, however, there are affordable features you can implement to help improve your property’s appeal. Bundling Wi-Fi into your utilities is a great option for multi-family units. Adding in USB outlets is a cost-effective upgrade that only has to be purchased once but helps the property stand out from others in the area. A completely free tech upgrade you can implement is to utilize an online rental application process. Getting rid of the need to apply via a paper application can help attract young renters who prefer to do business online.

Tip: Most tech feature upgrades will not cost you extra in work or maintenance. Wi-Fi will cost you the most in time and upgrading to an online rental application will actually save you time and money.

3: Parking Options

Depending on where your rental property is located, parking space can be a coveted feature. If you have multiple units, it is helpful to assign parking so those who are renting from you know exactly what space is theirs to park in. If you have covered parking, be sure you highlight this in your marketing. For areas where parking is extremely limited, you can charge extra for additional parking spots or include this as an upgrade for a rental property that you are having trouble filling.

Tip: If you are simply offering parking as an included feature, this will not cost you anything in time or maintenance. If you are enforcing specific parking spots for each tenant, this could cost you more time in enforcing these rules.

4: Accepting Pets

Did you know? More than 79 million households have a furry pal in their life, which means finding housing that accepts these pets is increasingly important to renters. You can quickly increase your tenant pool by simply adding a pet-policy to your rental property. While many landlords fear that pets will increase the wear and tear on the property, this can be mitigated through pet deposits or pet rent. If you are unsure of how to set a pet policy, check out this useful article on pet policies, pet fees, and pet deposits.

Tip: This upgrade will cost you essentially no money or time. At most, you may need to schedule extra repairs at the time of move-out. However, by utilizing tenant screening you can avoid irresponsible pet owners and likely you will not face any additional turn around time due to the presence of pets.

TurboTenant is revolutionizing the rental process by providing savvy landlords with cutting-edge technology that’s intuitive, powerful, fast and free. Through one-click online rental marketing, fully integrated tenant screening, customizable property websites and online rent payments, TurboTenant is changing the way landlords manage the property.

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