Consider the Amenities at Your Rental Property
When you have a rental property, you should consider the amenities that you make available at your rental. Why? This could truely be the deciding factor for someone to rent from you or not.
The available amenities may make a less affordable property seem more appealing. Conversely a property which is more expensive may be considered worthwhile if the amenities offered are considered valuable enough to compensate for the higher price.
When homeowners are making this decision, they should take into account not only their own personal preferences, but what is in their budget. They should also be well informed before making the decision. This goes the same for the renter/ potential tenant. They are going to what to have an idea in their minds of what amenities are necessary and what are desired. They should also have a budget number in mind as to how much they are willing and able to pay.
What Amenities Do You Really Need?
One thing that can be really hit or miss at properties are laundry services. Are you going to have washer and dryers in each apartment? A communal laundry? Arrange for a laundry service to com pick up? Renters will agree that this can make or break the desirability of a property! No one likes or has the time to truck their laundry to a laundromat on the regular!
Another amenity that many renters are looking for is “all included”. You could agree, it is much easier for a tenant to decide if a property is in their budget if they have a solid figure to look at. This may also allow some to consider a location that may be a little higher than what they had planned because they won’t have as many unknown variables to consider.
What Amenities Do You Really Want?
Many amenities that are offered by a rental property aren’t necessary to live, but that are sure nice to have! Once such example is that of having access to an exercise room. Is this necessary to live? No. Is is handy to have if you are someone who lives in a cold climate and doesn’t get to exercise outside very often? Absolutely! It will save the cost of a gym membership and the time it takes to get to and from said gym. Having one where their apartment is located sure is more convenient to the tenant!
Another amenity to consider is that of a pool. If your property is in an area that experiences extreme heat, you may want to consider having a pool. While this certainly is not a necessity, if most properties in your are have them, you may want to consider it, too.
Are You Paying Too Much for Amenities?
While some amenities may be viewed as necessary and others may merely be viewed as worthwhile and still others may be viewed as superfluous, the most important decision renters will have to make is how much they are willing to pay for these amenities. Comparison shopping may be the best way to determine whether or not certain amenities are financially worthwhile.
Renters who are considering apartments of similar size in the same geographic region should consider the amenities offered as well as the price of the apartment. Apartments of similar size in the same area should be fairly close in price. However, an apartment which offers more advanced amenities might be significantly higher in price. Renters should list the available amenities and use this information in making cost comparisons. This information can be used to determine whether or not the renter is willing to pay a higher price for such amenities.
Renters who conclude the additional cost is not warranted have determined that the prices of the amenities are not worthwhile to them and they are likely to choose the more affordable apartment which features fewer amenities.