Changing tenant tastes are a landlord’s worst nightmare: as years go by and rents continue to record a steady rise across the U.S., Europe, and Australia, renters are becoming extremely picky with the list of features they want to have in a new home. This year, location remains in the focus of rental attention, but there are other aspects home renters will have take care of if they want to capitalize on their property, such as open floor plans, extra storage space, visual unity with the environment, WiFi, improved flooring, energy efficient utilities, and in-house laundry. Wowed yet? Here is the long and short of hot rental home features for 2016.
Location – Number ONE Priority
Location is the first thing that tenants look at in the rental ad. The better the location of your property, the higher your rent call can be, as no tenant likes to commute every day or spend hours travelling to the closest shopping mall or their kids’ school. If your real estate is situated in the suburbs, include a side note about transport lines in the vicinity of the flat/house in the ad to increase interest in your property among the tenant crowd.
Airy, Open Floor Plans
Clearly defined rooms belong in the past: what tenants look for nowadays are homes with open floor plans; rooms seamlessly merged into ONE multiple-use unit. Knock down the wall between the kitchen and the living room to create an impression of added space, because size DOES matter with real estate. It may also be a good idea to replace small windows with large ones and add a set of custom blinds and shades to achieve visual unity of the home interiors and the outdoor area.
Lots of Storage Space
Although loner tenants may be happy with just ONE wardrobe, most couples and families need lots of storage to accommodate their belongings. Install a wall-to-wall wardrobe in the master bedroom, add shelving to the living room, and upgrade bathroom cabinetry: your future tenants will not mind paying extra for as long as they do not have to dump their hoarding habits.
Connectivity is a Must-Have
Face it, every decent home has WiFi or at least high-speed Internet connection, so include these in the rental agreement if possible. Your tenants probably have Facebook and Twitter, and they love YouTube and Netflix very much, so they will certainly appreciate reliable Internet without extra bills or hassle attached.
A Fresh Floor Number
In 2016, you will need to ditch carpets and coat your floors with either laminate or hardwood. Nobody likes dust mites, and cleaning up a smooth surface is far easier and more time-efficient than vacuum cleaning. Besides, every tenant loves to see a shiny floor in their future home.
Energy Efficient Appliances
“I adore this old, shabby fridge and that high energy-consuming oven!” – said no tenant ever. Replace kitchen appliances with energy-efficient alternatives. Your lessees will be eager to pay a higher rent if they can save the fee difference on utilities.
In-House Laundry Facilities
“Why should I bother taking the laundry to the Laundromat if I can have an in-house washer and dryer?” It is true: you wouldn't want to pay rent for a place without laundry facilities if you could help it, and neither will your tenants. Adding a washing-drying machine to your rental apartment will increase the appeal – and the value – of your property, allowing you to add a few bucks to the rental fee.
Other home features tenants look for in a potential home include outdoor space, playgrounds for kids, and nearby parking, but there is little you can do about those unless you have them already. Dress up your real estate-based source of income if you aim to (p)lease and get the best offer for your property. Good luck!
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