You have a great property for rent in a prime location in Chicago, but you’re not the only one out there. What can you do to make your rental stand out from the others? Nowadays, it’s all about the amenities; those little extras that add more value to an apartment in the eyes of renters. Not only can this added value cause you to stand out more to potential tenants, but it can also mean increased rent and renter retention.
1. High-Speed Wireless Internet
Let’s face it: the internet has become a major part of life. It has become so important to daily American life that the most desired amenity feature among renters is high-speed wireless internet access. Most people have multiple devices, such as laptops, tablets, and gaming systems, that require simultaneous internet access. Renting an apartment that has high-speed wireless internet included is a huge bonus to most potential renters. It’s one less expense they have to worry about and gives them a sense of added value when considering your apartment.
2. Outdoor Space
We might be a little biased, but Chicago has the best summers. What better way to enjoy a beautiful summer day than to invite friends over to enjoy the day by grilling out on your balcony or patio. Outdoor space is a huge selling point to potential renters, so it’s important to evaluate your options. Maybe a patio or balcony is not a feasible option, consider a shared rooftop deck. A well-designed rooftop deck is just as attractive to many potential tenants as a private balcony or patio.
3. In-Unit Washer & Dryer
Nobody likes to go to the laundromat, so it is not surprising that one of the most desired amenities for renters is an in-unit washer and dryer. For many, the lack of an in-unit washer and dryer is a deal breaker. If your units do not currently have this amenity, it is definitely a good idea to consider. If in-unit washers and dryers are not something you are able to provide, an alternative option would be to provide a shared laundry space. Many potential renters do not mind taking their laundry down a couple of floors to the laundry room. This is still a better option than lugging it down the street to the laundromat.
4. Upgraded Kitchen
The heart of a home is the kitchen and one of the most desired amenities among renters is an upgraded kitchen. Potential renters are looking for things that will make life easier for them such as a dishwasher, garbage disposal, microwave, and a refrigerator with a water and ice dispenser. A great looking kitchen is important to potential renters as well. Style upgrades such as granite countertops and stainless steel appliances often top the list. It may not be possible for you to include everything but picking a few key items such as a dishwasher and, at the least, matching appliances can go a long way to securing your desired tenant with minimal market time.
5. Fitness Center
Healthy living and exercise can be very important to many people. Having an onsite fitness center is a very attractive amenity to many potential renters. This makes staying fit easier because potential renters don’t even have to leave their building, and it also saves them the trouble of having to pay extra for a gym membership somewhere. A fitness center does not need to be anything huge or elaborate. Most potential renters are happy with a bright airy room with a place for stretching, free weights, and high-quality equipment, such as a treadmill, elliptical, cycle, and a stepper. If a fitness center is not something you can provide, consider reaching out to a local gym to see if a partnership can be made.
As an investor, staying on top of trends and knowing which are the most beneficial to your potential renters is an important part to acquiring and managing property effectively. It can be stressful and time consuming trying to determine what is best for your next purchase or current property. Here at Lofty, it is part of our job to stay on top of the trends to know what renters are looking for in your neighborhood. We consider ourselves experts in knowing how to make your property stand out to potential renters.
Whether you just need to find the right tenants for your investment property, or you want everything managed from top to bottom, live the life you deserve and let Lofty handle the rest.