When you are looking for rental properties you may want to consider the home’s amenities. These are the “bonus” items outside of the feature of the home that ensures that it’s safe, affordable, and a home that you know you could confidently rent out.
Amenities are anything on a property that adds extra appeal to a renter. These amenities could entice a renter to rent your property over another rental, putting you one step a head of your competition.
Have you ever been to the makeup counter in a big department store? All the retailers are selling makeup, but there might be one that offers a special deal. For example, Estee Lauder often offers a deal that if you buy the $45 lipstick today, you get this cute little cosmetics bag for free! That cosmetics bag is the amenity in this example. It’s something that entices you to buy from that makeup counter over their competition. Do they charge you more for the bag? No, and you may not be able to charge more for rent, but you are offering more features, conveniences, or “perks” for the rent you are charging. These features will get tenants in your rental faster.
Depending on what you can anticipate your renters are looking for, there is a variation of what amenities can be. Things like a pool, a fenced in yard, or a security system could appeal to families with children. A quiet gated subdivision with a community center, community-organized events, and a workout gym could appeal to yet another type of renter. Tenants who like to entertain could really be drawn to a finished attic or basement, a large deck or balcony overlooking the backyard, a screened in porch, etc.
Although you may invest in a 3-bedroom, 2-bathroom house, and there are several in your market offering the same layout and comparable square footage, the amenities of the home will sway a renter to renting your home over another. Maybe it’s within walking distance of a dog park, located in a competitive school district, or offers more privacy than other rentals in the area.
These amenities may not make you more money month-to-month from your tenant, but they can help you ensure that your property has a tenant occupying it, which is so much better than having it stand vacant.