When you are looking for rental properties, besides making sure the home ticks all the boxes of being a safe and affordable home that you know you could confidently rent out to someone, you may want to also consider a home’s amenities.
Amenities are anything in a property that adds extra appeal to a renter over another rental property may not. 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 – if you buy the $45 lipstick today, you get this cute little cosmetics bag for free! That cosmetics bag is an amenity. Something that gets us to buy NOW and to purchase that product over their competitors. Do they charge you more for the bag? No. Just like you may not be able to charge more for rent, but you are offering more for the rent you are charging and that gets 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 the area 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, or within a competitive school district, or far, far away from populated areas.
You may not pay more for the property, it may not make the property more valuable, and you may not be able to get more income when you rent it, but if it puts you one step ahead of the competition, that’s what you want.