The Rental Landscape is Evolving: Learn What Tenants Look for in an Apartment Building
It will come as no surprise that the top priorities for renters in the United States are location and price. What’s more surprising, however, is what else makes it to their wish list. The demands of today’s renters are constantly evolving, and with more households renting now than at any point since at least 1965, it’s important to learn what criteria your apartment building is being measured up against. Keep reading to explore what your potential tenants are looking for, and how you can gain the advantage over your competition in the market.
A Place that Feels like Home
Today’s renters want to feel at ease in their apartment building. Top priorities when choosing where to live are cleanliness, comfort and a community environment. As the owner of a multifamily property, you should ensure your building is clean and well-maintained at all times. You could also consider organizing events and activities for your tenants, in order to foster a welcoming, community atmosphere — and if you already have a calendar of events like these in place, make sure you advertise this to prospective renters.
An Open Floor Plan
Your units may have a modest footprint, but your space doesn’t need to feel small. Today’s renters are looking for more entertaining space, so a kitchen that’s open to the living area has big appeal. Consider the possibility of removing an unnecessary wall or two and you can give your property an entirely different, spacious ambience. Space-saving built-in storage solutions are a great way to maximize your square footage, allowing you to command a higher rent.
Recent Renovations and High-End Amenities
Upgraded kitchens and bathrooms are high on the list for today’s discerning renters. Your renovations don’t need to be extensive or expensive — a coat of paint or new tiling can give a modern feel and bring a good return on investment. New energy-efficient appliances are also a big plus: stainless steel is a popular choice to give a feeling of luxury. If you’re looking to futureproof your units, you could consider investing in smart appliances. According to a recent survey, they are a great way to boost your rental income and can bring in the highest return on investment for a property, when compared to other next-gen features. 59% of renters surveyed as part of the recent National Renters Index said they research online before visiting any potential rental property, so make sure your listing description is up to date and you have high-quality photos showing your property at its best. The multifamily market is booming, and you’ll gain the competitive advantage when you make your property more attractive to today’s renters. By making these changes, you’ll attract quality tenants and maximize satisfaction, plus you’ll also be able to command more rent, thereby forcing appreciation on your apartment building.
If you need advice on how to secure the best return on your investment, the team at 100Units.com is here. As experienced multifamily property investment advisors with in-depth knowledge of the local real estate market, we take the time to evaluate your investment goals to help you attain the long-term success and results you want. Contact us today to get started.