Staying competitive in today’s fast-paced rental market includes making your properties stand out among the competition. That means adding value for renters without straining your bottom-line. One of the fastest and most cost-effective ways to upgrade a property is to add apartment amenities with a solid return on investment (ROI).
Today’s renter is looking for a home with amenities that cater to their needs. They crave convenience, comfort and quality, which can be provided with these high-value, high-return amenities.
- In-Unit Laundry
Year after year, renters report they’re willing to pay increased rent for the convenience of in-unit laundry. Studies show that property owners can increase annual rental income significantly. In addition, upgrading units with ventless laundry is an investment that pays off quickly when factoring in the cost-savings of adding ventless laundry solutions (which eliminate the need for retrofitting or added vent runs). - High-Quality Kitchens
Over the past few decades, we’ve experienced a cultural shift in the way we perceive cooking. For many, cooking is no longer viewed as a chore, but rather a valued and fun activity. The kitchen has become the center of a home – a gathering space, a workspace and a source of entertainment, all rolled into one. Property owners, take note. Beautiful, functional kitchens with high-quality appliances are a draw for quality renters, and stainless steel always hits the mark. - Upgraded Flooring
Something as simple as the floor your renters stand on can make a big difference in the look, feel and overall perception of your property. Whether you’re considering concrete, hardwood, faux-wood or tile flooring, you’re sure to please your renters. A study conducted by J Turner Research on behalf of the National Apartment Association reported that nearly 50% of renters are willing to pay a premium for upgraded flooring. - Smart-Home Technology
Technology makes our lives easier, and there are a lot of smart-home technologies that are transforming the multi-family industry very quickly. Renters crave increased awareness and peace-of-mind regarding their security, making smart-home features like security/doorbell cameras, keyless entry and smart thermostats priority investments for property owners. A survey conducted by Entrata, a property management software company, revealed that 57% of survey participants would accept a slight rental increase for smart-home features. - High-End Countertops
No kitchen renovation is complete without a beautiful, durable countertop. It can serve as a kitchen design centerpiece or an attractive but functional necessity. Either way, a new countertop will add value to your units immediately. While materials like granite, quartz and marble come at a premium price, alternatives like soapstone, laminate and ceramic tile present cost-effective alternatives that look great while providing the durability necessary in a rental property.
Take a closer look at each of these amenities – and their potential impact to your rental income – in our Best Apartment Amenities Infographic.
