The rental market is going strong, especially with a majority of tenants renting longer before purchasing a house than ever before. And thanks to this new trend, tenants know exactly what they want in a rental and are willing to pay more if it means living in a unit that has premium amenities and upgrades that make their day-to-day lives easier and more enjoyable.
Smart Upgrades
Although smart upgrades are not a make or break for most tenants, tenants are willing to pay more for a unit that has technology features that help make their lives easier, making smart technology the latest “it” amenity.
Not sure where to start with your smart upgrades? Consider the following:
- Smart Locks – Allowing for keyless entry, smart locks provide additional security as well as provide easier access to a rental unit for landlords, property managers, and tenants alike.
- A Plug for Electric Cars – Electric cars are the future and if you offer a designated garage or other parking space that is secure and only accessible by your tenants, adding a place to plug in an electric car can be a game changer.
- Smart Thermostats – An easy upgrade, smart thermostats allow tenants to program the temperature in the home while also saving them (and you!) money on utilities each month.
- App-Based Security Systems – In addition to a smart lock for added security, a security system that can be controlled via an app on a smart phone can make a tenant feel safer in your rental unit.
Parking Preferences
While public transportation is available in the Greater Boston area, a majority of tenants still own their own cars, whether or not they are utilizing them every day. And let’s face it: Finding a street parking spot on a regular basis can be frustrating. By offering tenants designated parking, you’ll be able to increase your rent and tenants willing to pay the extra money.
Premium Upgrades
Making small upgrades throughout the rental unit that aren’t as common will give initiative to say no to other units and say yes to yours. Some of these upgrades include:
- Upgraded countertops (corian, granite, or quartz)
- Large closets and/or extra storage throughout the unit
- USB charger receptacles
- Stainless steel appliances
- A dishwasher
- Laundry in-unit
Keep a leg up in the rental market with some of these amenities and you will be sure to keep your unit rented.