Well-maintained apartments will garner some interest among would-be renters. But if you want your units to fill up quickly and stay filled, you'll want to offer the best apartment amenities possible for your tenants.
Apartment amenities aren't just reserved for the ultra-luxurious apartment communities -- though owners of those properties should know the sky's the limit for what they can offer discerning tenants. Desirable amenities can be offered at smaller properties, too. And the more you can offer your tenants, the more they will be willing to pay in rent.
Which apartment amenities are best for your property?
Here's a look at apartment amenities by category, as well as how they stack up depending on the nature of the property:
Good: Gives smaller properties an edge on the competition.
Better: Entices tenants to larger communities.
Best: Desired/expected in luxury apartment communities.
Real estate is all about location. In addition to providing amenities that will make your tenants enjoy living at your property, it makes the experience even more desirable when they have easy access to get other places, too.
Good: Off-street parking and a bike rack.
Better: Assigned off-street parking with additional spots for guests; bike storage.
Best: Garage or covered parking; electric car charging station.
Whether they've got them as furry companions or as trusted service animals, many renters will want to take their dogs, cats, and other pets with them to their new home. With the exception of service animals, it's up to you as landlord to decide whether you wish to have animals -- but know that you will gain major points with potential tenants if you add "dog friendly" to your listings.
Good: Dogs and cats are welcome.
Better: Dog park on premises.
Best: Dog grooming/pet spa service on premises.
Heating and cooling
By law, you must provide a temperate environment for your tenants. However, know that the easier you make it to maintain that temperate environment, the happier your tenants will be.
Good: Already installed air conditioning units and updated furnace/heating unit.
Better: Central air/heat.
Best: Central air/heat with smart controls; fireplace.
If you want future tenants to view your rental unit as more than just the place where they sleep, then you're going to want to make your property and grounds a haven for relaxation and recreation. The more that you can add to this list -- especially luxury apartment community owners -- the more you can charge in rent.
Good: Safe sidewalks for running/walking.
Better: Shared green space, fitness room.
Best: Swimming pool, tennis court, fitness center, media room, private party room, etc.
As we continue to emerge from a stringent quarantine, many of us have grown to appreciate the ability to spend more time outside. Outdoor space need not only be reserved for single-family homes; multifamily properties and apartment communities have a great opportunity to transform their outdoor space into greater value for their tenants, too.
Good: Shared yard/patio.
Better: Private balcony/terrace.
Best: Roof deck.
To be fair, laundry isn't the most exciting amenity on this list. But it can make or break a deal with a potential renter. That's why it's important to make this household chore as easy as possible for your tenants.
Good: Laundry facility on the premises.
Better: Laundry in the unit.
Best: Laundry/dry cleaning service available.
Cable TV and internet service is a must-have these days. At the very least, your units should be wired and ready for both, even if it means the tenant is responsible for opening an account and initiating the service themselves. And now that more people are working from home, they need to rely on even more technology to keep them powered through the workday.
Good: Cable/internet ready.
Better: Cable/high-speed internet already set up; included as part of rental agreement.
Best: Smart controls, charging stations, and other high-tech devices.
Want a surefire way to woo renters? Update and upgrade your kitchens. Adding a dishwasher is a good place to start. You'll add more value with granite counters and stainless steel appliances -- energy-efficient models, wherever possible. If you've got a luxury property, renters will have their eye out for high-end features like smart appliances, Viking stoves, and more.
Good: Basic dishwasher; all other appliances in good working order.
Better: Granite countertops and stainless steel appliances (energy-efficient models).
Best: High-end finishes and appliances (smart models).
If you've got multi-bedroom units in your apartment building, you'll likely have families looking to rent -- and they'll be looking for amenities they can enjoy as a group.
Good: Space for kids to safely run and play.
Best: Day care/babysitting services.
You might not think much about storage until you need it -- and your future renters will love having it for all their extra stuff. Consider this when you're looking at closet space in the unit and additional storage in the building or on the property.
Good: Ample closet space in the unit.
Better: Walk-in closets (reach-in closets with shelves/organization are a good alternative).
Best: High-end closet storage with additional storage space on the premises.
You may have upgraded your rental units to the hilt, but tenants want to feel safe in their living space. That's why security should also be a focus in creating a desirable rental property.
Good: Secure entrance/exits.
Better: Security camera.
Best: Gated community with doorman (virtual or human).
Here's a look at each of these amenities again by type and value offered to your tenants:
|Family amenities||Safe grounds for children/families to walk||Playground||Day care/babysitting services|
|Heating/cooling||Already installed AC units and updated furnace/heating unit||Central air/heat||Central air/heat with smart controls; fireplace|
|Kitchen||Dishwasher; all other appliances in good working order||Granite counters/stainless steel appliances (energy-efficient models)||High-end finishes and appliances (smart models)|
|Laundry||Laundry room on the premises||Laundry in the unit||Laundry/dry cleaning service available|
|Outdoor space||Shared yard/patio||Private balcony/terrace||Roof deck|
|Pets||Dogs are welcome||Dog park on premises||Dog grooming service on premises|
|Recreation||Safe sidewalks for running/walking||Shared green space, fitness room||Swimming pool, tennis court, high-end fitness center, media room, private party room, etc.|
|Security||Secure entrance/exits||Security cameras||Gated community with doorman|
|Storage||Ample closets in unit||Walk-in closets and/or extra storage||High-end closet organization system with additional storage on premises|
|Technology||Cable/internet ready||Cable/high-speed internet already set up; included as part of rental agreement||Smart controls, charging stations, and other high-tech devices|
|Transportation/parking||Off-street parking and a bike rack||Assigned off-street parking with spots available for guests; bike storage||Garage or covered parking; electric car charging station|
The bottom line
Regardless of the size of the rental property you own, you can create more value for your tenants with apartment amenities. Some of these are absolute must-haves for apartment living while others are high-end options that tenants might be willing to pay a premium for. What can you add on to your property to attract and retain tenants?
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