As a property managers, staying ahead of renter preferences can make a significant difference in attracting and retaining tenants. According to a recent survey by Apartments.com, which polled over 30,000 prospective renters, the following five amenities top the list of what renters prioritize when choosing a rental property. By understanding these preferences, you can align your offerings with what renters truly value, ensuring your properties remain competitive in today's market.
1. In-Unit Laundry: A Must-Have for Convenience
The convenience of having a washer and dryer inside the unit is non-negotiable for many renters. In fact, 75% of those surveyed consider this amenity essential. This preference spans across demographics, emphasizing the universal desire for hassle-free laundry solutions. If your property doesn’t currently offer in-unit laundry, consider upgrades or creative solutions like stackable washer-dryer units to meet this high-demand feature.
2. Air Conditioning: Comfort is Key
Whether it’s sweltering summers or unpredictable heat waves, air conditioning is a critical amenity for 72% of renters. This feature is especially important for older tenants, who may place an even greater emphasis on climate control. If your property lacks air conditioning, exploring energy-efficient options could be a worthwhile investment to appeal to renters and even lower long-term energy costs.
3. Off-Street Parking or Garage: A Premium for Car Owners
For 48% of renters, the availability of off-street parking or a dedicated garage can make or break their rental decision. This feature becomes increasingly important for older renters and those with families. If your property doesn’t have existing parking solutions, consider re-evaluating your lot usage or offering additional services like reserved parking spaces to cater to this demand.
4. Dishwashers: A Time-Saving Essential
Dishwashers are more than just a luxury for today’s renters. Nearly half (48%) of survey respondents listed this appliance as a priority, with younger renters especially valuing the time savings and convenience. As a property owner, including a dishwasher in your units can set your rentals apart from competitors who may not offer this feature.
5. Balconies, Patios, or Outdoor Space: Private Retreats Matter
In the post-pandemic world, private outdoor spaces have gained importance, with 45% of renters identifying them as a top priority. For tenants aged 65 and older, this preference climbs to 58%. Outdoor areas, whether it’s a small balcony or a shared courtyard, provide a sense of personal space and connection to nature that many renters now seek.
What Does This Mean For You As An Investor?
Whether you are looking at making upgrades to your property, or if you are in the market for a new investment property, knowing what will attract residents is a critical piece. These items not only help your property get rented faster, it also means happier residents who stay longer, thus reducing turnover costs and vacant periods. In the end, these all help out your bottom line and keep your property cash-flowing. That's a win-win for both you as the investor and for residents.
For our owners with an existing property, Candlewood can assist you if you are looking to add some of these amenities to your current property. We have an extensive network of vendors who can help out with adding some of these value-add items to the property.
