One of the most critical aspects of rental property investment is ensuring that your properties are always filled. Every day that a rental property sits empty is a day it is not earning income, but it is still generating expenses. One of the best ways to ensure multi-family properties remain filled is to provide the features and amenities renters are most looking for. Here are 4 features tenants want most in multi-family properties.
Parking
Parking is a critical feature in almost all rental properties, but it is even more valuable in urban areas. In extremely cold or extremely warm climates, covered parking is also highly desirable. If you want to increase demand for your multi-family property, adding designated parking, covered parking or even garage units will allow you to command top dollar for your property and keep it filled to capacity.
Safety and Security
It is always helpful if your rental property is located in a desirable area that is already safe and secure. Over time, neighborhoods can change, however, and become less desirable or less secure. When that happens, there are always upgrades you can install to increase the safety and security of your own property. These can include security lights, cameras and possibly even fences.
Well-maintained Properties
Keeping your rental properties neat, tidy and in good working order accomplishes two things; it allows you to charge the highest rental prices for the area and attract the best tenants. People that pay high prices for rentals also have high expectations. Conversely, however, the more a tenant pays for a rental property, the more likely they are to take good care of it. You can do your part by ensuring any issues are handled swiftly and efficiently and that you keep your property in good repair.
Recreational or Community Facilities
Gyms and pools are both highly desirable amenities, but they aren’t the only desirable additions. The types of facilities you offer will help determine what kind of tenants you attract. If you want to make your property more desirable to families, you may consider putting in a playground area or communal amenities such as picnic tables or a grill. If you want to attract retirees or older residents, you may consider putting in a community garden.