Owning residential real estate can provide a great way to earn additional income on a regular basis, while at the same time increasing your equity in the property(ies) using other peoples’ money (or OPM). But if income is your primary goal, are you providing any added amenities for your tenants that can increase your bottom line?
According to a report from the National Multifamily Housing Council, some of the top amenities that are desired by tenants who rent single family homes include the following:
- High-speed internet. Given today’s tech-savvy world, more tenants are looking for – and typically even expecting – access to high-speed internet capabilities.
- In-unit laundry. Having access to a washer and dryer directly in the home can provide tenants with an added level of convenience, ultimately saving them hours every month by not having to pack up loads of dirty clothes and wait several hours at the laundromat.
- Patio or balcony. Outdoor living space is also a must – particularly in an area like Central Florida where it can be enjoyed all year long.
- Large / walk-in closet(s). Large closets can also provide an added level of convenience – and could even prevent tenants from having to rent additional (and costly) storage space elsewhere.
If your investment property portfolio consists of multi-unit dwellings, the primary wants of tenants here include:
- Ample parking. The last thing that most tenants want to do is have to search for a parking space when returning home with groceries (or other items to carry inside). This is where ample – and possibly even assigned – parking can be a perk.
- Pool. With year-round warm weather, most rental communities will have a demand for a swimming, as well as other amenities like tennis courts and/or a playground.
- Workout / fitness facility. Offering a fitness center is not only an enticing addition to a multi-unit living community, but it can also equate to receiving higher rent payments.
- Access to recycling. In today’s world of environmental consciousness, offering an option for tenants to recycle is a nice touch.
If running your rental property business has been taking up more time than you would like, bringing a property manager on board could provide you with the option to focus on other things, while at the same time continuing to reap the passive income benefits. With that in mind, give us a call if you’d like to learn more about the benefits of partnering with an experienced Central Florida property management team.