In some cases, the physical location of your property is one of your best assets. If you have a property on the lake, near the ocean, near downtown, near restaurants, etc, then you have a built in amenity that renters not only will love but will generate more income for your rental property. In other cases, you can’t control where your property is located but you can control what you offer your residents. Below are the top 3 amenities that your renter will love. (On pay more for)
One good way to see if your renter can generate more income due to its location is to see what your walkability score is. Simply go do walkscore.com and enter your address. The higher the score, the more you could potentially get for you rental.
Home Automation for Renters
The ability to control your locks, thermostats and lights from your mobile phone is growing in popularity. For renters, especially millennials, this is a huge amenity that they will spend more on. Research from Remotely.com, found that landlords can add up to $50 more per month on their lease by simply offering smart lights, smart locks and smart thermostats in their rental property.
Flexible Pet Policies
In most parts of the United States, we are pet loving citizens. We have dogs parks, pet grooming, pet washing, pet daycare and even pet hotels. In LA for example, a study found that more than 70% of apartment renters had a pet.
One good way to generate more revenue is to have a flexible pet policy where you can charge more for the deposit as well as a monthly pet fee.