tenants
What amenities will bring higher rents?
That is a very broad question. It will depend on the neighborhood (for example, putting in brand new Viking appliances in a one bedroom apartment in a low income neighborhood will not significantly improve your rent).
Things like updated kitchen and bathrooms, in-unit washer and dryer, dishwasher, covered parking, fenced back yard, community pool, rec room, etc. may all help increase your rents, but you have to know your market and your target tenants.
As Kimberly says it really depends on your area.
@Brenda Pommer You might call other homes for rent in the area and find out if anything is being offered with them and then you can base what to offer and maybe then some with yours.
If homes are renting for say $700 with no appliances, you might be able to offer 1 fridge or a stove or both. Try to get $25-$50 for each appliance extra per month and if they agree then go buy some used cheap ones, never new.
Nice looking flooring, an impressive master closet, privacy fencing...
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@Brenda Pommer I look at it this way: whats the difference between a $20.000 car and a $40.000 car? Both got four wheels, an engine etc...
ONE: the brand - that's the location. People want to live in a "brand name" neighborhood that they like. Some people like Mercedes over a Cadilac or a GMC over Jeep and all of them more than Saturn. The brand also comes with certain features that are inherited like good schools or shopping.
TWO: livestyle - if you drive a sports car you are "fast & succesful" if you drive a big expensive SUV you are "tough and successful" and you haul arround marine engines and logs of timber all the time LOL. People are attracted by a certain "lifestyle" - it's the life they want to live, based on what they see with friends and in maganzines, TV etc. For a rental that is a nice building, modern features, contemporary design - it tell's their friends who they are.
THREE: new - smells new, looks new and feels new. Who does not like the smell and cleanlyness of a brand new car with leather seats? The same is true for a property: new and clean are always reasons for people to choose a place over another or to pay more.
FOUR: features - heated seats? four wheel drive? V8 engine? People pay more for a kitchen with a security system, a dishwasher, a second or third bathroom, additional bedrooms or an office.
So just like with cars you see all kinds of people being happy with all kinds of cars, the same is true for rental properties. So it depends on your target audience.
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