How Important Are These Amenities in Your Rentals?

5 Replies

When analyzing potential rentals, do you take your own must-haves out of the equation? 

I come across some weird/outdated home layouts in my business. And sometimes while looking for rental properties I often wonder if the lack of certain amenities will be a turn off to potential renters?  

These are the three things that come to mind that I question if the house does not have them. 

Dishwasher

Central Air

Kitchen big enough to fit a normal sized table when there is no dining room. (and not have to be placed in living room). 

Feel free to comment and discuss. Thank you! 

Good morning Paul,

In some markets, it is NOT standard to have dishwasher, central air, and sizable kitchens. If these things ARE standard in your market, I would account for lower rental rates on any units that do not have these amenities. 

The absence of these amenities can certainly be a turnoff for potential tenants but can also open up options for potential tenants who cannot afford a rental with all of those amenities.

I.e. a 2-bedroom rental unit in my market with dishwasher, central air and a large eat-in kitchen will likely rent for $1800-2000 while a similar unit without these amenities would rent for $1600-1800.

I hope this helps...

Best of luck to you!

Abel

Where I live, 100+ degrees in the summer means central air is not optional.

I don’t think there are that many kitchens that can hold a dining table either, though breakfast nooks or dining rooms are common.

For me, a lack of outlets is a turn off, and a lot of older homes have that.  

Also as a renter, I don’t like electric heat in a place with cold winters.  To me that means a heating bill that is going to be high.

My personal preference never comes into play (at least as much as humanely possible). What I want has little impact  on what my market demands and is willing to pay for.  

I have lower income rentals in older neighborhoods( buildings older 100 years). I can get away with not having central ac, laundry, few outlets, and smaller bedrooms. I actually removed a dishwasher from a unit I bought because I didn't want to be responsible for servicing it. Would I be ok with that no, but it doesn't matter there. Units are gutted out and nice, but basic and attract the tenants I want. I do however have to have kitchens and living  rooms that can accommodate families. Average family size is 3.5.

Everything is market dependent.

Laundry or at least washer and dryer hook ups add to the rent you can collect here.  Air conditioning of any kind adds to the rent too.  Dishwasher will get you better choice of renters.   Enclosed yards are desirable too.