tenants

[Brenda Pommer]

What amenities will bring higher rents?

[Marcus Auerbach]

@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.