Rent Premium for a Storm Cellar in SW Oklahoma City?

Question

I just purchased my first ever investment property. I'll soon be done with the renovations and I'm excited to get it rented. The previous owner/occupants installed a storm safe in the garage (see https://goo.gl/21afSb for a photo of the type of shelter). The house is located in SW Oklahoma City where tornadoes aren't uncommon. (It's 3 miles from the path of the deadly 2013 tornado that struck Moore, OK.)

Is there a premium to be added to the rent because of this feature? If so, about how much ($ or %) could I expect to add to the base rent?

Thanks in advance.

Is there a premium to be added to the rent because of this feature? If so, about how much ($ or %) could I expect to add to the base rent?

Thanks in advance.

Lewis Baumgardner · Answer

I've lived in Edmond for about 25 years and I've never had a storm shelter, but I would appreciate the security of mind it brought. I've got 3 tips for this one:

1) If you install a storm shelter register it with the county https://www.oklahomacounty.org/sheriff/stormshelte... so that emergency response crews will know that there may be people trapped in case the house falls on top of the shelter

2) I think it would help you rent faster if you had one and the competition didn't. I doubt it would bring a significant increase in rent, however, as most people would hope not to be spending much time in the new space.

3) Living tenants are much better at paying the rent. (halfway joking on this one, but also true)

Rhett Tullis · Answer

take it or leave it but my experience is that it does not increase rent much at all the difference it makes is the home rents quicker and more folks are willing to consider it. The locals here are kinda numb to the tornadoes but out of towners moving to those areas ask first about a shelter and if it does not have one they just keep looking.

Michael Duffy · Answer

Congrats on your first purchase, Clay! I hope to experience that same feeling within the next few months! Along with Rocky, I am very curious to hear other responses.

I can tell you though, I was looking to rent a SFH in Moore last year and the number of available properties with a shelter vs without was about 1/10. I was very surprised. I asked an owner at one point if they would consider putting one in and their response was yes, for a $100 per month increase in rent. Not sure if that is typical, though!

Clay Scott · Answer

@Rocky, do you mean a normal expectation to have a cellar or a normal expectation to get a bit of a premium for rent because of having the cellar?

I'd think the same would be true for those living in Edmond, too, since you've had your share of twisters in the past decade or two.

Rent Premium for a Storm Cellar in SW Oklahoma City?

Rent Premium for a Storm Cellar in SW Oklahoma City?

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