4 Items Today’s Tenants Can’t Live Without (You Might be Surprised)  

Multifamily housing, such as apartment buildings or communities, is a hot commodity for many commercial real estate investors. And with more Americans now renting than at any other time in the last 50 years, it’s easy to see why. But here’s a stat that you may not know: 

residents’ second most cited reason for moving is to seek better management elsewhere.

As such, it’s important that you take care of your residents and make sure their needs and requests are being met. Think about it: what really seals the deal for your tenants when they’re comparing two (or more) similar rentals? Often, it comes down to the amenities and other things the apartment offers. 

Cozy, a company focused on tenant screening and payments, surveyed a number of renters on the amenities they most want. They discovered there are a number of “must-haves” for tenants, including: 

  • A walk-in closet (70 percent of respondents)

  • A washer and dryer in the unit (69 percent)

  • An outdoor area or a balcony (53 percent) 

Savvy real estate investors can attract and keep quality tenants by offering what today’s renters are looking for. Whether you are considering purchasing a new property, or just trying to improve one that you already own, it’s important to offer what your tenants are looking for. 

Listed below are 4 of the most important things that today’s tenants are looking for in a rental. 

Location 

As with any other type of business, the location of your building can, and likely will, have a large impact on the revenue you bring in. Tenants often look for a property that is close to their place of employment, and that offers easy access to grocery stores, restaurants, parks, and more. Tenants are often willing to pay more, or even overlook less than desirable aspects of the unit, in exchange for the quality of lifestyle offered from being in a great neighborhood. 

School District 

With more and more consumers choosing to rent, it stands to reason that more families are choosing to rent rather than own. Along with location, tenants are likely looking at the area’s school district, as well. After all, every parent wants the very best for their child — and a safe, quality education is at the top of many parents’ lists. 

Parking 

Think about it — no one enjoys driving around for an hour looking for a parking spot that’s close to home. While there may be ample parking spaces for your suburban property, parking can be a bit of a challenge in urban areas. If you can’t offer easy off-street parking for your tenants, consider directing your tenants to a parking garage that’s located nearby. 

Renovations and Upgrades

Sometimes, the smallest details are the ones that really make a house feel like a home — and that can secure a lease on your space. Upgrades that are smart and strategic, such as hardwood floors or stainless steel appliances, can help attract higher quality tenants. Other renovations that rank highly among tenants include renovations in the kitchen and bathrooms, updated cabinet hardware, central air conditioning, and a new kitchen backsplash. 

Think of these features you offer your tenants as a way of demonstrating to them how you expect to be treated in return — and the care you expect to be given to your building. Even small steps can indicate to your tenants that you really care about the property and that you will be responsive to any necessary property maintenance — always a big concern for renters. By offering these features that tenants are looking for, you are differentiating your property from the competition — allowing you to attract and retain better tenants and enjoy a better return on your investment.