There was a time when renters only sought a good place to sleep in, not caring whether the building has a fitness center, swimming pools, smart appliances, and outdoor amenities. But that time is no more.
Today, millennial renters want more than a roof over their heads; they also seek a place where they can enjoy weekends with their families comfortably.
Amenities have become more popular over the past decade and are a key deciding factor for renters looking for an apartment. In fact, most of them are willing to go smaller if they are convinced that the reduction of living space means having access to well-designed community spaces.
So, whether you’re planning to make a real estate investment or already have a rental property you wish to improve, here are seven show-stopping amenities to consider for boosting your apartment revenue effectively:
1. Energy-Efficient Appliances
One thing that most renters today will look for in a furnished apartment is energy efficiency. With their propensity to be eco-friendly and the need to save on the costs of utilities, energy-saving appliances will definitely give your rental property a good mark on a potential tenant’s scorecard.
Interestingly, Gen Y – more popularly known as the millennial generation – prefer to save money on electric bills if they are paying more for other amenities. Because of this, apartments with washing machines, refrigerators, and dishwashers bearing the “Energy Star” label will earn more revenue in the long run.
2. Smart Amenities
Renters today also seek home electronic devices that work on the Internet of Things (IoT). To attract these tech-savvy tenants, you should consider installing smart devices that can automate some apartment features.
One example of this is a smart lock. With this nifty gadget, your tenants could lock and unlock doors remotely via a mobile app installed on their smartphone. You’ll have a backup key, of course.
Another smart addition to consider for your rental property is a thermostat that allows tenants to control the temperature through their phones. Plus, some smart thermostats have a feature that adjusts AC and heating according to your schedule and usage habits, making sure that you save on your electric bill along the way.
3. Roof Deck
Offer tenants a reprieve from the hustle and bustle of city living by giving them access to the great outdoors within your apartment complex. And what better way to do this than to add a roof deck to the building?
Rooftop decks are popular amenities that provide plenty of benefits for tenants. Aside from serving as a great place to enjoy gorgeous views of the neighborhood, it can also double as a communal space for gatherings and entertainment.
To make rooftops even more appealing, be sure to incorporate luxurious features such as a fire pit, lounge chairs and plenty of comfortable seating, and even a swimming pool.
4. Outdoor Dining and Kitchen
Having space for outdoor dining is also an appealing idea for many millennial renters. Besides apartment building roof decks, this can also be established in the front or back yard of your rental property. It can also be placed on a balcony or any structure that serves as a living space extension outside the building.
To achieve its full effect, you can add a grilling area and other kitchen features where tenants can prepare food for their guests. Place tables and chairs for a comfortable and more welcoming alfresco dining experience.
Just remember to keep flexibility in mind when designing this space. This way, residents can use it for more types of events.
5. Swimming Pool
Another popular amenity that can effectively boost your rental property’s earnings is a swimming pool. Whether it’s a lap pool or a lounge pool, having these apartment amenities not only attracts good renters but also naturally increases the rental value of a property.
If you have limited space but still want at least one pool in your property, be sure to assess which type of pool meets your residents’ needs best.
If your target market is athletes or youngsters who want to stay in shape without the need to buy a treadmill, you can include a lap pool. But if your tenants are families or individuals seeking a place to get a tan without having to leave the apartment building, then a lounge pool is more suited to them.
But if you have a sizable space available, it would be wise to take advantage of the value that these pools offer and attract a bigger market by having both of them built in your rental property.
After deciding on the type of pool you want, you can contact a reliable swimming pool contractor and start planning the project.
6. Eco-Friendly Features
Most renters today are millennials who have realized the extent of damage humans have caused in nature, which means they will be looking for ways to reduce their carbon footprint.
According to a study from the National Multifamily Housing Council (NMHC), 65 percent of millennial renters are interested in green initiatives and sustainability, with 75 percent keen about having recycling options at home. Aside from these go-green efforts, car-sharing and access to onsite renewable energy (i.e., solar panels) also attract more tenants to a property.
7. More Storage
Gen Y is a generation raised in a time when walk-in closets are a sign of pedigree and social status. In fact, they are willing to live within a smaller space, so long as they have enough room for their wares.
According to research, nearly half of millennial ladies shop for clothing twice or more within a single month. This means that they would need more closet space if they are to live comfortably in your apartment.
These are enough reasons for you to consider adding walk-in closets and additional storage options. If this cannot be done, you can also have multiple built-in closets, additional shelving, and other clever storage units to organize everything and anything.
A rental property is an excellent form of investment to help build your wealth.
To make the most of it, ensure that you attract good tenants and increase your property’s rental value by offering in-demand amenities for bigger returns on your investment.
Start with those listed in this article and look for other ways to make renters more willing to pay a good sum to live in your apartment.
Rachel Hennessey manages the Pools and Landscaping Division of Hennessey LLC. She also works on Tender and Pre-Qualification and brings in new business to the company’s Construction, Interiors and Civils Division.