​Property Trends: What Tenants are Expecting in Today’s Rentals

For most renters, simply having a roof over their heads isn’t enough. They can get that at mom and dad’s house, or couch-hopping at friends’ places. If they’re going to spend money on their own place, it’s got to offer a bit more.

Which is why you, as the investor, need to make sure to provide it. I’m not suggesting you install quartz countertops or built-in wine fridges in all your properties, but if you want to attract top tier renters, making a few upgrades is something you must consider. Plus, most high quality renters don’t simply want these features; they expect them.

Here’s what tenants expect to see in today’s rental properties:

1. Green Living - The focus on sustainable living is far greater today than it was even 10 years ago. Most people want to be “green,” and providing them with opportunities to do that is at the top of the list of must-haves in a rental. Things like energy-efficient appliances, recycling, and water-saving mechanisms can be a big selling point.
2. Smart Tech - Adding “smart” features to your property are another way to attract high quality renters. Lighting, thermostats, security systems, and other gadgets that can be programmed and even operated with an app are a huge draw.
3. Digital Conveniences - Most of us spend several hours per day using a smartphone, tablet, or computer. It only makes sense, then, that we also prefer to conduct our business using these technologies. Gone are the days of dropping a check in a payment box. Providing a digital platform for making rent payments and reporting maintenance issues and other communications is important to a large segment of renters.
4. Pets - Nearly half of all households in the U.S. have pets. That means you can count on half of your tenant pool either owning a furry friend or planning to own one in the future. Do you really want to cut your pool in half by prohibiting pets? More and more property owners are allowing pets, and some are even taking it a step farther by providing pet facilities or amenities.
5. Amenities - Speaking of amenities, renters today want a variety of them. Fitness and laundry facilities top the list, and many property owners are able to provide these fairly easily. Washer and dryer hook-ups are usually no big deal, but fitness facilities can be trickier. It may be easier to simply base your purchase decisions on the location, ensuring there is access to a gym, park, or other fitness-friendly place. Outdoor spaces are another important amenity that today’s renters want, so taking the time to spruce up the yard and create a comfortable outdoor living area can make the difference between a rented unit or a vacant one.

To keep your unit occupied and your cash flow positive, you have to stay competitive in your market. Remember, your tenant pool has a lot of other options, and it’s your job to stay in touch with their wants and needs so that you can make your property the most attractive to them.