6 Budget-Friendly Apartment Amenities that Add Value to Your Rental Property
Have you recently invested in an apartment complex that’s undergoing construction? If so, it’s key to look towards ways to maximize your investment. One easy way to do so is to upgrade the building’s functionality with brand-new apartment amenities. Doing so will help raise its property values and create attractable multifamily housing for renters.
Let’s look at six budget-friendly upgrades that property owners should consider adding to their apartment investments.
1. Parking Spaces
When tenants are looking for an apartment, one requirement at the top of their list is a safe place to park their car. Property owners can offer off-street parking with assigned spots or a garage for tenants and their guests to park their vehicles.
2. In-Unit Washer & Dryer
A simple way to add value to apartments is to install in-unit washer and dryer appliances. This allows tenants to conveniently wash their clothes, bedding, and other items without having to worry about walking or driving to a laundromat. As a result, property owners will find that in-unit laundry appliances will positively influence property values and allow you to charge more in rent.
3. Pet-Friendly Areas
Many renters look for apartments that are safe and friendly for their pet companions. As a property owner, it’s up to you to decide whether you wish to have animals on property. If you choose to offer pet-friendly units, think of adding a spacious dog park on the premises. This will allow you to leverage your apartment complex as a marketing tool and gain an increased tenant retention.
4. Kitchen Island
If the space affords, installing a kitchen island is an excellent addition to an apartment. They offer tenants more room to prepare and cook food dishes as well as store kitchen items. It’s best to look for durable countertops like laminate, solid surface, and concrete.
5. Central Air & Heat
An essential amenity every renter looks for when they’re apartment hunting is central air and heat. It’s recommended property owners offer this feature so tenants can live in a comfortable climate-controlled space.
6. Outdoor Space
Adding outdoor space to an apartment complex is a great way to attract tenants and increase property values. Property owners can look towards building a shared green space, private balconies, or a spacious rooftop deck. Within these outdoor spaces, you can add fun amenities like a pool, garden, tennis court, or seating area.
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