While there are many things to keep in mind when considering a rental property, as the owner, you should have an idea of what people are looking for.
Most millennials, when searching for a rental home, have a list of requirements before they decide to follow through with a property. With higher standards, come necessary upgrades and improvements to keep your millennial renters satisfied.
From making a few technology upgrades to choosing eco-friendly options, putting some thought into what renters are looking for can be extremely beneficial in finding a good tenant. Remember to stay up to date with home improvement trends to make upgrades that people are loving in rental homes.
Now, what exactly are millennials looking for? Here are just a few things to consider when making home improvements to your rental property:
- Make technology advancements
- Choose eco-friendly options
- Install a washer and dryer
- Spend time on outdoor upgrades
- Focus on kitchen and bathroom upgrades
Technology Upgrades
Everyone these days loves their smart technology, and it’s no surprise that millennials are looking for these types of upgrades in their living spaces. Technology is ever-changing and evolving to make day-to-day life simpler. When making improvements to your property, adding and upgrading the technology should be one of the first things on your list of to-dos.
With all the different types of technology out there, it may be hard to choose exactly what people want. A few upgrades that will leave your tenants with reliable, up-to-date technology include smart door locks and doorbells, outdoor security cameras and smart lighting systems. These additions allow your tenants to feel safe, secure, and comfortable, while also being easy and familiar to navigate.
Eco-Friendly Options
Making eco-friendly or energy-efficient upgrades to your home is not only good for the environment but is also bound to attract millennial renters. It’s more important now than ever to save resources and use reduced energy appliances. There are many things as a property owner that you could do to win your tenants over with just a few energy-efficient updates, whether they are big or small.
Although initially quite expensive, installing things like solar panels will save you and your tenant money over a period. Don’t worry, if you don’t want to make that large of an investment, adding things like low-flow toilets, a smart thermostat and water-saving accessories are great options if you are looking to make a few eco-friendly upgrades. Using water-saving faucets and showerheads can save you and your tenant money on water bills and help you feel good about water conservation.
Install a Washer and Dryer
If there’s one thing that tenants love to see in a rental home, it’s that a washer and dryer are included. A lot of renters are forced with the option of taking their laundry to a laundromat or elsewhere to get cleaned, which can get extremely pricey and very time-consuming. The luxury of doing laundry at your rental home is something that almost everyone is looking for these days.
Although upgrades like this do cost more money initially, as the owner, you have the ability to charge for these services. For example, if the tenant pays for water and utilities, they will pay the price for using the washer and dryer. Due to pure convenience, appliances like a washer and dryer will be a big selling point for millennial tenants that are looking at living in your rental property.
Outdoor Upgrades
Because of the pandemic that’s taken place over the past year and a half, more people now than ever before are spending lots of time outdoors. Without wanting to be crammed inside all day, people are looking to do more things outside. Adding a nice outdoor space for your tenants will give them a nice space to hang out outdoors, and will boost curb appeal to your property.
Some things to consider adding include a sitting area such as a porch or deck, patio furniture and well-kept flowers and plants around the area. A little bit of landscaping can go a long way and will catch the eye of anyone driving past the property. If space allows for it, including a fire pit in the backyard could also be an eye-catching addition to the outside of the home.
Kitchen and Bathroom Upgrades
Without a doubt, one of the first things that your tenants will notice while doing a walkthrough of the property is the kitchen. Updated appliances and a more open kitchen floor concept are immediately noticed by renters, so it’s important to keep things looking modern and new. Another thing to consider when thinking of kitchen upgrades is a dishwasher. Most tenants are looking for the easiest maintenance possible, and a dishwasher makes things much easier than hand washing every dish.
When it comes to bathroom upgrades, consider a larger sink and countertop with lots of space and room for storage. Expanding the shower and upgrading the toilet will also be worth your while when doing bathroom upgrades. When thinking of redoing these spaces, try to make appliances as energy-efficient as possible to save you money and appeal to new renters.
Get Help From Property Managers
Making strategic home improvements is a great way to attract new tenants, especially if you target specific demographics such as millennials. The list of things to do as a tenant can be neverending, but you’re not alone.
If you’re not sure where to turn for advice on managing your rental property, don’t worry. The professionals at your local property management firm are here to help you get the most from your property.
