We are encouraging our owners whose buildings are older to do some upgrades to bring in new tenants.
Your prospective tenants have many options when it comes to renting an apartment. How can your units stand out? Answering the question of what renters want is key to your apartment marketing efforts.
To that end, here is what prospective tenants want most when they are looking for a new apartment:
The BuildingLocation – This is consistently the number one consideration for renters. They will likely pay higher rents and compromise on almost every other feature if they feel the location is desirable. Though you can’t move your property, you can highlight the advantages of your location, such as proximity to stores, schools, and transportation.
Parking – For renters with cars, parking ranks high on their list of wants. Off-street parking is most attractive, but on-street parking will suffice if there is enough of it. If parking is scarce, try to arrange a deal with a nearby lot or garage to provide safe parking for your tenants.
Laundry Center – Lugging loads of laundry to a nearby laundromat is a problem for tenants. Having an on-site laundry room can be a real differentiator. A washing machine in each unit is even better.
Outdoor Space – Allowing tenants to spend time out of their unit in a yard or balcony is another sought after amenity. This is particularly important in urban areas.
Mixed Use Areas – This is especially important for the more socially connected younger renters looking to live in a community type of atmosphere. Consider designating areas that can double as a business center, or lunch area, or other type of space conducive to tenants starting a conversation and getting to know one another.
Fitness Center – People of all ages are working out more. Making it easy for tenants to stay on your property to workout rather than visiting a remote gym is a huge plus for you and a huge convenience for them.
Specific Amenities – Each market has unique needs that can attract tenants. Conduct resident surveys to uncover the amenities most compelling to your current and prospective tenants. Fulfilling that specific need could separate you from the competition.
The UnitRenovations – Tenants like anything that is new, and so make renovations a priority. Having something the previous renter didn’t have gives tenants a greater sense that the unit is theirs.
Open Floor Plan – This makes smaller units look bigger, so consider an open floor plan for your units whenever possible.
Stainless Steel Appliances – These are universally accepted and have a clean, modern look. If stainless steel appliances are not possible, at least make sure all the appliances match.
Closet Space – If space is scarce in the unit, consider providing storage somewhere else on the property.
Large Windows/Natural Light – Light makes a unit feel inviting. Dark spaces, in contrast, can be depressing. Do what you can to ensure that tenants are capturing as much natural light as possible.
Central Air – This is almost a must in warmer southern climates. Central air is more of a luxury in temperate climates, but is still a distinct advantage to highlight.
Chances are your property doesn’t have all of these amenities. The key is to highlight the ones you do have to better attract prospective tenants.