Your Boston rental property earns more when it offers great amenities. What are tenants looking for when they’re renting a home? They want comfort and value. They want to live in an attractive, well-maintained home.
These are the amenities that are most important to your residents. They’ll increase the value of your property and attract the highest rental values.
Boston Rental Property Security Amenities
Always offer as much security as you’re able to provide. Tenants want to feel safe, and you want to protect your investment
Some of the best safety amenities you can provide include:
- A security system. Activation will come with a cost, and it can be expensive to pay for service every month, but consider at least having it installed and then giving your tenants the option of paying to activate it.
- Video doorbells. These have become extremely popular, especially among single-family homes. Tenants can see who is at the front door, and some models even record a video of who comes and goes. This investment will be attractive to tenants, and you’ll be able to see anyone who approaches your property.
- High-quality exterior lighting. Consider motion-detector lights, especially on garages and any outbuildings like sheds.
Protecting your property and your tenants is a good investment. Your insurance costs could even be lower when you make a few improvements.
Private Laundry Amenities
When you’re renting out a condo or a single-family home, you should consider installing a washer and a dryer. Most apartment buildings will have communal laundry rooms, but when a tenant is in a more private home, they want amenities that speak to that privacy.
Laundry is something they’ll want to do in their own homes, with their own appliances.
A washing machine and dryer in your rental home will make a difference to residents. It will increase what you can earn every month and contribute to tenant retention.
If you’re renting out a smaller property, look for stackable washer and dryer units. They are economical and they’ll save on space. Keep energy efficiency in mind as well.
Remember that when you buy laundry machines for your investment properties, they are yours to keep even throughout tenant turnovers and property sales. You can move the machines from rental property to rental property if the need arises.
Good Technology is an Amenity
Tenants in Boston today need good technology.
Start with strong Wi-Fi. Even if you leave the wireless service up to your individual renters, you can make sure your home is internet-friendly. Older, thicker walls in some Boston neighborhoods can sometimes prevent fast internet. Look for ways to make it more accessible to your residents and provide some recommendations about which internet companies are available. Tenants will appreciate knowing how to get this service set up, and it’s likely one of the things they’re going to need to have up and running as soon as they move in.
Consider some smart home technology investments. Tenants will be willing to pay higher rents when they can sync their phones and other devices to the point that they’re able to manage lights, thermostats, and appliances with a simple swipe on their apps.
Easy-to-Maintain Flooring for Boston Tenants
As you’re considering what you can offer tenants to bring in higher rents and more value, think about your floors. Worn carpet is unattractive. Even new carpet flooring can be difficult. High-traffic areas wear out quickly and just one spill can create a huge stain that’s difficult to remove.
Replace your carpet with hard surface flooring.
There are many benefits to this:
- Your property value will increase with better-quality floors.
- Your rental value will also increase because tenants are willing to pay more for floors that are easier to maintain and clean.
- Hard floors are cleaner. Carpet traps allergens, dirt, and odors.
When you upgrade your floors, you won’t have to pull that carpet out and replace it every few years. You won’t have to steam clean it between tenants.
Pet-Friendly Amenities in Boston Rental Homes
With a strong pet policy in place, you can offer residents a pet-friendly home. This will earn you more money, help you limit vacancy times, and protect you against constant turnovers.
As long as your pet policy is strict about which types of animals you’ll allow, how many of them, and how you expect your tenants to care for and control them, you can have a relatively low-risk tenancy with a lot of extra income. Pet-centric amenities like a fenced yard or a doggie park can really attract tenants who have furry family members.
Cosmetic Amenities and Finishes
Sometimes, the simple amenities make you the most money.
For example, there’s a lot of value to be found in cosmetics and aesthetics. To earn as much as possible, your rental property needs curb appeal. Make sure the outside of the home is clean and welcoming. Invest in some landscaping and keep the yard looking good.
Inside, focus on cost-effective amenities such as:
- Fresh paint
- Updated lighting
- Matching appliances
- Tile backsplashes
- New faucets and updated sinks
- Shiny hardware like drawer pulls
- New bathroom mirrors
These minor investments can change the whole look of your home. These things are easy to do and they all make a difference in how your property looks and what it can earn.
Boston Tenants Appreciate Landscaping Services
If you’re renting out a home with a yard, tenants are going to pay more for the property. When you provide landscaping services in the rental amount, you’re also earning more and maintaining control over how your property looks.
Lawn mowing in the summer and snow shoveling in the winter will go a long way towards increasing your rental value, ensuring tenant satisfaction, and protecting the condition and value of your asset. Find a reliable vendor, and roll the costs of hiring them into what you charge every month in rent. Your tenant is paying for it, but they don’t have to worry about that part of maintaining your property.
These are just a few amenities that will bring in more money for you in the long term and the short term. If you have any questions about how to earn more on your Boston investment property, please contact us at Platinum Realty Group.