Most people never actually think about the part that comes after buying an investment property. The purpose of making your rental property one of the best in terms of its quality, style and amenities is part of its success. Tenants who are looking to rent property for a short-term or long-term basis are looking for a house that can fulfill their needs. After all, this market has its foundations built on customer satisfaction. If you are a successful investor with an eye of keeping tenants happy, then they’ll keep coming back and demand will grow.
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Buying an investment property and furnishing it to give it a unique style is extremely important in terms of long-term rental options. From the tenant’s perspective, committing to a long-term contract for a house means that they expect something that would suit their style, needs and requirements. In short-term rentals, like Airbnb, more amenities are expected than in traditional rentals. It has to do with the nature of short-term rentals being about vacation or tourism. Short-term renters are now expecting consumable amenities that are not usually given in long-term rentals.
If you are buying an investment property for short-term or long-term rental then you should consider the following amenities or services to attract more tenants. Tenants in the last few years have made more demands. It’s important to know that renters educate themselves and compare different rental properties and most expect to have the latest features. For example, a unit with a washing machine is a lot more appealing than a communal laundry room.
Long-Term Rent Amenities and Services
- Parking, according to research, is one of the most in-demand services that tenants ask for. The concept of that request stems from the overpopulation of major cities, which makes it very hard and expensive to find parking space for a tenant. Buying a rental property in a central location of a major city and being able to provide parking space surely gives you an edge over competitors.
- Wood or parquet flooring is a demand that is on the rise in today’s real estate market. For young tenants who are living in the busy world, wood flooring is easier to clean, doesn’t need vacuuming and definitely looks more modern and simple.
- Long-term tenants who are expected to live in the property for one or two years are expected to have lots of stuff. Having a storage space where they can keep items that are needed for the duration of their rent is recommendable. It’s a way for tenants to free up more space in their living habitat.
- Providing an energy-efficient property will appeal to benefits tenants financially. Equipping your rental property with energy efficient appliances will reduce the their electricity bill by a considerable margin. Green energy saving is a new trend in the modern day tenant that serves financial and environmental purposes.
Short-Term Amenities and Services
- Providing consumable products like shampoos, soap, toothpaste and other hygiene products is becoming the norm. Short-term renters are usually and mostly tourists or travelers who are expecting services in short-term rentals similar to that of hotels.
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- A fully equipped laundry room is a unique feature to find in most rental houses. Having a washer and dryer is a basic but providing laundry detergent is a much-appreciated touch. It is basically one of the major differences between a hotel and a home. Short-term renters usually travel light and having the ability to do laundry quickly and without any added costs will give positive reviews for your property.
- Buying an investment property for short-term rental purposes requires attention to all the tiniest details. Leaving information for your tenants like maps, directions and suggestions is incredibly useful for them. It’ll give inside information about what’s good and what to avoid, it’ll save them money and time.
Services and amenities are just a hidden part you don’t fully explore when buying an investment property. It is another dimension to the industry and one that needs the creativity of owners to develop. These are just a few of a long list of amenities and services that people provide. Every person has their own ideas and way of providing for their tenants, but it is important that essentials are met, and these are the closest to today’s real estate market.
Related: 5 Must-Have Features of an Income Property