The year 2020 was a crazy year for everyone. The pandemic made people rethink their priorities and change the way they are living. Many people turned to buy homes because they fear of getting the virus for sharing the same apartment building. Others changed the way they are looking for houses for rent due to lockdown restrictions. Even the features tenants want in a house changed because of the crisis.
It has been more than a year, and we are still living in the new normal. Due to the crisis, people are not only buying more houses. Real estate investors are also taking advantage of buy and let properties. With the mismatch of housing supply and demands, it quickly became a landlord’s market.
But even if landlords have more edge in today’s market, tenants are still in control of what properties they are going to rent. While some renters are left with no choice but to pay for high-priced rentals, many are becoming increasingly pick of what features they are willing to pay for. If you are a landlord, then it helps to invest in rental property maintenance and improvement so you reasonably increase your rental price.
The following list the top three preferred features that many quality tenants are willing to pay for more.
Timely Kitchen Updates
If there is one thing that is constant, that is the fact that a beautiful kitchen update is always a sure-fire way to any property’s value. Kitchen remodeling can increase your return on investment and gives you the chance to boost your rent price significantly. But then, we ought to consider the things today’s tenants want in a modern kitchen.
For one, touchless faucets are always a safe bet. With handwashing being an extremely important task that we have to do regularly during the crisis, it only makes sense that we invest in water fixtures that makes this task more manageable. With touchless faucets, we can support tenant’s need for better hygiene without sacrificing functionality.
The same goes for larger kitchen islands. With more people working from home, many are using the kitchen as an extension of their home office. With larger kitchen islands, these can serve as a multipurpose space for tenants needing more space for remote work, brainstorming, and also, meal prep.
Improved Outdoor Spaces
The pandemic made people want to stay indoors despite their longing for the great outdoors. Even as vaccines are rolled out and many states and countries no longer requiring the use of face masks, many are still showing reluctance to spend more time outdoors. But since being in nature is a good way to support mental health, tenants are turning to their yards and outdoor living space.
Now, more tenants want rental properties to have that extra outdoor living space they can enjoy. This includes a beautiful patio, a relaxing deck, and even breathtaking landscaping. This makes outdoor home improvements are a good way to aid your increase in rental price.
The good news is, you don’t necessarily need to shed thousands of dollars just to improve your property’s outdoor space. Sometimes, even the simplest projects can make a huge impact. Think of ways to incorporate nature in your rental and offer that extra living space they can enjoy on their yard.
Pet-friendly Projects
More people went on adopting pets during the crisis. More people turned to animals as a way of coping with the pandemic. This meant more people are looking for homes that will allow them to take their pets with them.
Pet parents are devoted to their buddies. This means they are also taking their pets into consideration when looking for their next home. One great way to entice pet parent tenants is by investing in pet-friendly property improvements. Think of non-toxic, pet-safe materials and features every pet will love having.
For example, giving your property a nice paint makeover is a good way to boost the curb appeal of the property. But using paint with zero volatile organic compounds (VOC) can make a great difference. The same goes for non-VOC home improvement materials.
A sizable yard where dogs can run and play is also a good investment. We need to consider improving the space without putting their safety at risk. This includes getting rid of plants that are harmful to dogs and fencing up the yard to stop dogs from wandering in the streets.
These are but some features many tenants are after during the Covid-19 crisis. Quality tenants are after functional updates that will not only make their lives easier. They also want properties that will enable them to enjoy the quarantine life to the fullest. The least we can do is to provide them with what they need while also hitting our goal. We can use this short list as a guide when improving rental properties to better fit the requirements of today’s modern tenants.
