The Impact of Outdoor Living Spaces on Rental Value

It is an undisputed fact that outdoor living spaces can significantly increase the rental value of a property. So, what can a creative, outdoor living space do to attract tenants and bump up the rental value of residential properties? Here we are going to discuss how outdoor living spaces impact rental value and how property owners can take advantage of this.

What Is an Outdoor Living Space?

An outdoor living space typically includes desirable features such as patios, decks, gardens, decks with fire pits, and pools. Such areas encourage tenants to go outdoors and enjoy the tranquility of nature. After all, the true pleasure of full-fledged outdoor living is dependent on the quality and value of the outdoor natural spaces.

Features of Outdoor Living Spaces

When it comes to features that appeal to tenants, outdoor living spaces must have:

  • Secure fencing
  • Private patios
  • Plenty of plants and/or flowers
  • Festive lighting
  • A relaxing pond or pool
  • Natural landscape
  • Adequate seating
  • An outdoor kitchen
  • Modern features like fire pits and water features
  • A well-groomed lawn or garden

These features will give residential properties a whole different level of appeal and desirability that sets them apart from other properties on the market.

The Impact of Outdoor Living Spaces on Rental Value

Outdoor living spaces can have an enormous influence on the rental value of a property. Potential tenants are more likely to be attracted to a property with an attractive, inviting outdoor living space. Thus, an attention-grabbing outdoor living space can help property owners increase the perceived value of their properties and achieve higher-than-average rental rates compared to similar properties in the same area.

Benefits of Outdoor Living Spaces for Renters

When it comes to outdoor living spaces, renters stand to benefit from:

  • Increased privacy
  • Scenic views
  • Natural ambiance
  • Stress relief
  • Social gatherings
  • Recreational activities
  • Outdoor entertaining
  • Opportunities to reconnect with nature
  • Easy access to fresh air
  • Easy-to-keep maintenance

What Property Owners Can Do to Increase Rental Value with an Outdoor Living Space

Property owners can amplify their competitive edge in the rental market by having (or creating) attractive outdoor living spaces. Here are a few suggestions that can help them in achieving higher rental revenues:

  • Invest in quality landscaping
  • Where necessary, install attractive fences for enhanced privacy
  • Add furniture to make the space look more inviting and comfortable
  • Incorporate modern features like fire pits, water features, and other elements
  • Make sure the outdoor space provides adequate protection from extreme weather conditions
  • Invest in lighting elements to create a warm and inviting atmosphere

Final Thoughts: The Impact of Outdoor Living Spaces on Rental Value

It is clear that a nicely designed outdoor living space can be a powerful factor in influencing the rental value of residential properties. From increased desirability to increased privacy and better views to improved quality of life, an outdoor living space has the power to provide a multitude of benefits to prospective renters.

So, property owners should consider investing in the design and construction of outdoor living spaces to create a great living experience for potential renters and to increase the perceived value of their rental properties.

Ultimately, an attractive outdoor living space can be a great marketing tool that helps property owners differentiate their rental property from all others on the market—which can positively impact rental value.

What are the benefits of having an outdoor living space in rental properties?

1. Increased Rental Value: Adding a new outdoor living space to your rental property can increase its overall rental value. This can lead to higher monthly rental rates, increasing the amount of money that you can make from the property.

2. Increased Curb Appeal: Having an outdoor living space in front of your rental property can greatly increase the curb appeal to potential renters. This can be a great way to attract higher quality renters who appreciate the beauty and comfort of the outdoor space.

3. More Attractive to Tenants: Adding a nice outdoor living space to your rental property can make it more attractive to potential tenants. This can be a great way to draw in more people who want to rent from you.

4. Increased Outdoor Time: An outdoor living space can increase the amount of time renters spend outside enjoying the fresh air and sunshine. This can be a great way to provide renters with a place to relax, exercise, or even entertain guests.

5. Improved Landlord/Tenant Relations: Having an outdoor living space can improve the relationship between landlords and tenants. By providing a place to relax and enjoy the outdoors, tenants can better appreciate the offerings of the landlord.Likewise, landlords may be able to gain the appreciation and loyalty of tenants when they provide a comfortable and inviting outdoor living space.

What features should be included in an outdoor living space for rental properties?

1. Weatherproof furniture – Choose furniture designed for outdoor usage, such as weather-resistant wicker, plastic, or metal furniture.

2. Lighting – Consider adding string lights and/or torches to illuminate the area during the dark hours.

3. Outdoor kitchen – Include a gas grill or outdoor kitchen to enhance the outdoor cooking and entertainment options.

4. Shade – Protect visitors from the sun with an awning, gazebo, or outdoor umbrella.

5. Fire pit – Make it a cozy destination with a fire pit that can serve as both an entertainment spot and a way to stay warm.

6. Entertainment – Provide entertainment amenities like a sound system, television, games, or projector.

7. Plant life – Liven up the space with some lush vegetation.

8. Accessories – Enhance comfort and usability with outdoor accessories like chairs, rugs, blankets, and pillows.

What materials are best for outdoor living spaces for rental properties?

1. Durable Furniture: Choose furniture that is made from sturdy materials with weather-resistant properties, such as teak, wicker, and resin, so it can stand up to the elements.

2. Concrete Paving: For paths, patios, and decks, opt for concrete or stone pavers that can withstand high traffic and rain.

3. Weather-Resistant Adornments: Choose fabrics, decorations, and other adornments that can tolerate elements like moisture or direct sunlight.

4. Lighting: Utilize energy-efficient outdoor lighting that uses solar or LED technology in order to reduce energy costs.

5. Outdoor Heating: Fire pits and outdoor heaters can add a cozy atmosphere to a patio or deck. Make sure to choose ones that are fueled by electricity or propane.

6. Fencing: Install durable fencing materials like aluminum, vinyl, and composite in order to provide safety and privacy while also adding aesthetic appeal.

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