The Impact of Property Amenities on Rental Price

Introduction

Property owners spend significant amounts of time and resources in finding the right tenants to occupy their units. The cost of renting a property hugely depends upon the amenities that come with it. Whether it’s a house, apartment, or condominium, knowing the impact that amenities can have on rental prices can help anyone looking to rent determine the best deal for them.

What are Property Amenities?

Property amenities can mean a wide variety of things, ranging from the size of the unit and yard to the appliances commonly found in a unit and the inclusive services such as a doorman. The amenities available in a property play an important role in the overall rental cost of the unit, and can significantly increase the cost of a unit if the amenity is especially desirable. Unlock the potential of your property investments through effective finance and pricing strategies for UK landlords.

Common Amenities

Below are some of the most common amenities found in many rental properties:

• • Air Conditioning

• • Heating

• • Washer & Dryer

• • Fenced Yard

• • Garage/Carport

• • Dishwasher

• • Patio/Balcony

• • Security System

• • Smoke Detectors

• • High-speed Internet

Furthermore, there are amenity packages that can be added to a rental, such as recreational packages, pet policies, gym memberships, and more.

Amenities That Impact Rental Prices

The cost of a unit can go up based on the amenities that come with it, so the amenities that tenants are looking for will need to be evaluated in order to ensure the best deal. Below are some of the amenities that can impact a rental cost:

• • Size of the Unit

• • Number of Bedrooms/Bathrooms

• • Kitchen Appliances and Amenities

• • Quality of the Home

• • Parking Areas

• • Location

• • Security and Safety Amenities

• • Yard/Garden

• • Inclusive Services

• • Recreational Facilities

• • Pet Policies

Higher Rental Prices for Higher-end Amenities

Those looking to rent a property can anticipate paying higher rentals for properties that come with higher-end amenities, such as swimming pools, spas, top-of-the-line appliances, and more. Amenities such as dishwashers, better air conditioners, and fireplaces can also bump up the rental cost.

An Advantage for Property Owners

Offering quality property amenities can be an advantage for property owners who are looking to increase the rental price of their units. Owners should consider adding higher-end amenities to units in order to increase the rental price and attract higher-paying tenants.

Amenities for Future Tenants

When considering a rental property, always inquire about what amenities are included in the cost. Knowing what is available and included in the cost of renting can help any prospective tenant determine if the rental is in line with expectations and what their budget can afford.

Conclusion

Property amenities play an enormous factor in the cost of a rental. Owners should consider adding higher-end amenities to their units to increase the rental price, while prospective tenants should investigate the amenities that are included in the rental to determine the best deal for them. Knowing the impact that amenities can have on the rental price is essential when looking to rent a property.

What are the most common property amenities that can increase rental prices?

1. Security

2. Parking

3. Gyms and fitness centers

4. Swimming pools

5. High-speed internet access

6. On-site laundry facilities

7. Cable and satellite TV

8. Air conditioning

9. Elevators

10. Balconies/patios

What are the amenities renters typically look for when renting a property?

1. Location: Easy access to public transportation, safe neighborhood, close to shops and restaurants.

2. Cost: Affordable rent relative to the size, age, condition of the property.

3. Maintenance and Operations: Working appliances, good air conditioning, fresh paint.

4. Security: Lockable doors, secure windows, reliable locks, protected entryway.

5. Features: Modern fixtures/appliances, updated kitchen countertops and cabinetry, outdoor space.

6. Storage: Adequate closet space, extra storage, basement or attic.

7. Utilities: Reliable, low-cost internet access, gas and electric included, cable ready.

8. Amenities: On-site gym, swimming pool, sauna, concierge services, parking.

What amenities should landlords provide in a rental property?

1. Sparkling clean environment: Make sure the rental property is maintained and cleaned frequently, including taking care of any necessary repairs or maintenance.

2. Safety features: Landlords should ensure that the rental property has structures, such as door locks and smoke detectors, in place to provide tenants with a safe environment.

3. Adequate heating/cooling systems: Depending upon the climate, landlords should provide tenants with adequate means to maintain a comfortable temperature within the rental property, such as an air conditioner and/or heater.

4. Quality appliances: Ensure that the refrigerator, stove, oven, and other essential appliances are functioning properly.

5. Energy efficiency: Landlords should consider investing in energy-efficient updates, such as efficient windows, insulation, and energy-saving appliances, to help reduce the tenant’s utility bills.

6. Lighting: Provide the rental property with ample light, both inside and outside.

7. External amenities: Externally, landlords should look into providing leisure amenities, such as a swimming pool or fitness center, for tenants to enjoy.

8. Storage space: If necessary, provide adequate and secure storage space for tenants.

9. Adequate communication: Ensure that there is adequate communication between the landlord and tenant, possibly through emails and/or text messaging.

10. Pet policies: If necessary, landlords should have a pet policy in place for tenants with animals.