Successful landlords in Colorado are those that are able to attract the right kind of tenants into their rental properties. The right tenants are those that pay rent on time, care for their rental premises, and rent long term, among other things.
But how exactly do you attract them to your Colorado rental property? Well, writing a compelling rental property description and including high-quality photos can certainly help. However, the best way to attract prospective tenants to your property is by catering to what they want.
The following are the top 8 amenities that renters in Colorado will find hard to resist!
1. Outdoor Spaces
Besides investing in unique features inside your property, outdoor spaces are something that tenants often appreciate having. Renters usually search for areas where they can enjoy good weather and fresh air. Such areas include a fenced yard, a roof garden, a balcony, or a small patio.
Additionally, having special amenities like an outdoor seating area, a swimming pool, or fire pits can help renters envision living in the space. These are bound to catch their attention.
2. Upgraded Kitchen
Upgraded kitchens are modern and attractive, and renters who enjoy cooking will look for them. Among the best ways to upgrade your kitchen is by installing granite countertops and stainless steel appliances. They last longer and are easier to clean.
Besides being low maintenance, updated kitchens are also great investments. You may even be able to adjust the rent upwards if need be.
3. Flexible Pet Policies
Many tenants in the U.S. are pet owners. According to a survey conducted by the American Pet Products Association (APPA) in 2020, about 85 million families, or 67% of U.S. households, own a pet. And the numbers are expected to keep rising. As such, allowing pets in your rental can draw in a considerable number of prospective tenants and often keeps them for a longer period of time.
Admittedly, allowing pets into your rental property does come with its fair share of risks. For example, there may be an increase in noise complaints and damage exceeding normal wear and tear.
Fortunately, you may be able to overcome such risks by having a pet policy. In the pet policy, you may want to protect your investment by including clauses on things like:
- Pet deposits. This is a one-time payment you can require the tenant to make before moving in. Its purpose would be to cover any damage the pet may cause to your rental property
- Pet rent. This works differently than a pet deposit. Unlike a pet deposit, pet rent is a recurring monthly charge to compensate a landlord for the additional wear and tear a pet may cause
- Size, number, and types of pets allowed. This can help you avoid a higher risk of damages or complaints.
In doing so, however, please note that such rules may not be applicable to disabled tenants. Under the Fair Housing Act, landlords are prohibited from charging any deposit or fees to tenants who have a mental or physical disability and require a service animal.
4. Highlighted Area Features
When looking to buy an investment property, you want to consider a good location. The location of an investment property can make all the difference. It can make the difference between finding tenants quickly and struggling to land one.
If you have a property that is located within a walking distance of major points of interest, such as beaches, restaurants, and universities, be sure to mention the nearby amenities in your rental ad. Prospective tenants will be drawn to these.
5. Ample Security
Of course, just like everyone else, renters want to live in a safe home. So, during their search, they will be in the lookout for safety features in your home.
One of the most popular amenities renters look for is gated access. Other common security amenities include secured package delivery, security cameras, automatic locking doors, and an alarm system.
However, remember that along with these amenities, you’ll also want to make sure your property complies with state and local safety standards.
6. Smart Home Features
The United States has one of the largest online user bases in the world. Currently, about 90% of the population is accessing the internet. As a result, smart home devices can have a considerable appeal.
A smart home allows a resident to control devices such as lights and thermostats remotely using a smartphone or tablet with an internet connection. Over the past few years, an increasing number of renters are embracing smart home features.
7. Parking Spaces
It’s frustrating to spend half an hour trying to find a parking spot after work or when a friend comes to visit. As such, prospective tenants will be looking for an apartment that has ample parking space.
Assigned parking and garage parking are particularly popular in urban areas where there is limited space. Also, covered parking tends to be popular in Colorado due to the snowy climate.
8. In-Unit Washer & Dryer
Having an in-unit laundry in your rental property can be a major convenience to your renters. Although no local laws require them, providing one for your renters can help make your rental stand out.
But, if you don’t have the budget, then consider offering on-site laundry rooms and washer/dryer hook-ups. These are desirable amenities, as well.
By offering any of the above amenities and highlighting them in your listing, you’re sure to appeal to a much wider array of prospective tenants. Something as small as a new fridge can make you stand out from the competition.
Attracting renters into your Colorado home is half the story, however. Once they have signed the lease, the next goal would be to retain them for as long as you can. Low tenant turnover means cost and time savings for you.
With the help of Evolve Real Estate and Property Management, we can take care of both the marketing and the care of your tenants! Our stellar property management services can take the stress off your shoulders while you grow towards your financial goals.