Every landlord and property manager knows that a high tenant turnover rate can kill a rental property investment. So as a landlord, you want to have property amenities that create a happy, long-term tenant.
Sure paint, accent walls, and shiny new kitchen appliances go a long way to appeal to the eye — but they are not the amenities that count most among renters.
Tenants want functionality. Giving them a functional environment will help them feel more at home in the property.
So what makes tenants the most happy?
Storage and parking.
Storage Means More Satisfaction
People want places to store their belongings, whether it’s under the stairs, in a larger closet, or an outdoor shed- if they have enough storage, people will never want to leave.
Even if you have to raise the rent by 2%, tenants will go out to the garage and think, “I have all this stuff here and I have to move that over a $10 or $15 increase? No way, I’m staying here another year.”
We’ve found that nothing is more depressing for a tenant than to have to park on the street three blocks away, with groceries in hand, and walk to their home. It’s even worse in rainy weather.
Coming back to the original psychology; we want tenants to act like homeowners. Homeowners typically at least have a driveway to park in. It sounds crazy, but If you don’t have a place for off-street parking, you’re instantly eliminating 80% of your tenants.
The key is to identify pain points and then get rid of them. The pain is in parking and the pain is in not being able to store things. If you want to instantly upgrade your rental property, our advice is to start there and THEN add additional features that have aesthetic appeal.