With single-family, planned communities on the rise, landlords are looking for ways to attract the best tenants. Meanwhile, landlords in multi-dwelling units (MDU) are competing with the rise in new single-family rentals. Many tenants seeking single-family rentals (SFRs) in gated communities have the money to buy a home but choose not to. They seek backyards, bonus rooms, and open floor plans, along with amenities found in high-rise complexes such as enhanced security, spas, and swimming pools.
That’s just the beginning of luxury tenants’ expectations.
Whether you are working with a builder to create a profitable SFR community or expanding your portfolio with investments within the MDU market, you can set your buy and hold properties apart with some of the following amenities.
Bring Families Together with the Allure of “The Big Screen”
Many homes today boast multimedia family rooms, which tenants may outfit with a cozy sectional and gather the family to watch movies. But if the space is available, a dedicated home theater with a two-piece projection system, soundproofing, and multiple rows of seating can set a home apart.
In MDUs, a larger theater that is open to residents and their families can be a selling point. Be aware: You will want to research copyright guidelines for public showings of motion pictures to determine what licenses you may need to purchase. Alternatively, consider creating an auditorium setting where you can host local performers and theater group.
Welcome Furry Friends with Amenities of Their Own
Thirty-one percent of build-to-rent communities include a dog park, according to a report by John Burns Real Estate Consulting. While pet amenities may not appeal to every demographic, research can help reveal if it is a good investment in the area where you plan to rent.
You can take a pet-friendly environment one step further by offering dog-friendly drinking fountains, pet wash areas, and even picnic areas where pets can chow down and let their owners get to know one another, building a stronger sense of community within the neighborhood.
Incorporate Co-working Spaces for Today’s Remote Workers
Flexible office spaces are growing in popularity, with more than 70 percent of professionals across the world working away from their office at least once a week, according to a report by workspace company IWG. Seventy-eight percent of remote workers choose to work from the comfort of their own home, according to a survey by Buffer.
Give tenants the convenience of working from home with the benefits of an office setting by transforming a community room or club house concept into a co-working space with desks, a strong internet connection, and digital whiteboards. In fact, some MDU developers are calling co-working spaces a “must-have” in some regions. Best of all, by opening the space to members outside your complex, you can turn the co-working space into an additional revenue stream and use it as a recruiting tool to draw in new tenants.
Whether you are looking to attract the next generation of entrepreneurs or pet-friendly families, creating the amenities your tenants want can reduce vacancies and increase your cash-on-cash return.
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