As you work to attract the best tenants and the highest rental values for your Colorado Springs property, you’ll find that there is often room for improvement when it comes to your home’s condition. If you’re already offering a well-maintained rental property in a desirable location, that’s a good start. To really set yourself apart from other properties and to increase the value of your Colorado Springs investment, you might want to consider offering some unique and sought-after amenities.
Most Colorado Springs tenants have high standards for their homes. They are looking for a rental property that’s more than habitable, more than safe, and more than comfortable. They want something special, and they want a lot of value.
Not only can the right amenities increase the value of your rental property, they can also contribute to lower vacancy and turnover rates. You’re more likely to hang onto a tenant when you’re offering the right perks.
Before you decide what to do and how to do it, set a budget and outline a scope. You don’t need to renovate the entire property or provide the sort of amenities you might be looking for in a home you’re living in yourself. The amenities and upgrades you should aim to meet modern standards and demands. A built-in wine cellar and bamboo floors aren’t going to be a requirement for most renters in the local market.
As expert Colorado Springs property managers, we know what tenants are looking for and where you’ll get the most value for your money when you’re preparing a property to rent. Try these seven amenities to attract the best residents and increase what you earn.
1. In-Unit Laundry
Put a washer and a dryer in the homes you’re renting out. This is a big deal for tenants today, especially in a post-COVID world, where people are spending less time in crowded indoor areas and paying more attention to hygiene and cleanliness. Your renters don’t want to spend their weekends at a Laundromat. Communal laundry machines in an apartment building, a duplex, or a condo community are usually appreciated. But, to really increase the value of your rental property and attract more tenants, make sure you’re offering in-unit laundry. It’s going to make a difference.
If you’re renting out a smaller property, look for stackable washer and dryer units. They are economical and they’ll save on space. Keep energy efficiency in mind as well.
Depending on the number of rental properties you own, this could seem like an expensive endeavor. But, you’ll earn back what you invest on higher rents and happier tenants. If you’re buying the machines in bulk, you’re likely to get a generous volume discount.
Remember that when you buy the laundry machines for your investment properties, they are yours to keep even through tenant turnovers and property sales. You can move the machines from rental property to rental property if the need arises.
2. Good Internet and Tech Investments
Tenants are looking for technology. You don’t have to completely wire your house for everything that’s available, but if you can include some tech-friendly amenities, you’ll find that you can charge more in rent. You’ll be quick to attract the residents who work from home and study from home.
Start with strong Wi-Fi. Even if you leave the wireless service up to your individual renters, you can make sure your home is internet-friendly. Older, thicker walls can sometimes prevent fast internet. Make some recommendations about which internet companies are available. Tenants will appreciate knowing how to get this service set up, and it’s likely one of the things they’re going to need to have up and running as soon as they move in.
You can also provide wireless internet service as part of the rent. This relieves them from having to tackle the installation or monthly service fee. If you’re going to offer free internet, make sure it’s good internet.
Other possibilities that will increase your rental value falls under the category of smart home technology. Tenants will be willing to pay higher rents when they can sync their phones and other devices to the point that they’re able to manage lights, thermostats, and appliances with a simple swipe on their apps.
3. Pet-Friendly Amenities in Colorado Rental Homes
Pets are important to tenants, and they also provide you with a great way to make more money on your rental home. We understand that it can be risky – all of us in the Colorado Springs property management field have seen what a dog can do to walls and floors. We know that cat odors can linger in the carpet. But, with a strong pet policy in place, you can mitigate that risk and even make more money when you rent out your home. Here’s how:
- There’s a lower vacancy period when you rent out pet-friendly properties. You have a larger pool of tenants, so your home rents faster.
- You can charge a pet fee. This is a non-refundable fee that’s usually $200 or $300 per pet.
- You can charge pet rent. This is an additional $25 – $50 per month, per pet.
As long as your pet policy is strict about which types of animals you’ll allow, how many of them, and how you expect your tenants to care for and control them, you can have a relatively low-risk tenancy with a lot of extra income.
Pet-centric amenities like a fenced yard or a doggie park can really attract tenants who have furry family members.
4. Hard Surface Flooring
Carpet can be nice in bedrooms. Tenants want to wake up on cold winter mornings and have a soft, warm surface upon which to rest their feet.
But, in the rest of the home, consider hard surface flooring.
There are many benefits to this. Your property value will increase with better-quality floors. Your rental value will also increase because tenants are willing to pay more for floors that are easier to maintain and less likely to trap allergens and odors. Keeping the carpet clean is not always easy, and when you upgrade your floors, you won’t have to pull that carpet out and replace it every few years. You won’t have to steam clean it between tenants.
Hardwood floors would be great and really impact your rental value. But, you don’t have to go that far. There are some great, high-quality laminate products that are durable, attractive, and cost-effective.
5. Colorado Springs Rental Property Security
Tenants want to feel safe, and you want to protect your investment. You should always offer as much security as you’re able to provide.
Some of the best safety amenities you can provide include:
- A security system. This can be expensive to pay for every month but consider at least having it installed and then giving your tenants the option of activating it.
- Video doorbells. These have become extremely popular, especially among single-family homes. Tenants can see who is at the front door, and some models even record a video of who comes and goes. This investment will be attractive to tenants, and you’ll be able to see anyone who approaches your property.
- High-quality exterior lighting. Consider motion-detector lights, especially on garages and any outbuildings like sheds.
Protecting your property and your tenants is a good investment. Your insurance costs could even be lower when you make a few improvements.
6. Upgraded Finishes and Cosmetics
There’s a lot of value to be found in cosmetics and aesthetics. To earn as much as possible, your rental property needs curb appeal. Make sure the outside of the home is clean and welcoming.
Inside, focus on cost-effective amenities such as fresh paint, updated lighting, and matching appliances. Stainless steel would be great, but as long as everything matches, you don’t have to replace working appliances with stainless steel. Granite counters would also increase your value, but if you can’t do that, at least consider putting in a tile backsplash. This minor investment can change the whole look of your kitchen.
New drawer pulls, shiny faucets, and fresh knobs on the cabinets can all make a difference in how your property looks and what it can earn.
7. Colorado Springs Tenants Appreciate Landscaping Services
If you’re renting out a home with a yard, tenants are going to pay more for the property. When you provide landscaping services in the rental amount, you’re also earning more and maintaining control over how your property looks.
Lawn mowing in the summer and snow shoveling in the winter will go a long way towards increasing your rental value, ensuring tenant satisfaction, and protecting the condition and value of your asset. Find a reliable vendor, and roll the costs of hiring them into what you charge every month in rent. Your tenant is paying for it, but they don’t have to worry about that part of maintaining your property.
These are seven of our best recommendations, but of course, the best amenities will depend on your unique property. Contact us at Muldoon Associates, and we’ll make some personalized recommendations that we believe will really help you earn more on your Colorado Springs investment property.