When purchasing or updating an apartment building in Tampa, you must find a balance between what you want as a real estate investor and what potential renters desire in a home. This can be tricky to navigate, but it’s absolutely necessary if you want to maximize ROI and avoid long-term vacancies.
Whether you’re looking to acquire a new multi-unit property for your investment portfolio or want to renovate and add to your current apartment buildings, you’ll want to be aware of what apartment amenities attract renters.
In this article, we’re sharing nine important apartment features that renters look for when apartment hunting in Tampa, Florida. Plus, you’ll learn how adding these amenities can benefit you and your finances.
Top Apartment Amenities Desired by Renters
One of the most important things to remember as a real estate investor is that your apartments must be desirable. Millennials make up a large portion of renters in the market, so it’s important to keep their interests in mind when searching for tenants.
Below are the top apartment amenities renters look for when shopping for a new place to live.
1. In-Unit Laundry
In this busy world, apartment renters don’t have the time or desire to use a laundromat or on-site laundry facility to do a few loads of laundry. It can seem expensive and feel like a huge inconvenience.
That’s why one of the most desired apartment amenities is in-unit laundry that includes a washer and dryer. There is absolutely nothing more convenient than being able to wash your clothes in your own in-unit washer and dryer as many times as you want, whenever you want, without digging for quarters every time.
2. Central AC and Heating
When was the last time you heard someone say, “I definitely prefer having an AC unit in my window over a central system?” Probably never, right?
Renters, especially those searching for an apartment in Tampa, want to be comfortable year-round in their homes. During the hot Florida summers, central AC is necessary to stay cool and an absolute must to attract high-quality tenants.
3. Stainless Steel Appliances
Renters are attracted to properties that look modern and new. One way to achieve this is with stainless steel appliances. A kitchen that has upgraded appliances that are newer will definitely put your rental units above others on the market with older appliances.
Consider replacing the oven, microwave, and refrigerator if they are over 15 years old. It’s time to modernize your rental in order to attract more renters.
4. Outdoor Space
After enforced lockdowns in 2020, people quickly realized how important having an outdoor space is for apartment living. If your rental property has a balcony, terrace, or even a rooftop patio, you’ll quickly find that more people are interested in living there.
Having an outdoor space included as an apartment amenity instantly upgrades its appeal to potential tenants. It’s an extension of the living space and offers tenants a place to soak in the sun and breathe some fresh air.
5. Fitness Centers and Pools
Some of the most desired apartment amenities in Tampa are a fitness center and pools. Not only are these community amenities seen as luxurious, but they offer incredible convenience for renters who take their health and wellness seriously.
Other community amenities potential renters look for are attractive outdoor spaces, clubhouses, and WiFI that’s available while they’re on the grounds of the property.
6. Energy Efficient Appliances
Remember, millennials make up a huge part of the rental market. Studies show that millennials are willing to pay more for sustainable products and support businesses that are eco-friendly. How does this affect you as a real estate investor in Tampa?
Well, if you include energy-efficient appliances and renewable energy sources to power your property, you could attract these millennial renters and even get them to pay more in rent. Being conscious of your property’s impact on the environment is actually a desired amenity by many apartment renters.
7. Smart Security Features
Everyone wants to feel safe living in their home, whether they rent or own it. One thing you can do as a landlord is to upgrade your rental’s security features to make it more secure.
There are many smart security products available such as the Ring doorbell, keyless entry locks, and motion sensor lights outdoors. Creating a safe and secure space for tenants should be a top priority since it’s one of the most desired apartment amenities amongst renters.
8. Storage Space and Walk-In Closets
A common issue renters face is not having enough storage space in their rental units, especially when it’s an apartment in a duplex or condo building. If possible, offer extra storage space to your tenants via an extra closet, a walk-in closet, outdoor storage, or a storage locker near the property.
Don’t underestimate just how powerful this amenity is when tenants are making a decision of whether or not to rent your property. (Especially big walk-in closets!)
9. Excellent Attention and Property Maintenance
A big complaint amongst renters is that their property managers don’t pay enough attention to them. No matter how many great apartment amenities you include in your rental to attract tenants, the quality of service and care you give trumps these physical amenities.
If you don’t have time to dedicate to your rental or tenants to make repairs or answer questions, you may want to consider hiring a property management company in Tampa to take over these responsibilities.
Sometimes, tenants are more likely to rent a property that is managed by a professional property management company rather than an independent landlord.
How You Benefit from Including Attractive Apartment Amenities
So far, we’ve focused on what is important to the renters who live in your property. Now, let’s focus on how these amenities can benefit you and your investment.
Firstly, when your property includes amenities that attract renters, you will most likely experience little to no vacancy time between tenants. A desirable property attracts quality tenants fast!
You’ll also have the opportunity to increase your rental income thanks to these amenities as well. People are willing to pay more for a property with the amenities they desire.
Let’s also not forget that if you work with a property management company, you’ll experience even more benefits, such as achieving passive income and knowing your property is in great hands.If you’re considering working with a property management company in Tampa, you’ll want to read 13 Hard-Hitting Questions to Ask a Property Manager.