Finding the perfect apartment—one that meets the individual's personal standards—can seem like finding a needle in a haystack. There's so many to look at, but only a few units and buildings may seem worthwhile.
As an investor, you want to make your multi-family building as appealing as possible. However, you can't appeal to everyone's personal tastes and expectations. There are certain aspects of multi-family buildings, though, that are more attractive than others. These seven factors will attract tenants to your units like flies to honey.
Rent Your Multi-Family Units Easily With These 7 Features
- Location: Location is almost always the number one priority that prospective tenants consider. They may want to be closer to friends, family, work, or want some distance from them. If your multi-family building is in the right location, you'll be able to get more rent from your tenants while providing fewer amenities; renters are more likely to compromise on amenities to get a desirable location. The location is one of the few changes you can't make to a multi-family property so investors must choose right the first time.
- Enhanced security: Feeling safe in your home—especially when there are many individuals coming in and out of the building—is a big concern for prospective renters. Personal safety will always be a priority, and a multi-family building that has some kind of security system is a big plus. Even if the building is in a nice neighborhood, tenants will have peace of mind knowing they, and their belongings, are safe and secure. Whether it be auto locking doors, a swipe card to work the elevator, deadbolts, or alarms, anything done to keep out unwanted visitors is a bonus for tenants.
- Renovations: People are attracted to new things and are always wanting the latest and greatest. You can give tenants this through renovations, which also allows you to increase the rent. Having an outdated kitchen or bathroom is a turn off for many and will have them doing a 180 out the door. Don't lose prospective tenants. Renovate your multi-family building, particularly the kitchens and bathrooms, to increase your rent and your available tenant pool.
- Unit layout: Both homeowners and tenants look for this feature when considering a property or unit—an open concept. Open concepts are great because they make the space feel bigger and are better for entertaining groups of people. Having a unit with a lot of walls makes it seems choppy, distancing, and smaller.
- Parking stalls: With a portion of multi-family buildings located in the central areas of cities, there may not be room for the parking needs of tenants. Tenants are weary of parking their vehicles on the street because break-ins and hit and runs are always a risk. Having underground parking or an attached garage is enticing because renters will be able to plug their vehicles in and won't have to brush snow off them. Multi-family buildings that offer a large parking lot are also enticing because there's plenty of room for visitors, too.
- Outdoor access: Being cooped up inside a unit all the time isn't ideal. That's why having an outdoor space attached your rental units is a great feature. Although it may be small, it's better than not having one at all. Renters can sit on their balcony and relax, cook a juicy steak on the barbecue, or even use it to store larger personal items such as a bike.
- Storage space: A lack of storage space in a rental unit can be a deal breaker for prospective tenants. Closets and lots of shelving are necessary for any living space to stay organized. If your units don't have those options available, consider building them in. Shelves are easy to incorporate into any unit layout.
When it comes to tenants, investors aren't mind readers. There may be another totally unrelated reason why someone would not choose your apartment's unit to live in. There are ways investors can attract renters, though. Making the unit feel new, big, accessible, and safe will help draw tenants to your units.