- Safety and security like intercom, CCTV surveillance of key areas, boom barriers for parking lot entry, 24×7 security guards, LPG gas detectors, smoke detectors, etc.
- Green features like rainwater harvesting, sewage treatment plant, solar power in the common areas, garbage segregation and composting, etc.
- Lifestyle-oriented facilities like club house, gymnasium, children’s play area, indoor games like table tennis, squash court, badminton court, etc.
High-Speed Internet: Tenants are increasingly tech savvy, and this propensity plays into their housing wants and needs. In the NHMC survey, over 91 percent of respondents claimed to use their mobile phone ‘all the time’, with a whopping 98 percent citing good cell reception as an important feature in a rental. If you don’t already offer internet in your property, consider the ways you might capitalize on tenants’ desire for connectivity. If you choose to implement internet access, consider how you will recoup that cost from your tenants, and prepare for the complaints you’ll receive when service inevitably goes down.
Walk-in Closet:Tenants place a great deal of importance on storage, especially in one bedroom properties and master suites. Consider the costs of converting the closets in your property into walk-ins, whether that means decreasing the square footage of the bedroom in question or extending into a hallway or bathroom.
Soundproof Walls:Privacy is important, and buildings of old are known for their thin walls. Tenants don’t want to feel as if they’re sharing their space with the neighbor next door. If you own a multi-unit property and tenants have noise complaints, it might be worth it to consider soundproofing your walls.
Balcony or Patio: In urban and suburban areas, outdoor living space has become much more desirable. A 2014 study performed by the American Institute of Architects found that demand for outdoor living spacesincreased by a whopping 14 percent over the course of two years. There are numerous ways to upgrade your property’s balcony or patio, such as adding outdoor seating, planting trees and shrubbery, or installing a water feature. If your property doesn’t have an outdoor space you can tell potential tenants about the availability of any shared outdoor spaces the building offers or about nearby parks and recreational areas.
In-Unit Washer and Dryer:Convenience is king, and tenants continue to request in-unit washer/dryers for their homes, whether that be in a single family home or shared between apartment units in multifamily buildings