In a property market as competitive as Austin, the typical tenant has several options to choose from. This makes it harder for a landlord to stand out from their competitors in the neighborhood.
When selecting a property, renters prioritize different amenities. These needs may vary from sizeable kitchen space, to parking, to storage spaces. What should an Austin property owner prioritize to make their rental space stand out?
We will outline the top amenities that Austin landlords should install in their properties to lure tenants their way.
Parking
Due to the increased employment rate in Austin, more tenants are buying and driving cars. These tenants would prioritize rental properties with parking spaces that keep their vehicles safe from theft and extreme weather.
Imagine the convenience of getting home from work and pulling into your reserved parking space, rather than having to circle the block searching for an open spot. By offering a parking space to your tenants, you are giving them a reason to extend their lease and become long-term tenants .
You can also charge a higher rental price due to the extra advantage that you offer your renters.
Walkability
Compared to other options in this list, this might be a bit out of your control but that doesn’t mean you cannot consider it as you look for the ideal investment option. Walkability considers the proximity of your property to services in the area. It assesses if a resident of the neighborhood can easily walk to different services.
A tenant looking to rent from you will ask themselves if they can easily walk to an ATM, if the children can walk to school, or if they can easily reach a hospital in the middle of the night. Walkability increases the convenience of an area and reduces the commute time to school, work, or other amenities in the neighborhood.
Soundproof Walls
While your property offers your residents close proximity to services and amenities in the neighborhood, this can come with a disadvantage: noise. This can be cars zooming past or children playing outside.
Offer your tenants some peace and quiet by considering the installation of soundproof walls. These upgrades can make it easy for your renters to sleep at night, especially in a modern space like Austin.
The walls also prevent noise from escaping the units. If you are looking for fewer conflicts between your renters, soundproof walls could be your solution.
Storage Space
There is always a need for extra storage space. Providing some extra room for your tenants to store their holiday decorations or sport equipment can go a long way in making your property more desirable. This is especially important if you are considering renting to a large family.
Take advantage of this by offering designated storage space to your renters. The extra storage space will allow them to make their main living areas more comfortable and clutter-free. You may consider making some changes to the bedrooms, adding walk-in or multi-tiered closets.
If you have more storage space than what your renters need, consider leasing it out to other tenants in the neighborhood on a monthly basis. This is great way to earn extra income from your property.
Kitchen
This is where the action happens for most households. With good food, families meet together in the kitchen to discuss the activities of the day.
There are many upgrades that you can consider for your kitchen. A beautiful counter or island is an attractive feature. You can also consider a backsplash or a complete upgrade of the kitchen devices and appliances.
Air Conditioning System
If you don’t have an air conditioning system in your Austin rental, you might be losing potential renters to your competitors in the neighborhood. Temperatures in the summer can get very hot and a renter will be looking for cool and comfort in their home.
There are different HVAC systems in the market. You might need the help of a seasoned property expert to help you in the selection of the ideal central system.
Outdoor Spaces
Providing outdoor space on your rental property is a great way to entice a potential tenant. Whether this is a balcony or backyard with a sitting area, it will go a long way in making your potential tenants feel like they can envision themselves living here.
Outdoor spaces can be converted into a small garden, a barbecue area, or simply a playground area for the kids.
Bottom Line
Are you considering adding any of these amenities to your property? With proper management, budgeting, and quality renovations, you will be able to increase the allure of your Austin rental property.
And who better to handle this operation than Austin’s premier residential property management company? Here at Rollingwood Management Company, we are experts at managing properties. Contact us to see how we can help bring the full potential out of your investment property.