While some amenities seem to be a little over the top, there are those amenities that provide a decent ROI and have since grown into best standards among property owners.
As property owners and managers, what amenities should you add? It’s best to consider the upfront costs versus the value it brings in. Some amenities may flop but others may succeed above your expectations.
What are some of the top amenities that other property owners recommend?
Fitness centers are pretty much a must-have
Fitness related amenities were among the highest ranked in terms of % of residents that are willing to pay more for such amenities.
Units with washer and dryers seem a higher return as well as those properties with high-end appliances and hardwood floors.
A recent study found that residents would pay approx. $75more or hardwood floors, $50 for a balcony and $30 more for properties with granite countertops.
Which Amenities IncreaseYour Bottom Line
Fitness & Wellness centers
For Some Properties, Consider Amenities such as
Outdoor Common Landscaping Areas
Measuring an Amenity’s ROI
This is basically simple to do. Calculate your total costs of the amenities and then calculate how much each specific amenity has resulted in higher income.
Service-based amenities are a bit harder to calculate and will require a different way to measure the ROI. It’s not as black and white like amenities such as granite countertops.
Not All Amenities Are Right For Your Property
Of course, you need to know a little about your renters to help decide on the ROI for any particular amenity. Adding granite counter tops in class d properties will not yield the same ROI as putting them in class A properties. In some case, you may lose money for some amenities. You need to understand your tenants’ behaviors before deciding which ones to add.
Amenities cover a wide range of tenant wishes and lifestyles. The bottom line is you should carefully consider your tenants, properties and do your due diligence into each amenity before taking the plug.
PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com