Amenities play a huge role when it comes to renting a home. While renters used to be satisfied with having a roof over their heads, today they expect much more from their rentals.
When asked about what factors influence whether to rent an apartment, according to the 2024 NMHC & Grace Hill Renter Preference Survey, 87% of residents stated that the presence of on-site amenities will have a significant effect on whether or not they lease.
Investing in the right type of amenities for your rentals is one way to find high-quality renters and retain them as long as possible.
Should I Include a Washer and Dryer in a Rental? Pros and Cons
The number one question that landlords are always asking is whether having laundry machines in their apartments will pay for itself. Short Answer: It’s all about your location and goals. Knowing what to expect can help you make an educated decision.
The Pros
The main benefit of having in-unit washers and dryers is that they increase your earnings since tenants may see your property as a luxury rental. This perception is good because luxury rentals are winning big recently.
In fact, properties that have these amenities will generally rent at the highest end of the market compared to similar properties. Many landlords can expect to recoup the cost of their initial appliance investments via increased rents (often in less than one year) due to the consistent demand for this amenity.
In addition to increasing your rent prices, providing appliances may help stabilize tenancy. Tenants frequently seek convenient amenities when selecting housing and providing them with washer/dryer units provides an attractive option to both attract new tenants and retain existing ones.
There are also potential tax benefits associated with providing appliances. All maintenance, repairs, and replacement costs for washer/dryer units are tax-deductible as operational expenses. To explore these benefits, speak with an experienced property manager who understands and knows how to navigate the local rules and regulations.
The Cons
The primary disadvantages to consider when renting equipment to your tenant include the initial expense plus long-term responsibility. Equipment that is used will eventually be subject to wear-and-tear and require some level of repair or replacement. Tenants may not take the same care of rental equipment as they do with personal property, which could result in a higher number of needed repairs. Utility expenses, such as electricity and/or water, may increase due to this type of appliance use.
If utility expenses are included in the rental agreement, you will have to determine whether or not to pay the additional costs yourself or pass the increased costs onto the tenant.
So, What Should You Do?
A good place to start is by comparing all rental properties that are for rent in your area.
If at least 70 percent of these for-rent ads include appliances, then it would likely be a requirement for you to include them if you want to compete with those rentals.
Also, including appliances can impact rent pricing when thinking about should I include a washer and dryer in a rental. It’s another effective way to justify a rent increase, making it a worthwhile addition.
Best Washer and Dryer for Rental Property: Durable and Tenant-Friendly Options
Choosing the best washer and dryer for rental property can help attract long-term tenants and reduce maintenance calls. However, not all appliances are built the same; some crumble faster than others.
Here are three reliable options constantly recommended by landlords and property managers;
1. Speed Queen — Best for Long-Term Durability
Speed Queen is noted for constructing robust commercial laundry machines. Their machines are backed by years of dependability and long-lasting performance in even the toughest of uses.
Speed Queen is a name that repeatedly comes up in landlord circles because of its commercial-grade machine construction. Yes, the initial investment is greater than other brand offerings, but the offset is fewer malfunctions and a greater length of service.
Their machines have a life expectancy of up to 10,400 cycles, are easily repairable, and provide landlords with an overall low cost of ownership. For those who own multiple units, this brand is worth the investment.
2. Maytag — Best Balance of Durability and Practicality
Maytag is respected for building enduring washers and dryers with an emphasis on commercial-grade materials and construction performance.
Their washer and dryer sets are well regarded for their solid construction and the ability to take on heavier workloads with an even balance between dependability and accessibility for parts and repairs.
This is a solid option; durable enough to withstand rental wear and tear but also easy to find at any appliance store. Maytag commercial top-load washers and dryers are a popular recommendation amongst landlords, especially when utilities are included, because the washing cycle is optimized for low energy consumption.
3. Roper — Best Budget-Friendly Option
Roper is an example of a well-known brand that offers a low-cost option for a tenant’s needs. This line of appliances may appeal to some renters who seek an easy-to-use, long-term product at an entry-level price.
Most Roper products do not have many “extras” built into their design and therefore provide the user (renter) with a knob-based interface and single cycles. Since Roper is very budget-friendly, it will be a good option for new managers or even existing managers working on properties with lower rents.
A major benefit of the Roper model is its lack of electronic components, making repair inexpensive and quick. This is important because your tenants will be using the product every day.
Other Amenities That Can Increase Tenant Satisfaction and Retention
When it comes to rentals, the combination of high-quality amenities can make a good rental a great one. Here are the five top amenities your business should have to attract your tenants.
1. High-Speed Internet Access
Most renters today pay for internet access. Anywhere you go, the Internet is a necessity. Offering high-speed internet access in a lease is a customer touchpoint that adds high perceived value for the customer.
Internet access is a top-requested feature, and in some cases, it is the reason the property is rented, especially for young professionals.
2. Smart Home Technology
Keyless entry and smart thermostat systems are becoming necessities rather than choices. Not only do smart home systems attract new tenants, but they also greatly improve tenant satisfaction and retention.
The added safety and convenience of smart locks are a great value. Setting up smart home systems can greatly increase rent potential as high-end tenants seek out fully modern units.
3. Fitness Center or Pool Access
Renters will find that having a pool, a fitness center, or both as part of their rental space is a major differentiator in the rental market. These can be very appealing for tenants who value working out or relaxing at home after work.
While it does take a lot to build a full-fledged fitness center, even a small, well-kept fitness area says something positive regarding how much you invest in tenant satisfaction.
When you continually update your amenities, such as fitness facilities, according to comments from your tenants, this helps keep your property competitive and is one of the best ways to improve retention.
4. Pet-Friendly Features
Most renters with pets love their animals and will not even consider moving to a new location if they have to leave them behind. So by accepting pets and providing pet-friendly outdoor spaces, you can attract a wide range of tenants.
Adding designated pet areas or simply updating your pet policy can open your property to a broader pool of quality applicants. You can even go beyond and host pet-friendly events to boost resident satisfaction and make your property stand out more.
5. Responsive Maintenance Systems
Not all amenities are physical features. Your speed in addressing issues is, in fact, a major driver of tenant retention.
Managers who excel at tenant retention put a premium on prioritizing emergency work orders, maintaining a solid list of contractors, and following up on post-repair work orders. They also check if the tenant is pleased or dissatisfied with the repair & that the tenant’s issue has been resolved.
Properties with consistent repair and maintenance work orders usually have a 15% higher tenant retention rate.
Conclusion
Your amenities reflect the type of landlord you are. Whether you offer a washer and dryer, durable appliances, and other features that simplify everyday tasks, each of these choices impacts your tenant’s experience.
Making the right choices will not only fill vacancies, but it will also keep quality tenants and protect your return on investment. Start with the basics, understand your target audience, and expand your offerings.
