If you are developing your next great rental property, there are several amenities that may encourage successful lease signings.
Here are six awesome upgrades you should consider.
“Green” continues to be an important selling point. This is particularly true with your younger renters or buyers. A property developer should consider using eco-friendly, recycled building materials and—most importantly—talking about it in their marketing. This can even be taken to a literal level—make considerations for green spaces, such as gardens and attractive landscaping in your urban property developments.
According to a study from the National Multifamily Housing Council (NMHC), renters are willing to pay as much as $31 more per month to live in a property that engages in sustainable or green initiatives and $26 more per month for properties that value recycling.
Generationally speaking, millennials are driving a movement toward rental properties that have convenient, highly available access to public transportation (another sign of eco-friendliness emphasis) and local, desirable businesses such as retail shops, coffeehouses and restaurants. In fact, the rise of multi-use properties is partially a product of this movement.
The American Institute of Architects recently found that a majority of property developers are seeing this increase in popularity in their communities, with the demand for mixed-use spaces increasing annually. The key here, though, is to know your market and the types of businesses it wants to be close to. Select tenants for residential-adjacent commercial spaces wisely, as it will affect the quality of renters you pick up for your above-business apartments and lofts.
Though the upfront cost might deter some property developers from taking the plunge, implementing solar panels on multi-family housing is the way of the future. As more panel manufacturers enter the marketplace, the cost of this tool is decreasing.
Why should a developer invest in something when electricity is available already? For starters, tenants will be more attracted to a solar-powered building, as the energy cost savings and efficiency will trickle down to their wallets. On top of this, you as the developer or manager will be setting yourself up for future cost savings—solar power is a stable, renewable source that is eating away at electricity’s market. As demand for classic electricity decreases, rates will continue to rise—you can avoid this adjustable rate with a fixed-rate power source such as solar.
The biggest age group among your renting population is predominantly millennials. That’s why developing properties that cater to them is so important. One smaller way you can amp up your Generation Y game is to consider including electrical outlets that feature USB ports. With more and more consumers relying so heavily on devices such as tablets and smartphones, many of which are rechargeable via USB cables, it’s an attractive feature to bypass the need for an AC converter plug and give residents the opportunity to plug directly in.
Your property should also include a safe, secure spot for storing bikes. Usage of this form of transportation continues to rise, with a 60 percent increase in biking commuters, according to the U.S. Census Bureau. Bike racks in a convenient location on your lot are key, whether it’s indoor or outdoor. And multi-story buildings should consider upper-floor residents when planning elevator sizes—does your plan include enough room for a bike for those who prefer to store them in-unit?
If your goal is to create a property with some longevity, you’ll have to get future-facing in your planning. Pike Research estimates that ownership of electric-enabled vehicles will top 1 million this year. Consider the rapid rise of this trend, and you’ll set yourself up for future consumer success. Include electric car charging stations on your property for a convenient overnight plugin, and you’ll endear yourself to an increasingly eco-conscious world.