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Rental Property Management: The Top 10 Amenities Renters Want (Survey)

Rental property management top 10 amenities list image showing a smartphone looking for a wifi signal.

At Class A Management, we know it’s crucial to stay ahead of current rental property amenities trends and understand the evolving expectations of renters. According to the results of a recent survey by Apartments.com, here are:

The top 10 apartment community amenities renters are looking for in 2023 and beyond

  1. Reliable Cell Reception. More residents than ever work from home, so a great cell signal and wi-fi are necessities for most. With 86 percent of respondents ranking this as a top priority, it is crucial for apartment communities to have strong cellular connectivity. Property owners should consider implementing technologies that enhance signal strength, such as distributed antenna systems (DAS) or wi-fi calling options, ensuring no resident faces dropped calls or connectivity issues.
  2. Secure Self-Service 24/7 Package Access. The convenience of online shopping has skyrocketed in recent years, making secure, self-service, 24/7 package access a crucial amenity for renters. By providing dedicated lockers or securely monitored package rooms, property owners can alleviate concerns about missed deliveries, theft, or inconvenient pick-up times.
  3. Swimming Pool. More than 73 percent of renters surveyed said a swimming pool is still important. This classic amenity remains highly sought-after in Dallas-Fort Worth communities. Including a well-maintained pool area with comfortable seating, shaded lounges, and a vibrant atmosphere can attract potential renters, particularly during summer months when residents seek relief from the Texas heat.
  4. Controlled Property/Amenity Access. Safety and security are paramount for renters in Dallas-Fort Worth. Implementing controlled access systems, such as key cards or secure digital codes, for entry into the property and its amenities is vital. More than 70 percent of residents surveyed agree.
  5. Non-Smoking Buildings. In an era focused on health and wellness, 70 percent of renters surveyed prioritize non-smoking buildings. Offering a smoke-free environment contributes to a cleaner living experience and ensures non-smoking residents are not affected by second-hand smoke.
  6. Fitness Center. With an increasing emphasis on personal fitness, a high-quality fitness center is an essential amenity that appeals to 70 percent of renters. Outfit your fitness center with modern equipment, weight rooms, and dedicated spaces for yoga or group classes to cater to the diverse needs of your residents.
  7. Property-Wide Recycling. Environmental consciousness continues to grow, with 69 percent of renters desiring property-wide recycling services. Providing easy access to recycling bins scattered throughout the community encourages sustainable practices, reduces waste, and attracts eco-conscious renters.
  8. Covered Parking. Covered parking was listed as a desirable amenity for almost 70 percent of renters surveyed. For renters dealing with the Texas heat and unpredictable spring weather (or even ice storms), having covered parking in DFW shields vehicles from harsh elements, improving residents’ overall experience. It could be a great selling point for your property.
  9. Dedicated Visitor/Guest Parking. Sufficient visitor/guest parking is crucial to maintaining harmonious relationships between residents and their guests. Allocating dedicated parking spaces for visitors ensures convenience and prevents potential disputes over limited parking availability.
  10. Controlled Access Parking. Renters value the added security of controlled access parking, with 68 percent expressing interest. Gated parking areas, keycard access, or even license plate recognition systems contribute to higher tenant satisfaction and peace of mind.

Rental Property Management Requires Knowing What Renters Want

Staying attuned to the ever-changing preferences of renters in the Dallas-Fort Worth area is essential for property owners looking to attract potential residents and retain existing ones. By highlighting rental property amenities such as reliable cell reception, secure package access, and swimming pools, apartment communities can tailor their marketing efforts to appeal to what renters are looking for in a community. Contact Class A Management if you need a team that can provide you and your residents with all the services and top amenities they want and deserve.

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Financing a Rental Property: What are Your Options?

Financing a rental property

By Anthony Gilbert, REALTOR, Seattle, WA

It’s no secret that investing in real estate can be a smart decision. Still, for those looking to break into the world of renting out properties for income, there’s that first challenging obstacle to get over: financing. Getting approved for financing on one’s first rental property can sometimes be an ordeal, but by being aware of your options and ultimately choosing the one that best suits your needs, you’ll be on your way to managing your first rental property in no time.

Cash

Obviously, paying cash for a rental property is the most cost-effective and convenient option—but it’s also not very realistic for most investors just getting started. Still, for those who have the means, paying cash for an investment property can yield a number of benefits

For starters, paying cash means not having to jump through the hoops involved in getting approved for financing from a bank or other lender, which is a little tougher for non-primary residences. And of course, with no loan, there is also no interest being accrued on money borrowed. This, in turn, frees up cash to make renovations on the property and pay for other routine maintenance as a landlord.

Finally, making a cash offer on an investment property automatically gives you a competitive advantage against any other offers that might be on the table.

Owner-Occupy

For those who are just getting started with their first rental property investment, an owner-occupy approach may be best for financing. With this approach, you take out a traditional mortgage (usually a 30-year mortgage) just as you would if you were buying a home that you planned to live in yourself for many years. From there, you live in the property for the required 12-month minimum before turning around and renting the property out for a profit.

The best thing about this option is that, even after you’re no longer living in the property itself, you’re still able to enjoy the original loan terms, including your interest rate. One thing to keep in mind with this type of financing, however, is that it’s not practical if you want to hold multiple rentals at once.

Bank Loan

If cash or owner-occupy aren’t viable options, a conventional bank loan may be worth exploring. When you opt for a conventional bank loan, you will generally be expected to put about 30% down on a rental property. However, the nice thing about this option is that when you take out a bank loan for an investment property, most banks will factor in estimated rental income from the space into the debt-to-income rations they use to determine your interest rate and other loan terms. This, along with having a decent credit score, can help to reduce interest rates and ensure reasonable terms on a loan.

Private Loan

For those with less-than-perfect credit or those who want to save on closing costs, shopping around with private lenders may be a smart option. Because private lenders can set their own loan qualification requirements, it’s generally easier to get approved for a private loan than a conventional bank loan. Furthermore, interest rates usually tend to be lower on these loans because the repayment terms are shorter—meaning you’ll pay off your loan sooner and pay less in interest when all is said and done.

Knowing the options available to you when seeking financing for a rental property is important. By keeping these options in mind and assessing your own current financial situation, you’ll ultimately be able to make the smartest and most cost-effective choice for your first residential investment property. If you’re still unsure what’s right for you, consider speaking with a financial advisor, rental property management company or real estate professional.

About Anthony

Anthony is a full-time real estate broker with Coldwell Banker Danforth, located in Seattle, Washington, and specializes in working with clients in the Eastside Seattle communities of Bellevue, Redmond, Kirkland, Issaquah, Sammamish, Snoqualmie Ridge, Fall City and North Bend, located in the picturesque foothills of the Cascade mountains. 

He takes great pride being in-tune with both the professional and human element in every real estate transaction, and truly enjoys helping clients through the entire home-buying and/or selling process.