When you own rental property with a number of residential units, keeping your residents happy is essential to your overall profit. One empty apartment can create a month where you are operating your property in the negative. In order to keep residents from moving on to another rental property, modern conveniences like commercial laundry access, community space, and outdoor recreational space can all have a positive impact on your residents. When you make your residential rental property more like a home, you can expect that your tenants are going to stay until they no longer need to rent an apartment. In a market that has too many rental units to choose from, you'll want to be one that stands out from the crowd.
Setting Up a Commercial Laundry Space
If your rental units don't provide for a washer and dryer hookup, provide your residents with the ability to wash and dry their clothing without having to leave the property. It's not convenient to pack up and head to a laundromat, especially when you only need to wash a load or two. Your residents will appreciate a laundry facility within the property and are more likely to rent in the first place if one exists. Make sure that the laundry facility has enough washers and dryers to accommodate the number of residents you are trying to serve. Contract with a commercial laundry distributor to get the right equipment.
Outdoor Recreational Space and Your Rental Property
People naturally like to sit outside and enjoy the fresh air. If your rental property attracts families with children, consider outdoor recreational spaces where children can play. A climbing structure, some swings, and a basketball hoop can give kids hours of enjoyment for a minimal cost to the property owner. You can also set up an area where residents can sit at a picnic table, cook on a barbecue, and enjoy the property.
Common Spaces for Resident Use
If space allows, you can set up a common space for resident use to give your complex a more community atmosphere. This can be a room that holds meetings, hosts game nights, or is used in just about any capacity your residents can think of as long as it is safe. Common spaces allow residents to enjoy more than just their apartment space.
When you own a rental property, take good care of your residents. With a commercial laundry in place and areas for fun set up, your residents will feel well taken care of.