Investing in a rental property is a great way to earn a steady stream of passive income, meaning that you don’t have to put in as much work as you do for your main source of income. The D.C. housing market was very hot in 2021, and today the median price of a home in the metro area is around $650,000. If you have a way of financing a property (such as through a bank loan), then this may be something to look into.
To ensure your success in the rental property business, you want the property you choose to appeal to renters. Here’s a list of six of the most desirable amenities for renters.
Over half of all homes in America have a dishwasher, with the majority of people using theirs at least once a week. Obviously, this is a very desired amenity in any type of home, and rental properties are no exception. When looking for a good property, having a dishwasher doesn’t necessarily have to be high on your list because it can be added easily to the majority of homes. There are even portable, compact dishwashers that can sit on countertops for very small kitchens.
One thing people expect their home to be is cozy, and nothing is cozier than a fireplace— especially during those cold D.C. winters that many residents are accustomed to. Fireplaces also use less energy than heaters, saving renters and landlords more money. So look for homes that have fireplaces in the living room or family room, or you can look into installing a gas fireplace unit. And you’ll want to make sure that your tenants understand the importance of gas and fire safety.
These days, carpet is one of the least desirable flooring choices in both residential and commercial properties, so you’re going to want to choose a property that doesn’t have carpet or be willing to pull it up. Carpet is the least hypoallergenic type of flooring, as it traps debris. Your best bet for flooring options is going to be laminate or vinyl flooring, both of which can be the same in appearance as hardwood. The reason you’ll want to have laminate or vinyl flooring in place of hardwood flooring is that hardwood floors aren’t the best option for families with young children and pets.
Open-concept floor plans make a home seem more spacious, and space is something that the majority of people look for in a home. Open-concept means that there are no walls or other borders between the main rooms of the house, such as the living room, kitchen, and dining area. In many cases, non-open-concept homes can be turned into open-concept homes. However, this isn’t a D.I.Y. project— you’ll need a professional contractor to make this conversion in the safest way possible and also legally, as building permits are required and specific codes must be adhered to.
The outside space of a home is just as important as the inside, and a patio is another area for cozy gatherings. Fortunately, patios are very easy to add to a home, and another easy add-on is a pavilion with frames made from timber. These majestic structures can turn any backyard patio into a backyard resort by “housing” all of your patio furniture and even an outdoor kitchen if your area is large enough to accommodate it. A usable outdoor space like this will attract tenants.
As mentioned above, space itself is one of the most coveted home amenities and a closet is no exception to this. Your potential tenants don’t have to be fashionistas to utilize a walk-in closet— closets are also used for storage space, and a walk-in closet allows for more of this space. If the homes you look at don’t have these extra large closets, then contact a contractor and see if it’s possible to knock down some walls to create more space. Remember, you never want to knock down walls on your own.
The main goal of owning a rental property is to make money from it, and you do this by renting it to tenants. To attract tenants, you have to give them what they want and make the home look appealing. Having the majority of these amenities is a good way to guarantee that you’ll find tenants for your property.