My unit has great amenities, we will get the higher price.
My unit has great amenities, we will get the higher price.
When we take on a new client we review the different features of the rental property to see what amenities are available. Many buildings in the lower mainland have similar or comparable amenities today. Most have a fitness room, amenity room. Storage locker parking stalls and other features.
How much do the added features increase the rental price?. The reality is not very much. When people are buying a place to live they look at the parking stalls, storage lockers, and building amenities more closely than when renting a property. Why is it different when renting?. Renting in general is a temporary situation. Most tenants don’t live in the place they rent for long periods of time. Our tenant average 28 months staying at a rental property. This is just below three years. When you are moving every three years you are not so concerned about the amenities long term.
Most tenants want the property to be clean, well maintained, in a good location for them. Have the basic items that meet their needs of space, parking storage. The other building amenities are add ons in the process. People who like to work out will look at the units with the better fitness facilities. People with two cars will appreciate the extra parking spots, people with electric cars are looking for the buildings with chargers and people with kids will like the playgrounds and pools.
In most cases and especially in the time we are in now the tenants are searching for the right fit to their lifestyle. The amenities are an after thought and we are not experiencing people choosing to rent a property over another just because the gym is bigger. With the ability now to take their time to look and see what is really out in the market, tenants are reviewing all the factors of the properties before making a decision. Most tenants today are not in a situation where they must move meaning they can wait and they are waiting to see if something better comes to the market.
All this translates into more showings more pre qualifying to ensure you are only showing to people who may have the right fit to the property. If someone does have two cars and your property only has one parking stall and there is no other parking nearby they are unlikely to rent the unit regardless of the price.
Need help managing your investment properties. Cartref Properties can assist you, call today to discuss your needs. You can find more information about us at: www.cartrefproperties.com
