What Do Renters Really Want? How to Make Your Apartment Building Stand Out

What Do Renters Really Want How to Make Your Apartment Building Stand OutAccording to a Pew Research study, many Americans, especially Millennials (aged 22-38) are holding off on buying homes or investing in real estate and instead are opting to rent houses or apartments longer than the norm. This is great news for apartment buildings and companies looking to attract the higher supply of possible renters looking for a great place to stay around for a while. But while it’s open season on possible renters, it can also create a lot of competition among other buildings.

That being said, it’s important for apartments to know what renters want the most and how they can attract them to sign a lease over other choices. Knowing what to offer can be the difference between filling up those units and having to scrape by at any time of year. Here are some ways in which to make your apartment building stand out from others.

Choose Smarter Upgrades

The biggest market in possible renters is the Millennial market, as noted above, with many choosing to rent longer than usual. That’s why apartments can read their renters better and put an emphasis on technology and amenities to attract this market. First, apartments can offer app-based home security systems to improve the security of the entire property, which would make renters feel safer, especially in the urban settings that are becoming more and more popular choices of location.

Next, media rooms are becoming more and more common in today’s apartments as a good number of residents are requesting in-house entertainment so they don’t have to leave their surroundings as often. A media room with high-definition TVs or a projector where residents can rent for parties or personal use is an effective and fun option to get people to sign up and stay over.

Insure Your Property

Having Apartment Building Insurance, which is a comprehensive way to protect your property and all that’s in it, can show tenants that you care about the well-being of your surroundings. Having apartment building insurance can help to protect against physical damage that may occur during the time of someone’s tenure in your building and help to solve issues related to damages and claims. This kind of coverage is a fundamental option for apartments to set a foundation that they care about the units and the people in it.

Offer Mail-In Solutions

With the rise or e-commerce options, such as Amazon and eBay, residents are getting more and more packages sent to their apartment than ever before. Residents prefer to rent somewhere that offers package lockers that can be accessed around the clock instead of having to retrieve their packages from the front office with varying and limited hours.

Provide Parking

Parking is a major issue for residents, especially in buildings that are located within denser, more populated areas, such as downtown districts or thriving college locations. Residents hate to have to struggle to find a space to park in their own building, so offer parking solutions for a decent price. Most renters don’t mind paying extra every month to have a guaranteed spot as well, so consider exclusive parking packages for a higher but attainable price.

Be Move-In Ready

Needing repairs or upgrades done in units can be disruptive and get in the way of someone signing up for a lease, especially if they’re ready to move in now. If a property requires painting or carpeting or cleaning, it could turn people away from renting on the spot. Additionally, if a property is in need of repairs or is in poor condition when the tenant does move in, it sets the tone that this is how things are going to be. A rental unit should be move-in ready as this will help to set the expectation that the tenant and apartment building can work together to maintain high standards of cleanliness.

 

About Byrnes Agency

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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