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11 Amenities That Can Increase Your Rental Property Revenue

Passive income sign on desk of Richmond property management company

Did you know you could increase your rental property income in Richmond simply by adding new amenities to the property?

There are many factors that contribute to setting the right rental price for your property. While some are out of your control, such as the current market conditions, some are completely in your control.

When you add desirable amenities to your property, you can increase the rental price and make even more income from your real estate investment. Renters are definitely willing to pay more to live in a property that has modern and convenient features compared to one that is missing them.

Plus, you can make these upgrades between tenants to get the most out of a vacancy.

By the end of this article, you’ll know which amenities you can add to your Richmond rental to justify raising the rental price and increasing your income.

1. Washer and Dryer

If there is one convenient amenity that will put your Richmond rental on a potential tenant’s radar, it’s a washer and dryer located on-site. In fact, it’s almost becoming a necessity to have in any rental.

The act of going to a laundry mat to wash your clothes seems like a long distant, and dated memory for many. Some renters won’t even consider leasing a rental property if it doesn’t have a washer and dryer.

2. Dishwasher

Washing dishes by hand is time-consuming and uncomfortable, especially for those who work full time and/or take care of children. Why would renters spend time and effort scrubbing dishes and forks when they can find a rental with an effective dishwasher?

Fortunately, dishwashers aren’t super expensive, so it isn’t a large investment for you as a landlord. You can also opt for an eco-friendly, energy-efficient dishwasher, which can save money on the electric and water bills.

A dishwasher could be the deciding factor between your rental and another property in Richmond for potential tenants.

Stainless steel refrigerator/freezer in a Richmond rental property

3. Modern Kitchen Appliances

While we’re on the topic of appliances in the kitchen, it’s a good idea to have updated and modern appliances throughout the kitchen. These include a fridge, stove and oven range, and microwave.

You’ll get extra interest if these appliances are eco-friendly, especially when catering to millennial renters. This demographic is exceptionally aware of environmentally friendly practices and will go out of their way to help the planet.

Plus, modern appliances make your rental kitchen a much more comfortable place to cook. You also won’t have to worry about making repairs to appliances often because they are newer.

4. Air Conditioning

The summers can get pretty hot in Richmond, which is why it’s essential that your rental property have some type of air conditioning available. Whether you decide to install window units or have central A/C, your tenants will be grateful they have it in the warmer months.

5. Parking Space

After a long day at work, the last thing your tenants will want to do is drive around the block trying to find a parking space for their car. If possible, offer a designated parking space with your rental.

This could also be a deciding factor for tenants who are caught between two apartments. A parking space offers ultimate convenience and allows you to increase your rental property’s price by at least $100 per month.

6. Pet Policy

While having a pet policy isn’t necessarily a physical amenity, it could help you broaden your market and charge more for your rental property. Almost 90% of renters have pets, according to a study by Apartments.com.

If you don’t allow pets in your rental, you’re only advertising to 10% of the market. So, not only will you have more options for tenants, but you can also add a nonrefundable pet deposit to the rent.

7. Outdoor Area

After a tough year of lockdowns and restrictions, people realized just how luxurious and important it was to have an outdoor space in their homes. If you can offer a patio, yard, or even a balcony with your Richmond rental, you can easily increase the rental price.

People are definitely willing to pay more. An outdoor area is like an extension of the living space of the apartment or house.

8. Security System

Tenants want to feel safe while living in their rented homes. Help them feel secure by installing a security system and other features such as a video doorbell or outdoor motion sensor lighting.

When potential renters see you have taken extra steps to keep the property safe, they are willing to pay more for that protection and sign a lease.

9. Ample Storage

When a potential tenant walks through a property and sees walk-in closets, large cabinets, or even extra storage space in a basement or garage, they can’t help but comment on how great it is.

If possible, add more storage space to your property for tenants to keep their seasonal clothing, holiday decorations, and other items they don’t want out. This storage space definitely justifies increasing the rent.

10. Fireplace

How many homes do you see that have a fireplace nowadays? Not many!

A fireplace in the home is almost seen as a luxury when once it was a necessity. These cozy and romantic embellishments can seriously upgrade your Richmond rental and allow you to ask for more rent.

The best type of fireplace to have in your rental is one that runs on electricity. This prevents the smoky smell from filling the house and leaving a scent on the walls. Plus, it’s better for the environment.

11. Updated Bathroom

Just as tenants appreciate a modern and updated kitchen, they will also appreciate (and pay more for) an updated bathroom. Replace the lighting, mirror, sink, tub/shower, and toilet if necessary and make the space more modern and comfortable for your tenant.

Hylton & Company Can Increase Your Rental Income Even More

There are more ways to increase your rental property income than just adding amenities and increasing the rent.

When you work with Hylton & Company, the area’s leading property management company, you’ll get experienced professionals to manage your rental and access to a variety of resources.

Our dedicated team goes above and beyond to provide excellent management and maintenance services to both your property and your tenants. Plus, we’ll help you fill your property quickly and affordably to meet your needs.

Contact us to see how we can help you increase your rental property income today!

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