Located only 30 minutes away from downtown San Diego, Escondido is a vibrant city with an untapped potential for real estate investments. This suburban town has grown in popularity in recent years, as more and more renters are looking to leave the bustling city for a quiet environment.
By investing in the Escondido real estate market, you can earn a stable passive income while also growing your long-term wealth. However, to enjoy the benefits of owning a rental property in Escondido, you must find reliable long-term tenants. You can fill your vacancies quickly by making your property more attractive to potential renters.
This includes investing in sought-after amenities. In this article, the experts at Francis Taylor Properties will go over the top amenities you should invest in to attract more tenants to your Escondido rental!
What Are Amenities?
Amenities are nonessential features or services that enhance the comfort and quality of life of your renters. In residential properties, amenities can be anything from swimming pools, fitness centers, and playgrounds to laundry facilities, parking spaces, and security systems.
In commercial properties, they might encompass conference rooms, on-site dining, and high-speed internet access. Well-chosen amenities can significantly improve the quality of life for residents and increase the desirability and competitiveness of the property in the market. This can go a long way in helping you attract and retain tenants for the long term.
Amenities are a long-term investment, as they tend to increase the value of a property. To make up for the cost of installing sought-after amenities, some investors charge amenity fees when new tenants move in or on an annual basis. Some others prefer to not charge any additional fees but charge a slightly higher rent for the amenities included.
Top Amenities Renters Love
Not every amenity has the same value to tenants; some may be more important than others. The preferences of the renters in your market should be taken into account when choosing which to include in your rental property. To give you some ideas, here are eight amenities all renters love:
1. Pet-Friendly Accommodations
The number of pet owners has grown significantly in recent years. This has exponentially increased the demand for pet-friendly rentals. By providing pet-friendly policies, a spacious backyard, or even on-site dog parks, you can make your Escondido rental more attractive to long-term tenants.
Allowing pets into your rental can be risky. Untrained pets can cause property damage, neighbor disputes, and even injuries. However, you can prevent most of these problems with a thorough pet screening process. You can also charge a pet deposit or a higher rent to cover any damages that pets may cause.
2. An Upgraded Kitchen
Renters are bound to spend a lot of time in your rental’s kitchen. A small kitchen with an outdated look and old appliances can drive prospective tenants away. On the contrary, a renovated kitchen makes your rental stand out from the rest.
If possible, consider upgrading the cabinetry, installing granite countertops, and investing in stainless steel appliances. This will not only give your kitchen a modern look but also make it easier to clean and harder to wear down.
If that’s not possible, small changes such as changing the faucet and hardware, painting the walls, and replacing old or malfunctioning appliances can go a long way.
3. Ample Outdoor Spaces
Studies have shown that spending time outdoors has positive effects on our health, such as reducing stress and anxiety symptoms. Having accessible outdoor areas in your rental property will be incredibly appreciated by your tenants.
Whether it’s a landscaped garden, a small patio, a roof garden, recreational areas, or a fenced yard, can give your Escondido rental a much-needed competitive edge.
4. In-Unit Washer and Dryer
Having to drive to the laundromat every weekend can be annoying. That’s why renters love in-unit laundry facilities.
If you own a multi-family property or an apartment complex, installing several washing machines in a common area, such as the basement, will make your property stand out. Likewise, installing a washer and dryer combo in your single-family home will be greatly appreciated by new tenants.
5. Quality Security Systems
No one wants to live in a place where they feel unsafe. When looking for new accommodations, renters pay close attention to the safety of both the neighborhood and the property.
Gated access, alarm systems, surveillance cameras, and motion sensor lights are some key security features your rental can have. If tenants feel safe in your property, they’re more likely to stay for the long term.
6. Ample Parking Space
When you’re getting home after a long day at work, the last thing you want to do is have to drive around in circles looking for an available parking space.
That’s why tenants with cars often try to look for rentals with ample parking space. A property with a garage or an assigned parking area will have more applications, especially if it’s well-covered!
7. Ample Storage
Renters prefer properties with ample storage space. After all, having to buy containers and wardrobes, or having to rent a storage unit is a waste of money. If your Escondido rental has built-in storage, a big basement, a large pantry, or even a walk-in closet, you’ll be able to attract a wide pool of prospective tenants in no time!
8. Smart Home Features
The end goal of amenities is to improve your tenants’ quality of life. Nowadays, technology allows you to do this with minimal effort. By embracing modern technology, you can make your Escondido rental much more attractive to potential renters.
Features such as smart thermostats, smart locks, automatic lights, electric car outlets, smart appliances, and motion-activated lights will make your home stand out from the competition.
Bottom Line
With so many properties being listed for rent every day, it can be incredibly difficult to fill your vacancies. Luckily, you can give your Escondido rental a huge competitive boost by investing in quality features. Amenities tenants want include outdoor areas, renovated kitchens, ample storage, pet-friendly policies, and smart home features.
If you want to learn what amenities would suit your Escondido rental the best, contact Francis Taylor Properties! With over 30 years of experience in the California real estate market, we know exactly what renters are looking for.