Learn how integrating top amenities into your Chicago rental property can dramatically increase its value and appeal to tenants, ensuring a competitive edge in the market.
Are you looking to give your Chicago rental property a serious value boost? Well, you've hit the jackpot! This blog is your ultimate guide to understanding how the right amenities can make your property a magnet for tenants and jack up your income. We're not just talking about any upgrades; we're diving into ideas for amenities that tenants look for as they search for comparable properties to make their decision. As real estate investors or landlords, we need to be aware of what significantly impacts the tenant's decision to sign or renew a lease.
At Landmark Property Management Chicago, we researched to find out what amenities renters want, and on that list came a few surprises. Let's look at which rental amenities will boost the value of your rental housing units in Chicago.
Hardwood Floors
One of the best property amenities for people living in Chicago is the hardwood floors. This also can apply to commercial real estate investing for a property such as an office building. A hardwood floor's durability and maintenance ease are why tenants love them so much! Hardwood floors aren't just a pretty facade; they're a game-changer for your property's gross rental income. These durable beauties are a hit among Chicago tenants for their ease of maintenance and allergy-friendly nature. Whether it’s oak, maple, or exotic bamboo, investing in hardwood flooring can significantly enhance the fair market value of your property. Remember, the goal here is to not just spruce up the place but to strategically invest in amenities that bump up your net operating income and gross cash flow. This upgrade can be expensive, but the investment will surely pay off in the long run when it comes to real estate rental income.
If it is still too expensive for you to consider, consider installing hardwood flooring only in central areas like the entryway or the kitchen of the investment property. An even better idea is to opt for various natural-looking laminate floors that can be cheaper and still resemble the visual appeal of hardwood flooring. Although you can't change the square foot measurement, a fresh floor can really increase your rental property's value and in turn increase your gross rental income!
On-Site Laundry
The next on the amenities list is the on-site laundry - a washer and a dryer that will significantly facilitate the living conditions of your tenants in residential properties comes into play when you calculate the property price. Laundry facilities are more than a convenience—they're something that can positively impact your property’s net operating income. By providing on-site laundry, you're directly boosting the property's gross rent multiplier.
This amenity is a huge plus for tenants, making your property more desirable and allowing you to possibly calculate property rent a higher. The best option to achieve higher possible rental income would be to have a washer and a dryer in each rental housing unit if possible. Or, if you can't afford to put a washer and a dryer in each unit, having laundry facilities on-site for only your tenants to use is still a great idea and will help you maximize the rental’s property potential.
Dishwasher
Dishwashers is one of the ultimate amenities examples that no family can imagine living without so including a dishwasher can seriously up your rental game. This amenity speaks volumes about the property's market value and can be a deciding factor for potential renters, contributing to the property’s adjusted gross rental income. It's a simple upgrade that can lead to higher satisfaction rates and less turnover.
It can be strange for some tenants to find out that not all rentals have dishwashers, and they would need to wash their dishes by hand. This could be a real turnoff for them. They are not an expensive amenity to add and offer great functionality. If a full-sized option isn't possible, you can even think of a portable version that can be connected to the kitchen tap to save cabinet space.
Outdoor Oasis
Chicago's appreciation for the outdoors is deeply ingrained in its culture, and providing an exceptional outdoor space within your rental property can be a key differentiator in attracting tenants. Whether your property boasts a sprawling rooftop garden with panoramic views of the city skyline, a serene courtyard adorned with lush greenery and tranquil water features, or a vibrant community patio equipped with grilling stations and communal seating areas, investing in outdoor amenities can transform your Chicago rental property into a coveted urban retreat.
Furthermore, consider incorporating additional features such as designated outdoor workspaces with Wi-Fi connectivity for remote workers, cozy fire pits and outdoor heaters for year-round enjoyment, and designated areas for outdoor fitness activities such as yoga or functional training. By curating diverse outdoor spaces that cater to a variety of tenant interests and lifestyles, you can foster a sense of community and well-being while maximizing the appeal of your Chicago rental property.
Moreover, don't overlook the potential of pet-friendly outdoor amenities, such as designated dog parks or pet grooming stations, to attract pet-owning tenants who prioritize the well-being of their furry companions. By creating a welcoming environment that accommodates both tenants and their pets, you can establish your rental property as a desirable destination for pet-friendly urban living in Chicago.
Security Upgrades
Another of the popular rental amenities for a Chicago tenant-family is the ones related to their safety and security. Security features can dramatically increase the attractiveness of your property. These upgrades not only ensure tenant safety but also contribute to the property’s fair market value. Enhanced security can be a selling point that differentiates your property in competitive markets, affecting both the capital asset pricing model and gross rent multiplier values.
Such amenities as gated access, alarm systems, security cameras, and secure package delivery will undoubtedly boost the rental property value and attract more tenants. These features will especially come in handy for tenants who live alone or are part of a single family. Well-lit parking spaces and walking spaces are also a great bonus for them.
Tech-Savvy Features
In the digital age, technology plays a pivotal role in shaping the way we live, work, and interact with our surroundings and can also increase property value. For landlords in Chicago's competitive rental market, integrating tech-savvy features into their properties is not just a great way to attract and retain tenants who value convenience, connectivity, and innovation.
Consider outfitting your rental property with cutting-edge smart home automation systems that allow tenants to control lighting, temperature, and security systems remotely via their smartphones or voice commands. These systems not only enhance convenience and energy efficiency but also offer tenants peace of mind by providing real-time monitoring and alerts for potential security breaches or maintenance issues.
Another tech-savvy feature gaining popularity among urban renters is the integration of electric vehicle (EV) charging stations within the property's parking facilities. With the increasing adoption of electric vehicles, providing EV charging infrastructure not only appeals to environmentally conscious tenants but also future-proofs your property against evolving transportation trends.
Additionally, to further increase your property value, consider implementing smart parcel lockers or delivery management systems to streamline package handling and secure deliveries for tenants. These automated solutions eliminate the hassle of missed deliveries or package theft while providing tenants with convenient 24/7 access to their parcels.
You can also explore opportunities to leverage emerging technologies such as virtual reality (VR) property tours or augmented reality (AR) visualization tools to enhance the leasing experience for prospective tenants. By offering immersive virtual tours that allow prospects to explore your property from the comfort of their homes, you can attract tech-savvy renters who prioritize convenience and efficiency in their housing search.
Forced Air Heating
Chicago is known for its windy days and cold temperatures, so having a rental property upgraded with forced air heating is a true gem for tenants. Chicago’s chilly climate makes forced air heating a prized amenity. It’s not just about comfort; it’s about offering an essential feature that can increase the property's potential for income and ensure tenant retention during those windy city winters.
With this amenity, all property is warmed equally and efficiently, and tenants stay cozy and comfortable, especially during the cold Chicago winters. In addition, this upgrade is a valid selling point for landlords or a Chicago real estate investor, which showcases their dedication to providing tenants with the best living conditions.
Connected to the Internet
We are living in a digital era, and reliable internet access is what every tenant wants in their homes. In today’s digital age, having internet-ready properties is non-negotiable. It directly influences the rental income by catering to the growing trend of remote work and online lifestyles in Chicago. The number of remote Chicago residents is increasing! When the rental property is connected to the internet, tenants can quickly set up their internet connections without the hassle of installing additional wiring or equipment and increase your property value.
Pet Policy
Chicago is a pet-friendly city where pets are considered family pets. A flexible pet policy can significantly enhance the appeal of your rental property. By accommodating pet owners, you not only increase the potential rental income but also open up a wider market of tenants, contributing to a more robust gross rent multiplier.
A clear pet policy will significantly improve the rental property's appeal. Many Chicago tenants will love the idea of welcoming their pets in the rental housing units they want to call home. However, to ensure that this decision won't negatively impact other tenants, you'll need to develop a flexible pet policy and reasonable pet-related rules. Ensuring such amenities will foster community and belonging, raising the tenant's satisfaction levels.
If you use a property manager, check to see if they have a pet guarantee or how they handle pet damage. Approximately 55% of renters in Chicago have pets, based on a national estimate from the American Pet Products Association that 67% of U.S. households own a pet, and considering the urban setting which might slightly reduce pet ownership. Landlords should consider allowing pets because it can significantly expand the pool of potential tenants, reduce tenant turnover (as pet owners tend to stay longer in a place where their pets are welcome), and potentially allow for higher rental prices.
Doorman
Having a doorman in a larger-scale rental property in Chicago adds a layer of security, convenience, and prestige for the tenants. The luxury of having a doorman can’t be underestimated. This amenity adds a layer of security and convenience, enhancing the property’s rental income and making it stand out in the competitive Chicago real estate market.
The doorman is here to help greet tenants and guests, handle package deliveries, and ensure the protection of the building. This is an extra service that all tenants will love. Also, by offering a friendly face and additional help, the doorman can provide peace of mind to tenants and improve their overall living experience. Plus, they can update the property landlord or managers so the Chicago property services are done at the highest level.
We Know Your Rental Income Matters!
Top-notch amenities are your golden ticket to making your Chicago rental property the place everyone wants to call home. It's clear as day that these aren't just nice-to-haves; they're absolute game-changers! From the convenience of an in-unit dishwasher to the luxury of a friendly doorman and the assurance of robust security features, each amenity we've explored is a building block in crafting a rental space that stands out from the crowd.
Think about it – who wouldn't want to live in a place that ticks all the boxes for comfort, convenience, and security? By dialing up the desirability with these high-demand amenities, you're not just upping the ante on your property's market appeal; you're also paving the way for a healthier bottom line with a boosted property value and skyrocketing rental income.
So, take a cue from the savvy property management pros and transform your rental property into a hot commodity that's as profitable as it is appealing. After all, in the world of real estate investing, it's these thoughtful touches that can make all the difference between a good investment and a great one.
At Landmark Property Management, enhancing your rental property with the right amenities is just the start. We're here to ensure your investment reaches its full potential, creating an irresistible living environment that tenants adore. By partnering with us, you'll leverage our expertise to not only enhance your property's value but also cultivate a thriving community where tenants feel truly at home. Ready to turn your rental property into a Chicago standout? Contact Landmark Property Management today and let's make your property the envy of the neighborhood!
