Written By Alexandra Stevens, United Properties Team Member
Single-family rentals are the fastest-growing segment of the U.S. housing market, according to an analysis by the Urban Institute in 2018. That being said, attracting quality tenants to your properties in Grand Rapids, MI is the key. Amenities are a great way to attract these tenants. Apartment complexes are able to lure prospective tenants in with things like swimming pools, community gyms, laundry buildings, parks, and game rooms. Single-family homes and duplexes do not usually have these types of options, but they do give tenants a comfortable and more private place to call home. The goal is to offset this trade-off and create a win-win situation for tenants and owners. As the market improves and new units hit the market with amenities, landlords who have owned properties for a long time without issues renting are left scratching their heads and saying “I have never had issues renting it before.”
We want to be thinking in terms of what will give the most return on investment, and part of that strategy is considering the cost of a vacancy. In order to reduce the vacancy, your property needs to attract viewers and capture their attention when they walk in the front door. The decision to rent or purchase a property is often made within the first minute or two of being in a property. According to Strutt and Parker, 86% of the decision to buy or rent is made based on the first impression. This tells us that curb appeal and updates are important. Imagine for yourself the difference of walking into a freshly painted or upgraded building compared to one that is not. If a tenant is viewing your property, you can assume they are ok with the price. The next part of the deal is convincing them that this is the best option out there for that price. If they feel good walking into your space, the only thing left to seal the deal is having amenities that are consistent with what is expected in the neighborhood.
Working out and general fitness are huge trends right now, especially with our college student properties. There are all kinds of apps to use for different workout plans, and even diet and workout clothing subscriptions! While it is not feasible to put in a full gym or a swimming pool, perhaps a community gym/YMCA membership or discount could be included with the rental. By reaching out to local businesses in the area, there may be various options and discounts available. If you are an owner with multiple properties in the area, ask about a larger discount due to supplying more patrons!
Private or shared laundry is another amenity in which renters frequently prefer in their homes. It is one of the first questions a tenant asks when inquiring about a property, and if it does not have hook ups at all, most tend to move on with their searches. Providing a washer and dryer set in a property can make a huge difference, and if kept in good shape, should last through years of renters. If you have questions on how to best implement a washer and dryer solution, please ask right away – we will help!
Other amenities worthy of adding are dishwashers, microwaves, air conditioners (even window units in the bedrooms), blinds/window treatments, wifi, stereo/surround sound, and perhaps a television in the bedroom or living room. Adding just one of these amenities increases the appeal and value of a property. Imagine a prospective tenant showing up and seeing a brand new TV mounted on the wall and thinking, “this is where I can see myself after a hard day’s work… the couch can go there, dinner table there, and so on”. That’s the type of WOW factor we all want!
The good news for owners of single-family and duplex rentals is that the renting trend is only expected to increase as time goes on! According to an article from Forbes.com, 35% of renters across the U.S. are in single-family rentals, and an estimated 13 million new rental households are expected to form by 2030. This is great news! Quality properties with these amenities will continue to attract quality tenants, decrease vacancy, and in turn, be much more profitable for you as an owner!
References:
https://www.designanddwellhomes.com/blog/2018/11/2/pjmjot0p73o8xpcq3qfdxkpy26zwii
https://www.mpamag.com/commercial/2020-trends-to-watch-in-the-singlefamily-rentalmarket-214672.aspx
Sergio joined United Properties in 2020. He is a graduate from Pickens Technical College as a Nurse Assistant and as a Small Animal Care Provider in 2010. In the past nine years, Sergio has had various jobs, all focused around customer service.
Eden joined United Properties in 2016. Eden graduated from Davenport University in 2015 with an Associate’s in Business Administration. She’s the Executive Assistant to the Owner of United Properties, with a focus on procedural documentation. She enjoys playing guitar, reading, and doing outdoor activities. Eden is trilingual and able to communicate in English, Spanish, and American Sign Language. 
David joined the United Properties team in 2019 as the Director of Client Relations and Business Development. In this capacity, he is responsible for leading all leasing, application underwriting, tenant relations, accounts receivable, process improvement, remote workers, and general office functionality (essentially anything outside of maintenance and service). David comes from a longstanding career at a Fortune 15 company primarily in a sales and customer service leadership role.
Matthew joined the United Properties in early 2020. He is a graduate of Lee University with a bachelor’s in Intercultural Studies and also a master’s in Discipleship and Christian Formation. Matthew serves as a project manager over the Rent Ready process. He has 20 years of construction experience and over 10 years of experience in leadership positions. He oversees a team of technicians and schedules outside vendors getting properties back to the United rent-ready standard so that they can be leased again.
Carla joined United Properties in late 2019 as a billing specialist. Carla ensures invoices are received from contractors and bills them out in a timely fashion.
Cristina joined United Properties as the Accounting and Billing Team Lead in October of 2020. She has experience as a technology professional, an English-Spanish translator, and has worked the past several years as the treasurer of her condominium.
Rick joined United Properties in 2020 as a Service Coordinator and then later transitioned to the Collections team, where his customer service shines. Rick has an extensive background in customer service and enjoys being able to resolve issues. He and his wife are raising their two kids and in his free time, Rick enjoys making his own homemade jerky.
Harriet joined United Properties as a Accounting & Billing Specialist in February of 2021. She has experience as a bookkeeper and a Property Manager for a Real Estate account. She was a working student during her college days. Harriet loves cleaning because she thinks it is therapeutic. She also loves watching series during her free time, and she’s a fur mom of one dog. Her inspiration to work every day is her family.
Diego has an extensive background in customer service and, most recently in Maintenance and
Paulina joined United in early 2021 as a Leasing Assistant. She has a background studying social work, with several years of experience in customer service. She speaks English and Spanish fluently and loves to learn. Paulina enjoys small road trips and cold, rainy weather. Her dog is her favorite thing in the world.
Jessica has a Bachelor’s Degree in Financial strategies and public accounting and is studying a masters in Blockchain and Fintech regulation. She has previous experience as a customer service representative. She speaks English and Spanish. She loves taking long walks with her three dogs, hiking and road tripping during the weekends.
Chris Good is new to the United Properties Team since June 2022 as a Business Development Manager. With years of experience in both the construction industry (Master Electrician) and the Real Estate industry (Broker), he will closely work with new and experienced investors to facilitate their real estate goals.
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