Meeting the Storage Demands of Tenants
When it comes to meeting the demands and needs of tenants, many landlords place their focus on security, appliances, and parking. While these three features are certainly among the top items that tenants will consider when determining whether or not to rent your property, there is one more that many will place a high priority upon: storage. So, how can you go about meeting the storage demands of tenants while also highlighting the storage that you do have in order to be as attractive as possible to potential tenants?
The Modern Lifestyle and Storage Needs
When asked what they really want in a rental property, tenants list storage space as being something that they consider to be highly valuable. While most are not willing to pay additional rent in order to have increased storage space, the amount of storage space available is a factor that tenants consider when comparing one property to the next.
Since most renters have learned how to streamline their belongings in order to make it easier to move from one place to the next with only their essentials, charging for extra storage space is not likely to be a realistic option. On the other hand, providing storage space as part of the rental agreement may help to attract better tenants while also encouraging them to stay put for a while longer. In turn, this will help to ensure you maintain a steady income from your rental property rather than experiencing gaps as you search for a new tenant.
Creating Storage Opportunities
If your rental property seems to be a bit short on storage space, you can help to increase your storage in a variety of ways. If possible, adding closet space or increasing closet space in the bedroom can help to make your rental space more attractive to potential tenants. If the unit is located in a building with a basement, you may be able to create individual storage space for your tenants in this area as well.
Of course, some rental units simply do not have the room to include storage space within them or within the building. In this case, you may want to consider adding an outside storage shed. Not only will this provide tenants with space for those belongings that do not fit in the rental, but it will also give them a place for seasonal belongings such as bikes and skis.
The Bottom Line
Since most renters indicate that they are not willing to pay more for additional space, it may not be worthwhile to go through the trouble of creating additional space unless you are simply hoping to attract more potential tenants. On the other hand, if you are building a rental unit or you are already completing renovations on a rental unit, it is certainly worthwhile to look for ways to include ample storage space in your unit. Rather than looking at this as an opportunity to increase the price point of your rental, however, you should consider it as simply a step toward making your rental more attractive than other rentals on the market.