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For me just having a clean apartment where everything works is good enough. All the nice upgrades just increase the rent. Most people rent because they can't afford to own so keeping the rent low is key. Upgrading things naturally upgrades the rent. If i want luxuries i will put them in my future home that i own. For me an apartment is just a roof over my head a stepping stone into owning. I could never be happy renting an apartment no matter how nice it is because it's not mine.
Reading this I'm thinking all the things I'm missing out by owning.
I have Formica Counters, Linoleum floors, no dishwasher, no cable, no self cleaning oven, no ice maker, etc... basically a 1958 home in the SF Bay Area.
Well, there are those of us in the renting class. I appreciate paying $200 less in rent than I would in a newer place with new things. Push button stove and range, countertop dishwasher, etc...I appreciate the neighborhood and the square footage far more than I need countertops.
The nice thing about renting is that you are renting... as situations change there is no long term commitment.
The only granite counters I have are for my Section 8 tenants... it was a big deal and they were NOT expensive.
All my units have hardwood... under the carpet... just the reality... even the high end home has a gorgeous parquet floor in the family room... you guessed it.. tenant said it was cold and dark... said they would stay if I did carpet... this is a very nice home... 4800 square feet with 5 bedrooms, slate, hardwood and now a carpeted family room...
Smoke, what is your target market? Are you in an area where people can and will pay more for the above? ........
New construction will hopefully attract young professionals. Those will be upgraded, also located in one of the most desirable neighborhoods in the town. Two will only be 800 square feet, so hoping to attract an up and coming young single person. These will be upgraded, but I don;t want to pay for upgrades that make no difference to a tenant.
I also own a couple of houses that are the lowest rent for a detached house in the area. I'm removing carpeting and installing wood floors and Allure flooring in those and the tenants seem to like it. I'd be willing to do other upgrades if it looks like tenants would be really attracted to them.
My tenants like a work bench in the garage. I get some construction workers who have tools, and I also get tenants who have hobbies that they would like storage space for. One of my tenants makes gorgeous furniture; I just bought a set of custom made shelves from him.
Other things that I love, tenants have no use for. I've got a master bedroom that has a bay window looking out on the garden. No tenant has ever so much as glanced at it. I think that home owners and tenants are sometimes looking for different things.
New construction will hopefully attract young professionals. Those will be upgraded, also located in one of the most desirable neighborhoods in the town. Two will only be 800 square feet, so hoping to attract an up and coming young single person. These will be upgraded, but I don;t want to pay for upgrades that make no difference to a tenant.
I also own a couple of houses that are the lowest rent for a detached house in the area. I'm removing carpeting and installing wood floors and Allure flooring in those and the tenants seem to like it. I'd be willing to do other upgrades if it looks like tenants would be really attracted to them.
My tenants like a work bench in the garage. I get some construction workers who have tools, and I also get tenants who have hobbies that they would like storage space for. One of my tenants makes gorgeous furniture; I just bought a set of custom made shelves from him.
Other things that I love, tenants have no use for. I've got a master bedroom that has a bay window looking out on the garden. No tenant has ever so much as glanced at it. I think that home owners and tenants are sometimes looking for different things.
Speaking as a millennial professional, I can tell you that a lot of my generation might go for something like the wine cooler. Wood or quality faux wood floors, carpet probably in the bedrooms. Laundry can be in a closet. Girls will like having lots and lots of closet space, especially the demographic you're trying to attract. My GF rented her apartment largely because of the enormous walk in closet, although the rest of the apartment has few upgrades aside from the dishwasher.
Should had added to my comment about sufficient insulation and no air leaks. . . that if a tenant rents a unit where the LL pays the utilities there will be proper insulation and no air leaks.
^^^^This. I once had a landlord that let our electric bill escalate to nearly $600 on a modest house and did nothing.
I know there are lots of renters that read this forum. Would you please give a bit of help to my future tenants and let me know what upgrades are important to tenants. When you are searching for a new place to live, what features make your eyes sparkle?
Plumbing that works (bathtub not slow-draining) and water pressure that makes a shower very nice, and water hot enough to be able to take a hot shower.
No bugs. Get an exterminator to come in once a year or twice a year.
Painting - let the tenant pick out from a choice of 10 colors, then let the tenant have a wall where they can have you paint it their special color (its called an accent wall).
Air conditioning - letting the tenant be able to control the heat is good.
Landlord pays basic cable for the building. (saves the tenant about $40 to $60 a month).
Laundry facilities - coin operated washer/ dryer.
in unit washer/dryer
swimming pool; jacuzzi
Package acceptance for the building for tenants (UPS and FEDEX) big furniture delivery might have some restrictions.
Growing up my Dad said why would I get a dishwasher... I have kids.
Hahaha, yeah...I've heard that one too.
I went for a while in this house hand-washing dishes because the dishwasher broke, couldn't be fixed, and I didn't want the hassle of buying a new one and installing it. Went like that for about six months.
I use a dishwasher only because my dishwasher uses less water to wash the dishes than I do.
I lived in Europe for years and rarely had a dishwasher; I got used to hand-washing my dishes. It's no biggie. But if I were a tenant paying the water bill, I'd prefer having a dishwasher simply to save on water costs. In some areas it can be significant.
As a homeowner I feel the same way...water here is expensive. The dishwasher saves me money on water usage.
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