The COVID-19 pandemic has changed the way we work and live, possibly far into the distant future – and because of that, both homes and businesses will need to either adapt or face an uncertain road ahead. With that in mind, how can residential rental property investors appeal to potential new tenants, and keep current tenants in place? There are actually several possibilities, such as:
- Providing home office space
- Offering in-unit laundry facilities
- Including play/yard amenities
Home Office Space
With the closure of many businesses, millions of people who once traveled to and from an office each day are now doing their work from home. So, having a space that is specifically allocated to that can be a big draw for renters.
Working from home can also offer an added perk for your tenant(s), because just like homeowners, renters are allowed to take advantage of the home office deduction on their annual tax return.
In-Unit Laundry Facilities
Whether you own single family or multi-family rental properties, offering in-unit laundry facilities can be a big draw for getting and keeping tenants – particularly in light of social distancing and other requirements for halting the spread of the COVID-19 virus.
There is also an added convenience factor when tenants have a washer and dryer on hand, as it allows them to do other household activities and eliminate the regular trip to the local laundromat.
With the shut-down of many parks and other play spaces, providing a swing set or other outdoor amenities for kids can be a great way to attract – and keep – families as tenants while at the same time ensuring them that their children can still have fun without as much worry about picking up stray germs.
The Bottom Line
Running a rental property business can be lucrative, yet time-consuming. So, if your investments are keeping you from focusing on other things, bringing a property management team on board can help.
If you own residential investment property in Orlando and/or the surrounding Central Florida area, give us a call for more details on how we can manage and maintain these income-generators for you and help you to make your properties appeal to new and current tenants.