Do you have free spaces in your property? Does your basement area host mostly dust and old crap? Do you have an event hall that no one is renting out? With just a bit of creativity, you can turn any of those into the cool property features. It is essential to have the kind of features that can attract millennial renters and gain their attention so they have willingness to pay extra for innovative perks and amenities.
When looking for an apartment to rent, millennials tend to look at two main factors: its location and its amenities. The importance of location is quite obvious. The proximity to the office, shopping and recreation centers, as well as convenient access by public transportation, has always been the common criteria for property selection.
If you have several rooms available and want to maximize your rental income, turning your home into a Bed and Breakfast could be the way to go. Being able to rent out several rooms in your house nightly or even weekly can be a lot more lucrative than renting by the month. Or you can also DIY your room.
For example, fitness and wellness are becoming a priority in the choice of living accommodations, especially with the self-awareness of the millennial tenants. Since most can’t afford a home gym, a communal fitness center in the building can save them the cost of becoming a gym member and make the property seem a lot more attractive. And it’s always more fun to work out indoors when the weather is not friendly to cyclists and joggers.
Not all spaces can be easily turned into common areas, usually due to the lack of proper air-conditioning and ventilation or other issues. These empty spaces are often used for storage, but as our consumption culture changes, so should these spaces.
As millennials turn into adults, some of them choose to reproduce and have kids. Those noisy and beloved creatures can transform our lives to become very versatile. So between the laundry and diapers, it can be difficult to find time and place just to relax. Such a space doesn’t have to be equipped with much. A few comfortable couches and maybe a clean tiny room to do yoga or meditate would be enough.
Another alternative solution is building a granny flat. Building a granny flat as an investment can be a good choice because you can create an extra income with a very small initial outlay. As the name suggests, granny flats were originally a concept to allow older generations to be close to their family, while still maintaining their day-to-day independence.
If you’ve always wanted to travel, but would be loath to sell your family home, renting it out, whilst living in your newly built granny flat can be a great way to free up some money whilst still retaining all those memories. If you are thinking about building a granny flat, you can just call for help from granny flat Sydney.
Now that you have all these options, you’re probably looking differently at that abandoned space on your property, and start to see what it might become. But before you decide what it’s going to become, think of what your tenants and future tenants would want it to be.
No matter what you prefer, it’s important to bring your team and tenants aboard with the plan and get their input and ideas before you commit. Choosing which amenities to include in your list of offerings to potential renters will not only influence how attractive your property will be, but also the type of people it attracts when vacancies become available.