The best tenants aren’t likely to move into a rental property that doesn’t have a refrigerator. Or a microwave. These are pretty standard appliances that residents expect when they rent a home.
Those are the basics. You’ll also want a stove and an oven installed before you even think about renting out a property.
What other appliances will boost your rental value and increase your return on investment (ROI)?
We’re going to tell you, because to maximize returns, investors must continuously seek ways to increase a property’s value and attract quality tenants. One effective strategy is to invest in modern appliances that not only enhance the property’s appeal but also improve operational efficiency.
Let’s talk about which appliances you need to offer, and why.
The Impact of Quality Appliances on Rental Properties
Modern, high-quality appliances can enhance tenant satisfaction, which will help you avoid vacancy and retain good residents. Attractive, well-equipped properties often rent faster. Tenants are more likely to sign and renew a lease when the property offers conveniences and features that fit their lifestyle.
Updated appliances can justify higher rent prices, directly impacting your recurring income stream and your long-term ROI. You’ll find that maintenance costs are generally lower, too, when you have high-quality appliances. You’ll take advantage of warranties and there will be fewer repairs to deal with over the long term.
Key Appliances to Consider for Your Rental Property
What’s going to make a difference? As professional property managers, here’s our must-have list:
- In-Unit Laundry Facilities
Having in-unit laundry facilities can significantly enhance a rental property’s appeal. Tenants often view the convenience of doing laundry at their own pace and in the comfort of their home as a top priority, and it’s becoming less of a luxury item in a rental property and more of a must-have. In-unit washers and dryers eliminate the need for communal laundry rooms and tenants are happy to avoid laundromats.
When selecting in-unit laundry machines, consider energy-efficient options to appeal to environmentally conscious renters and reduce overall utility costs. They save on utility bills, which can be a selling point as you market your property. Look for models with Energy Star ratings, as these are designed to minimize water and electricity usage.
- Stainless Steel Refrigerators, Ovens, and Stoves
Are stainless appliances absolutely necessary? Of course not. But, when you want to set yourself apart from the competing properties on the rental market, this can be an eye-catching update for a lot of good residents. Those sleek, stainless-steel refrigerators and stoves are not only visually appealing but also durable.
A high-quality refrigerator can give your rental property a competitive edge.
An updated oven and stove will also be essential for tenants who love to cook. If you want to stand out in a crowded rental market, consider investing in a gas range or an induction cooktop for better cooking performance. Models with self-cleaning features and multiple cooking options can also boost the property’s appeal.
- Quiet Dishwasher
A quiet dishwasher is a valuable addition that many tenants appreciate. Not all rental properties provide dishwashers, so it’s not critical. But, if you’re going to offer one, you’ll provide a more complete living experience. When you provide a model that’s quiet and efficient, this will be an especially desirable feature for tenants.
- Central Air Conditioning and Heating
Tenants will pay a premium for comfortably climate-controlled living spaces. Installing a central air conditioning and heating system can dramatically increase the desirability of your rental property, particularly in regions like Idaho with extreme temperatures and seasons. Tenants will need reliable heat in the winter and they’ll appreciate air conditioning in the summer.
- Smart Home Devices
Incorporating smart home appliances, like thermostats, doorbells, and security systems, can add value to your rental property. These devices offer added security and convenience, appealing to tech-savvy tenants willing to pay more for these perks.
How to Choose the Right Appliances
When selecting appliances for your rental property, owners and investors will want to consider the following factors:
- Durability. Choose appliances that are built to last, reducing the likelihood of frequent repairs and replacements. You may spend a little more on the front end, but it’s worth it when you have fewer repair calls waiting for your response.
- Warranty. Opt for appliances with extended warranties to cover potential repairs and maintenance.
- Energy Efficiency. Prioritize energy-efficient models to keep utility costs low for both you and your tenants.
Maintenance Tips for Rental Property Appliances
Proper maintenance of appliances is crucial not only for extending their lifespan but also for ensuring they’re working the way they should for your tenants. Schedule periodic checks on all appliances to identify any potential issues before they have a chance to break down completely. Inspect hoses, filters, and seals for wear and tear.
Clean out filters and vents as well. Those pieces of your dishwasher, dryer, and HVAC system need to be cleaned regularly. Clogged filters can reduce efficiency and lead to costly repairs.
Make prompt repairs and address any appliance malfunctions immediately. Quick repairs can prevent further damage and maintain tenant trust. Those tenants are your partners in keeping appliances up and running, so provide them with clear instructions on how to care for the appliances. Simple tips like not overloading the dishwasher or washer can significantly impact efficiency and longevity.
Investing in modern, energy-efficient appliances is a practical way to enhance your rental property’s appeal and increase ROI. By providing tenants with conveniences that make everyday living easier, you’ll attract quality renters and minimize vacancy rates.
This is the general advice we’d give any real estate investor who was considering how to furnish their rental property with appliances. If you’d like some more personal recommendations based on your units or the competition in your particular neighborhood, please contact us at Jacob Grant Property Management. We support investors and rental property owners in Idaho Falls, Pocatello, and the surrounding areas.
