amenities (by Connie Moore [N]) Mar 1, 2014 10:30 AM|
amenities (by Pattyk [MO]) Mar 1, 2014 10:47 AM
amenities (by AllyM [NJ]) Mar 1, 2014 1:10 PM
amenities (by Connie Moore [MN]) Mar 1, 2014 3:27 PM
amenities (by Nellie [ME]) Mar 1, 2014 3:37 PM
amenities (by Connie Moore [MN]) Mar 1, 2014 3:47 PM
amenities (by Kyle [IN]) Mar 1, 2014 9:15 PM
amenities (by AllyM [NJ]) Mar 2, 2014 9:07 AM
amenities (by Gruvin [TX]) Mar 2, 2014 10:39 PM
amenities (by Wilma [PA]) Mar 3, 2014 8:26 AM
amenities (by Connie Moore [N]) Posted on: Mar 1, 2014 10:30 AM
State Specific Question About: MINNESOTA (MN)
How to determine value of amenities? --24.118.xx.xxx
amenities (by Pattyk [MO]) Posted on: Mar 1, 2014 10:47 AM
tell us more. --184.215.x.xxx
amenities (by AllyM [NJ]) Posted on: Mar 1, 2014 1:10 PM
Which ones are you talking about? Are you trying to rent out a private home that has a lot of extras? If the tenant isn't in need of that particular amenity, then it has no value.
For example a hot tub. If a tenant isn't going to use a hot tub, then it has no value to that tenant.
An amenity that might have universal value might be a high end stove and refrigerator or in the wall vacuum cleaner.
Olde Miss Ally --69.141.xxx.xxx
amenities (by Connie Moore [MN]) Posted on: Mar 1, 2014 3:27 PM
I own four-plex of one bedroom apartments and live in one of the apartments. We have onsite laundry - currently free, large vegetable garden, outside dining and BBQ areas with outside furnished sitting areas. There is a fire pit area as well. We all have off-street parking. Pets are allowed. I pay the heat, internet, water and garbage. Each unit has storage in the basement. I have excellent tenants but the costs of the heat and water has risen dramatically, especially this winter with almost 50 days of sub-zero temperatures (Minneapolis, MN). What value do these extra have if any? A recent visit to Rentometer.com reflects I am currently charging $65 less per month then the comps in the area but they don't take into account any amenities. --24.118.xx.xxx
amenities (by Nellie [ME]) Posted on: Mar 1, 2014 3:37 PM
I think those particular amenities may get your tenants to stay longer and attract a better selection of potential tenants, but I'm not sure that they really have a particular dollar value.
If you are that far below market I suggest that you give at least a $25/month rent increase.
My lease has a fuel usage charge - if the cost/gallon or total usage rises by a certain % then I reserve the right to raise the rent accordingly with the state required notices, even midway through the lease term. --70.16.xx.xxx
amenities (by Connie Moore [MN]) Posted on: Mar 1, 2014 3:47 PM
I am going to increase rent at lease renewal by the suggested $25 then another $25 in six months. I also told everyone that when the 1989 washer and dryer die I plan to put coin operated in as replacements. I think you are right about the amenities keeping them around. I have owned for 5 1/2 years with only one turnover per apartment. Thanks so much for the feedback. --24.118.xx.xxx
amenities (by Kyle [IN]) Posted on: Mar 1, 2014 9:15 PM
Rentometer will get you a ballpark idea of market rents, but not an exact price for your unit. You said you include water and heat in the rent, that should put your rents higher than similar sized units without utilities included. Try searching craigslist for utilities included units which are similar to yours to see what they are charging. --68.46.xxx.xxx
amenities (by AllyM [NJ]) Posted on: Mar 2, 2014 9:07 AM
Pets and the internet can be charged for. The outside BBQ, garden etc. would be considered part of the package of a building with a yard.
Just raise rents $20 this year and then next year and the year after until you catch up because $20 won't drive anyone away.
Olde Miss Ally --69.141.xxx.xxx
amenities (by Gruvin [TX]) Posted on: Mar 2, 2014 10:39 PM
Good list of stuff and can add rental value(Disagree with Nellie) Houses with access to on site laundry can rent of higher than those without, off street parking has rental value that may not add rental income but it will draw more possible tenants... Basement storage could be an extra fee on future tenants if the areas are lockable.
If your rent rate is less than comps in your area and you are paying heat, internet, water, and garbage - make sure those are included when looking at a comp.
With your list of included expenses that are your responsibility, you may be way under valuing the rental rate. Around here, that is $150-200.00 worth of stuff every month included in the rent. If your at $650 and the guy down the street is at $700 but doesn't have any of those features included, you are really hurting yourself. --23.123.xxx.xx
amenities (by Wilma [PA]) Posted on: Mar 3, 2014 8:26 AM
I'm with Miss Ally - $20 at a time. You've got good, long-term tenants who appreciate the current amenities. That worth gradually increasing the rent, any time! --71.185.xxx.xxx