The best property management companies understand that the amenities associated with a rental can make or break it. Rentals that offer competitive amenities increase the satisfaction of their tenants (and improve investor returns)!
However, amenities inside a property aren’t the only perks property owners should consider when evaluating a potential investment. Whether you’re starting with your first rental property or adding a new rental location to your portfolio, North Ogden property management companies will typically recommend researching the following amenities in the neighborhood before investing in a new rental property.
One of the best indicators of a great place to invest is the local food scene. If the property you’re looking at is surrounded by locally-owned restaurants, coffee shops, and retail, there’s a good chance that investing will bring you a great ROI. Neighborhoods with a great local food scene tend to attract renters who want to live close to where they play or enjoy evenings out with friends and family. With plenty of access to these amenities, property owners often experience better retention rates!
Longer-term renters aren’t the only benefit of investing in an area with great food, either. In many cases, you may be able to charge a higher rental rate due to the amazing local amenities surrounding your property. Local restaurants are an excellent selling point for tenants of all ages, so make sure you do your research on the restaurants in the neighborhood where you’re looking to invest.
Gyms for Active Lifestyles
Physical health is more and more important to renters of all ages today. So while local gyms might not be the first amenity you think to look for when seeking out excellent investment properties, they matter to health-conscious tenants. When researching a potential investment neighborhood, make a note of the gyms and other fitness facilities in the area. Doing a little bit of investigating may inform you of several highly-rated fitness centers in the immediate area.
Using this information to inform your decision to invest and then later including it as part of your rental listing for the property can help you attract tenants who want to stay in the area for a longer period of time at higher rental rates!
Movie Theaters and Entertainment
Who doesn’t love being close to a movie theater? Entertainment venues like movie theaters, stage theaters, and music venues are excellent local amenities to watch out for when analyzing an area for real estate investing. From outdoor amphitheaters to combination bar/music venues, these are excellent perks that can attract new renters.
A local property management company will be able to help you pinpoint popular spots if you’re unfamiliar with the neighborhood. Making good on this information by including it in your rental listing may end up helping you get applications from potential tenants. In addition, when there’s great entertainment nearby, your investment property becomes more attractive to residents!
Parks and Outdoor Recreation
Local parks and outdoor gathering areas are additional amenities to look for in the neighborhood. Not only are parks great for renters who own pets, but they’re also a highly sought out amenity for tenants who have children. The closer your property is to a local park, the more likely you’ll have a high number of great tenant applications.
If you’re unfamiliar with the neighborhood, don’t be afraid to inquire at city hall or research online about local and state parks in the area. From hiking trails to historical sites, they’ll be able to give you a much better idea of what the local park scene looks like. Visiting these parks can also give you a good idea of how close they are to the property you want to invest in and whether they’re actually worth writing about in your rental listing.
Access to Public Transportation and Highways
As you research additional “must-haves” for an ideal rental property location, don’t forget to consider access to public transportation and highways. Renters need options to get to work or travel to other areas of the city. Quick access to roadways or bus systems can give your property an advantage over other similar rental units in the North Ogden area.
Don’t Invest Without Researching the Neighborhood and Talking With a North Ogden Property Manager
Property managers can tell you that nearby amenities are a big selling point for a rental property. They can make the difference between a happy renter vs. one that doesn’t renew their lease. The best way to set yourself up for excellent ROIs is to conduct thorough research on local amenities before investing. If you’re not sure how the location of a potential property relates to what the area has to offer (and what renters look for)), a North Ogden property manager can help!
Reeder Asset Management has extensive experience in this area. We’ll help you with the market research you need to find the properties that meet your ROI goals. Reach out soon to learn more about our property management services!
What else should property owners consider when evaluating a new property? Find out in our free ebook, “The Biography of the Perfect Investment Property!”