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Premium Rentals: How To Create A Property That Makes Young Professionals Pay Extra

Premium Rentals: How To Create A Property That Makes Young Professionals Pay Extra
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Getting young professionals to pay extra on rentals can be challenging. Charging above the market rate usually means you don’t get any interest in your properties at all. 

However, there are strategies you can use to rig the situation in your favor. Granted, you’re not going to be able to charge double. But you can often increase your prices substantially and earn higher yields, just by making a few small alterations. 

 

Add Smart Home Features

Many young professionals grew up in homes with smart features during the 2010s. Now that they are starting their careers and have their own places, they want these pieces of equipment in their accommodation. 

 

As an owner, you can place these items for less money than you might think. Adding things like smart thermostats and locks is inexpensive, and tenants can work out how to connect them to their devices without needing any help or intervention from you. 

 

Fitness Center

It’s also a good idea to include some sort of fitness center on-site (even if your tenants never actually get around to using it). Many renters are willing to pay more if they know they can access a gym nearby instead of having to trudge to their usual location. 

On-site gyms cost money to maintain, but you can often make it all back in the form of higher rentals. Tenants are willing to pay more for the convenience of the extra amenity. 

Of course, this option is usually only available if you have apartments in a communal building. And you might not set the policy for how that building functions or uses its public spaces. 

 

Refined Interiors

You can also drum up interest in apartments by refining the interiors and making them more attractive. Top interior design practices can lift even the smallest, dullest, and most depressing of studio apartments and turn them into something special. 

For example, you could invest in stainless steel sheet panels for the kitchen and hallway. These create a luxe vibe and are relatively inexpensive compared to most facades. 

You could also add high-quality fixtures that give tenants the impression they are living in a luxury apartment. Brass door knobs and light switches can make all the difference in the world. 

 

Soundproofing

Another thing young professionals want on their properties (but can never seem to find) is soundproofing. The ability to block incoming noise can improve their quality of life dramatically. 

Soundproofing is particularly essential for people who work from home. These individuals need to be able to shut out unwanted noises and concentrate on their work. They also want to be able to sleep at night and not have to listen to what’s going on in the next apartment. 

 

Sustainability Features

Finally, we are seeing demand for sustainability features from young professionals. These individuals want more energy-efficient appliances and water-saving fixtures to reduce their environmental impact and help them live better in the future. Many want to give back to the planet and ensure that it is protected for generations to come, and are prepared to pay a premium for that.

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marinelemaner

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