6 Rent Boosting Strategies to Try Before Fall

If you’re a Minneapolis or St Paul duplex owner in a neighborhood with new apartment buildings, you may have wondered how you can compete with them for tenants on anything other than price.

Here’s the good news. You may not need to figure out how to put in a fitness center. There are, however, some things you can do.

These are, of course, in addition to painting, upgrading countertops and appliances

According to apartmentadvisor.com, there are several amenities duplex housing providers could offer that result in more rent.

1. The most sought-after feature among many renters is a pet-friendly rental policy. This is where duplex owners may even have, as dog owners often look for housing accommodations with a yard. Most housing providers have number, weight and breed restrictions, and also charge additional rent for the pet.
2. A yard appeals to more than pet owners, however.  Post Covid, many residents want some sort of space outdoors. A balcony can generate up to 7% more monthly rent. A patio may increase rent by 5%.  And a yard, to a non-pet owner may increase rent by about 1%.
3. While it can be hard to retrofit a space, if there’s a way to do it, in-unit washers and dryers tend to increase rent by up to 8% per month. A dishwasher and garbage disposal can add another 2% each, as does air conditioning.
4. Hardwood floors, according to this survey, add another 1% in rent. I would argue it may be more here in Minnesota.
5. While tougher to measure, many tenants also are willing to pay more for technology. That may include smart locks and thermostats and security cameras.
6. Of course, garage stalls and off-street parking are also more appealing to tenants. Many Twin Cities housing providers charge additional rent for garage spaces. Doing so not only helps revenue, but can reduce friction between roommates and tenants, as it is clear parking belongs to the person paying for it.

Whether you need to increase revenue to increase higher property taxes or insurance premiums, or you’re having trouble filling a vacancy, maybe one of these amenities is the solution.