Several single-family rental property owners deem it useful to present certain amenities to their tenants. Countless Quincy property owners are beginning to contemplate if they need to incorporate amenities, for instance, internet and cable television service together with utilities like water, sewer, and even electricity in the cost of the rent.
And indeed, in plenty of circumstances, doing so is not merely a method to make a rental home more competitive, but to certainly attract tenants. On the flip, many renters might not wish or desire for the amenities offered, which risks you losing out on potential applicants. Grasping what your target demographic hopes for, and which amenities are reasonable in your local market, is fundamental to selecting the most alluring alternatives for your rental homes.
In numerous markets, including amenities might be either anticipated or present your rental home a competitive edge. It may also allow you to charge a higher rent. In a place with a high number of young professionals or retirees who rent, there may be a strong demand for “all-inclusive rentals,” or properties that offer not just a house, but additional services as well. Adding cable and internet services as well as utilities could be precisely what they are in search of. In particular, if you intend to rent a property to more than one person, providing such amenities can eliminate conflict and enable your tenants to avoid some of the more usual dilemmas of renting a home. In such conditions, you may simply raise the rental rate to cover the costs of each amenity, tenants like these will willingly pay for a higher rate.
Naturally, providing amenities like cable, internet, and utilities will likely not make perfect sense in some markets or for some demographics. Irrespective of the increasing popularity of internet service and cable television, not all renters yearn for or demand it. For these tenants, being requested to pay more for a service they don’t want just might drive them away.
Some renters have to decide for themselves whether they will pay for these types of amenities, over the freedom to choose their own service providers. This can be valid for utilities, additionally. In quite a lot of localities, primarily those with more than one option for utility service, tenants may consider to set up and manage their own services with the provider of their choice. This gives tenants more power over how much they pay for those utilities, likewise, rather than paying a fixed sum included in their monthly rent.
There are both strengths and weaknesses for property owners themselves. Setting up cable, internet, and utilities in your name give you more control over the services available or installed on your property. Instead of dealing with abandoned satellite dishes or other paraphernalia, a property owner can make sure that utility or other amenities are not creating an eyesore or damaging their valuable property. Paying all the utilities could equally grant you a larger tax deduction on your income tax return, which can help reduce your tax liability.
Nonetheless, irresponsible tenants may run up a utility bill, figuring they won’t be paying for the extra charges anyway. In addition, signing up for internet and cable service typically involves some up-front costs, which may indeed be hard for a landlord to recoup through higher rent. As the account holder, you will additionally have to make sure the bill is paid each month, no matter whether your property is leased or not. Either circumstance can significantly impact an owner’s cash flows, at least in the short term.
After contemplating all the pros and cons of offering cable, internet, and utility services, the option of whether to provide them or not is definitely just yours to decide. Each circumstance is dissimilar, so in this way, there is no one absolute solution. However, with appropriate facts and helpful information, you can surely decide on the solution that is ideal for you.
Are you willing to leave that decision to the specialists in the industry? Contact a professional Quincy property manager today. At Real Property Management Boston, we make it our business to help you be effective and successful in the real estate investment game without all the stress. Contact us online or call us at 617-522-0099 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.