New construction in multifamily housing can leave older properties behind as the latest amenities come standard with new development. But remodeling your investment property in granite and stainless steel to stay competitive might be unnecessary. Instead, the biggest amenity requested in today’s renter’s market revolves around connectivity.
With technology playing an important role in every industry, it should be no surprise that your tenants want to stay connected to the digital world from the comfort of their home. Whether on a mobile device or desktop, for work or entertainment, Americans spent over 11 hours a day on digital devices and the average American family has seven to 10 Internet-connected devices in their home. By providing your tenants with Internet services at your rental property you will increase your property’s desirability by offering a highly requested amenity. The more desirable, the more opportunity you will have to find quality tenants who are willing to pay for convenient features in their rental home.
In the past, Internet services may have been offered as an additional perk to outrank the competition but now, building managers may find connectivity a necessity to keep up with the competition.
Rental property owners have the option to provide high-speed Internet in the common areas of their community and even include personal tenant access in each unit. Managers and owners are able to easily market fast broadband Internet and advertise real Internet speeds to attract tenants.
Including Internet services as part of your rental’s amenities works well for multifamily properties, where each unit can be wired for individual internet access, and where tenant have access in common areas. Owners can also chose to install WiFi hot-spots throughout the property for tenant use. For smaller multifamily properties, providing wireless Internet access for each unit is also an option as is, offering building-wide WiFi access.
Landlords concerned about absorbing additional costs might be able to negotiate a deal with their current Internet Service Provider (ISP). Some property managers choose to include Internet costs as part of a tenants rent at a discounted rate, while others may charge a fee on top of the monthly rent.
Providing Internet services to your tenants can come with a risk. One concern with offering wireless Internet means that a tenant might reach out to the landlord or property manager for any IT support. To combat this issue, you can clearly provide your tenants with information on whom to contact in the case of connectivity issues. To protect yourself as internet provider, you should include language in your lease about the terms of use, including the prohibition of any illegal activity. It is important for your tenants to practice strong security on their own level.
Providing Internet services for your tenants at rental properties depends on the demand and need in your market. Most tenants want access to the Internet in their homes. Including Internet services in the price of the unit is one of the most appreciated interior features. Rental software makes routine billing, for things like internet services or utilities, an easy expense to account for when it comes to charging your tenants and reporting the property’s performance.