What are Kitchener's top rental features for 2024?

As the Kitchener, Ontario, rental market evolves, the features that make a property desirable are taking center stage for landlords and tenants alike. Whether you are a property owner looking to attract quality tenants or a tenant seeking a comfortable and convenient living space, understanding the latest trends is essential. Being rated number one in property management for six years running, Royal York Property Management assures property owners of the ability to relax and diversify their portfolios while professionally managing complexities. Competitive in the Ontario landscape, our property management portfolio is strong and now includes 22,000 properties valued in excess of $10.1 billion in combined assets. In this blog, we are going to take a closer look at the most sought-after features for rentals in Kitchener in 2024.

Location, Location, Location    

Perhaps it is location that stands to be one of the biggest driving forces behind the different demand states for rentals across Kitchener's several neighborhoods. Downtown Kitchener, as the closest location to the area's employment centers, cultural venues, and superior transit access, continues to remain very much in demand. The neighborhoods around the University of Toronto also attract great demand for their convenient and accessible location for housing both students and university staff. These locations attract landlords not only because it is an assurance of high demand but also because such an investment will have relatively stable rental returns over time.

Smart Home Features  

Smart technology has evolved from being a luxury to a standard expectation in modern rental properties. More tenants are looking to rent apartments or houses that are already equipped with smart thermostats, ensuring that the places they live manage energy use by scheduling temperatures. Keyless entry systems just make it that much easier to enter without the use of a key, while security cameras offer safety and peace of mind. These features offer not only a higher living standard but also improved property value, attracting even more tenants.

Pet-Friendly Amenities 

More and more people own pets, and tenants want a place that caters to their four-legged companions. Properties with pet parks offer wide open spaces for dogs to frolic around and mingle, and then there are grooming stations where pets are cleaned. Specific pet policies set standards for responsible pet ownership, and with clear pet-friendliness policies, these properties are quite attractive to pet owners.

In-Unit Laundry    

Time-saving convenience is one of the primary considerations for tenants, and in-unit laundry facilities answer this criterion rather well. In-unit washer and dryer combinations cancel the inconvenience of shared laundry rooms and make tenants' lives easier. Consequently, in-unit laundry often distinguishes properties and attracts more responsible tenants who appreciate such added conveniences.

Fitness Facilities   

Fitness amenities are a major attraction for health- and wellness-conscious tenants. Fitness-conscious tenants will appreciate the features that represent a healthy lifestyle, such as cutting-edge gym equipment, yoga studios for relaxation and exercise, and outdoor exercise areas for fresh air and physical activity.

Sustainable Living   

Eco-friendly features are crucial to residents who are sensitive to environmental concerns. Energy-efficient appliances will not only minimize utility bills but also keep the environment safe. Recycling programs instill responsibility in residents over their waste, while the use of green materials in construction advances sustainable living.

Parking and Storage  

Secure parking and storage amenities really help make renting much better. Undercover parking will secure cars from any hazards, and storage space for bikes will support all eco-friendly modes of transport, addressing the vast variety of needs of all possible tenants.

Balconies and Outdoor Spaces  

Both balconies and patios can act as a sort of private respite area where one can relax and get some fresh air; a rooftop terrace offers much the same, only with a panoramic view and an area for communal gathering. These added features make rental properties considerably more attractive to consumers, adding value by way of allowing access to outdoor spaces from the comfort of their homes.

Proximity to Public Transit   

Easy access to public transit is still a benefit for many tenants. Buildings located near bus stops, train stations, and major transit routes prove to be more attractive for most tenants who use public transportation to get to work.

Flexible Lease Terms  

Flexible lease terms cater to the various lifestyles and situations of the tenants. Short-term rentals will fulfill the needs of newly arrived students or temporary residents; co-living arrangements will provide shared space for an affordable lifestyle. Month-to-month leases allow for flexibility where situations may change, making rental properties more appealing to an eclectic mix of tenants.

Both landlords and tenants should keep themselves updated on these hot rental features. Adding these popular features to your property or looking for them as a tenant will place you ahead in the dynamic rental market of Kitchener in 2024.

If you own rental property in Kitchener that possesses all the features above, or if you are considering investing but do not know how to take care of it, then professional property management services by Royal York Property Management can take that headache away. Our wide-ranging services include tenant placement, property management, and rental guarantees. Contact us today to find out how we can support your property management needs while keeping your rentals competitive in the market. For more information on Royal York Property Management and our services, visit: royalyorkpropertymanagement.ca