What Are The Top 5 Rental Property Appliances For 2022?
Are you planning on updating your Portland Oregon rental property in 2022? If so, there are several key appliances that you should purchase that will add value to your property while attracting great tenants.
In this article, we will break down what those appliances are and offer you tips on some of the other things that you can do to add value to your rental property.
The new first appliance that you should add to your rental property in 2022 is a refrigerator.
Fridges are essential appliances because they help us store food and keep it fresh.
Thankfully, there are a variety of options to choose from including standard apartment-style white fridges, stainless steel, faux stainless steel, and smart fridges.
Most refrigerators cost up to $1000 in 2022 and they can last for years so it’s best to do your research and find a fridge that is a tremendous resource for your tenants.
As with fridges, there are a wide variety of stove options to choose from regardless of whether you need a gas or electric stove.
Like refrigerators, stoves are fairly easy to install, especially if they are all-electric but in the case of gas stoves, it’s best to hire a professional to ensure that it’s installed correctly.
Washer And Dryer
Make no mistake about it, a wash and dryer are huge assets to tenants because there’s nothing better for a tenant than being able to do their laundry in their rental, instead of having to go to a laundromat.
Depending on the model, washers and dryers are also affordable and once they are installed, a landlord can consider increasing the rent by as much as 20%.
Although convenient, the key to success when choosing a washer and dryer is choosing the right units for the space that you have to place them in. Thankfully, this is fairly easy to do in today’s age because there are a variety of stackable models on the market that can fit within any space.
Things to Consider Before Buying a Washer and Dryer
An in-unit washer/dryer is a huge bonus, as well as a selling point for tenants. The added convenience allows landlords to charge additional monthly rent of around $25 to $50.00, depending on local market comps. That said, consider the items below before purchasing a washer and dryer for your rental property.
- The Type of Washer and Dryer– Space constraints are considered when choosing the best unit to provide your tenants. Thankfully, these units come in various options, from combination washer/dryer to large capacity front load side by side models. Choose what suits the rental property and expected occupancy. For example, a studio apartment would likely benefit from a space-saving under-counter combination unit, while a 4-bedroom single-family home with a separate laundry room would need something larger. Whatever size is needed, try to select something that is energy efficient and offers water-saving technology.
- Energy Ratings– Anywhere tenants or landlords can save on utility costs is a bonus. Appliances that are Energy Star Certified are worth the investment for property owners. For example, washing machines with this rating use, on average, 25% less energy and 30% less water than standard models. That savings can add up.
- Utility Hookups – Before choosing the washer and dryer you want; take a look at the hookups you have. Dryers come in either gas or electric models. Therefore, to save on added expenses, stick with the hookup you already have.
- Unexpected Repairs – Whenever possible, choosing appliances with a warranty or service plan can save money in the long run. Any time landlords add additional features to the home, such as a washer/dryer, plan to set aside a few extra funds for potential repairs.
Microwave And Dishwasher
Not essential? For some tenants, if a rental property has a dishwasher and microwave, that can be a game-changer if they choose to rent that property or not.
When choosing washers and dryers, the goal should be to choose compact models that fit within the space but you should also choose energy-efficient models as well that won’t increase your tenant’s energy costs if they decide to use those appliances.
Should You Choose Smart Appliances Or Not?
One big question that you need to ask yourself when choosing appliances for your rental property is if you should choose smart appliances.
In today’s world, most tenants prefer to use their smartphones for just about everything so investing in smart appliances may be the best choice for your rental property but you also have to think about the cost.
Smart home brand pricing ranges widely from $100 to $10,000 or more. Affordable smart Oregon home integrations continue to expand. Companies continue to offer expanded products, services, and packages.
You might find the number of choices exhausting, but you benefit from the wide range of options. You’ll find that, due to competition, more companies produce higher quality products, more options, and all of it at competitive prices. Shop around a bit and you’ll find something that works for your home and budget.
Drawbacks Of Smart Appliances
When smart appliances first hit the scene, most people were awestruck and a bit perplexed. “Wow! A fridge that can connect the internet.”
But after some time passed and we saw smart gadgets like Google Home acting as a translator, we realized these smart appliances were just appliances with a few extra features. We became a bit less enamored with connected appliances, and wondered “What else can they do?”
Many of the drawbacks of smart appliances center around their limitations and their cost. Some of the features in smart appliances simply aren’t practical (at least not yet), so the extra cost of such features may not be worth it for price-conscious customers.
A good example of this is the smart washer and dryer. You can start a smart washer and dryer remotely, but you still have to go to the washing machine to load your dirty clothes into it anyway, so why not start the machine while you’re standing there? You still have to transfer the clothes from the washer to the dryer, and the dryer still can’t fold the clothes for you. Plus, is it worth it to pay for Wi-Fi connectivity features on a washing machine when many non-smart washers offer similar efficiency features (energy efficiency and quick-cycle features)?
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