Renter benefits are typically offered by the landlord or property management company and are designed to make the rental experience more enjoyable and convenient for the renter. These benefits can include things like access to 24-hour maintenance services, online rent payment options, flexible lease terms, and the ability to renew your lease at the end of your rental period. Renter benefits can also include rewards like gym memberships, discounts on nearby restaurants or stores, or even social events organized by the property management company.
Property amenities, on the other hand, are the physical features and facilities that the property itself offers to its renters. These can include things like a swimming pool, fitness center, laundry facilities, a rooftop terrace, or a pet park. Some properties may also offer more luxurious amenities like concierge services, a spa or sauna, or a movie theater.
While both renter benefits and property amenities can be attractive to renters, they offer different advantages. Renter benefits are designed to make life as a renter easier and more enjoyable, while property amenities are designed to enhance the living experience by providing access to physical features and facilities that may not be available in other properties. Ultimately, the decision to rent a property will depend on a variety of factors, including the location, price, and overall quality of the property, as well as the renter benefits and amenities that are available.
There are several popular renter benefits provided by property managers that are commonly offered to attract and retain tenants. Some of the most popular renter benefits provided by property managers include:
24-Hour Maintenance Services: This benefit ensures that tenants can request and receive maintenance services at any time of the day or night, providing peace of mind and convenience.
Online Rent Payment: This benefit allows tenants to pay rent online, making it easier and more convenient than traditional methods like mailing in a check or paying in person.
Flexible Lease Terms: This benefit allows tenants to choose lease terms that work best for their needs, such as short-term leases or the ability to renew their lease at the end of the rental period.
Rental Payment Credit Reporting: This benefit includes having the renters monthly on-time payment reported to the credit bureaus, helping renters build good credit.
Another survey conducted by Apartment List in 2021 found that the most important renter benefit was responsive maintenance services, with 81% of renters saying it was particularly important or important. Other top benefits included flexible lease terms (69%), pet-friendly policies (63%), and on-site amenities like a pool or fitness center (56%).
A new renter benefit gaining momentum is rental payment reporting offered by property managers.
According to a 2020 study conducted by Experian found that including rental payment data in credit reports can help consumers with limited credit history or negative credit history improve their credit scores. The study found that including rental payment data resulted in a credit score increase for 75% of renters, with an average increase of 29 points.
The data suggests that rental payment reporting can have a significant impact on renters’ credit scores and creditworthiness. By including positive rental payment history in credit reports, renters can build credit and improve their chances of accessing loans and credit products with better terms and lower interest rates. It’s worth noting, however, that not all landlords or property management companies report rental payment data to credit bureaus, so renters should inquire about this policy before assuming that their rental payment history is being reported.
The most popular apartment amenities offered by property managers vary depending on the location, target audience, and property type. However, here are some of the most offered amenities:
Fitness Center: A fitness center is a popular amenity that offers residents the convenience of exercising without leaving their apartment complex. Fitness centers often include cardio equipment, weight training equipment, and sometimes group fitness classes.
Swimming Pool: A swimming pool is another popular amenity that can provide residents with a place to relax and cool off during sweltering summer months. Some apartment complexes also have heated pools that can be used year-round.
Pet-Friendly Policies: Many property managers are now offering pet-friendly policies that allow residents to keep pets in their apartment. This can include allowing certain breeds of dogs or cats, providing designated pet areas, and sometimes even offering pet grooming services.
On-Site Laundry Facilities: On-site laundry facilities can be a convenient amenity for residents who don’t have their own washer and dryer. This can include coin-operated machines or even free laundry facilities.
High-Speed Internet: With more people working from home and relying on the internet for entertainment, high-speed internet has become a popular amenity for apartment complexes. Some property managers offer internet services as part of the rent, while others provide access to high-speed internet through a third-party provider.
Parking: Many apartment complexes offer covered or uncovered parking as an amenity. Some may also offer reserved parking spots or parking garages.
Security Features: Property managers may offer a variety of security features such as gated access, security cameras, and on-site security guards to provide residents with a sense of safety and security.
According to a survey conducted by the National Multifamily Housing Council in 2020, the top renter amenity was a fitness center or gym, with 61% of respondents ranking it as especially important or important. Other popular amenities included swimming pools (41%), outdoor spaces like balconies or patios (35%), and pet-friendly policies (33%).
These amenities and renter benefits can help property managers attract and retain residents by providing convenient, desirable, and value-added services.
How CredHub Can Help with Your Renter Benefit Offering
CredHub works with property management companies to offer rent reporting to their renters by setting up, maintaining, and streamlining the process. We report full or positive-only reporting to all three credit bureaus — Equifax, TransUnion, and Experian.
Most property managers offer this new renter benefit during move in or lease renewal.
Contact CredHub today to discuss implementing SB 1157 on your properties. Benefit from our experience with 40,000 units reported and 50,000 residents participating.