Benefits of Offering High-Speed Internet in Rentals
Contents of This Article:
- Why Is WiFi Important for Rentals?
- Should You Offer WiFi for Your Rental Properties?
- 5 Benefits of Offering Internet in Rentals
- How Much Should You Charge for WiFi?
- Manage Your Amenities With BMG
Why Is WiFi Important for Rentals?
These days, you need WiFi for practically everything. Businesses, homes, and individuals rely on high-speed internet to maintain productivity, streamline communication, and access various online resources.
Most people rely on WiFi in their homes to stream shows and movies, play video games, and stay connected with friends and family. Additionally, many people now work from home, requiring a high-speed internet connection.
That said, providing high-speed internet in rental properties can be an excellent way for landlords or Fairfax property managers to attract a wider pool of tenants and potentially charge higher rates. Next, we’ll review some of the pros and cons for landlords and tenants.
Should You Offer WiFi for Your Rental Properties?
Having a reliable internet connection is undoubtedly important for most people. However, is it worth it for each tenant? Additionally, are the extra costs worth it for your rental business? Sometimes, offering WiFi as an amenity may be more complicated than it seems. Here are some pros and cons of offering internet in rentals from both a landlord’s and tenant’s perspective.
From a landlord or property manager’s perspective, offering high-speed internet access can be an excellent way to attract new renters. However, it could cause more maintenance issues. For instance, if something goes wrong with the internet, like a slow connection or an outage, tenants will call you for help. In turn, you’ll have to call the internet provider, communicate back with tenants, and ensure they are happy with the solution.
On the other hand, while tenants may be attracted to the idea of WiFi included in their monthly rent, it may not be worth it. For instance, sharing WiFi amongst several other tenants can make the connection slower or sometimes not work at all. Most shared networks aren’t meant for multiple people streaming shows or playing video games. So, depending on how many units you have, streaming games or videos can become nearly impossible if everyone uses the WiFi simultaneously.
5 Benefits of Offering Internet in Rentals
Offering internet in rentals can bring several benefits for both landlords and tenants. Whether you own long-term rental properties or vacation rentals, offering WiFi can be an excellent idea. Here are some of the main benefits of offering internet in rentals.
- Increased Tenant Attraction
- Competitive Advantage in the Rental Market
- Higher Tenant Satisfaction and Retention
- Encourages Smart Home Technology Adoption
- Enhanced Property Value and Desirability
Increased Tenant Attraction
In today’s digital age, reliable internet is considered an essential tool for most. For instance, with the rise of remote work, reliable internet is crucial for those working from home. As such, offering high-speed internet can attract remote workers looking for a suitable living environment.
Additionally, students often require reliable internet for their studies, research, and online coursework. So, by providing this popular amenity, you can tap into the student rental market.
Competitive Advantage in the Rental Market
Highlighting high-speed internet in your property listings can serve as a powerful marketing tool. It can catch the attention of potential tenants browsing through rental listings online. Additionally, internet access can be an additional feature that sets your property apart from others in the same price range. This can be especially important in areas with several rental options.
Higher Tenant Satisfaction and Retention
Tenants with access to high-quality internet are more likely to be satisfied with their living situation. They can work from home, stream videos, and stay connected with friends and family without disruptions. Additionally, satisfied tenants are more likely to renew their leases, reducing turnover costs for the landlord.
Encourages Smart Home Technology Adoption
High-speed internet is a prerequisite for many smart home devices and technologies. For instance, smart home technologies like thermostats and lighting systems can lead to energy savings, benefiting both tenants and the environment. Providing high-speed internet creates an environment where tenants can easily adopt and utilize these technologies.
Enhanced Property Value and Desirability
As technology advances, having internet access as a standard amenity can future-proof your property. This can ensure that your rental remains competitive and desirable in the long term. Additionally, in the eyes of prospective tenants, a property that includes internet access may be viewed as more modern and convenient. This can lead to a higher perceived value, allowing you to potentially charge higher rents or attract higher-quality tenants.
How Much Should You Charge for WiFi?
Deciding how much to charge for WiFi in a rental property depends on various factors, including location, competition, the level of service provided, and your overall rental pricing strategy. For instance, you may include the cost of WiFi in the monthly rent amount, or you could charge separately for tenants who opt-in for internet access.
Additionally, it depends on which internet provider you choose to work with. Each provider has different rates, and most households pay anywhere from $40 to $100 per month for download speeds ranging from 50 to 200 Mbps. If you provide internet access for multiple rental units, you’ll want adequate speeds to accommodate several users.
To determine how much you should charge for internet in rentals, there are several things to consider. For instance, there are typically upfront costs associated with setting up the internet in rental properties, so you’ll want to factor this into your pricing strategy.
Additionally, if you’re offering other amenities like cable TV or streaming services, consider bundling them to save initial costs and add more value. Finally, consider the type of internet package you’ll provide. If you opt for a basic package with lower speeds, you might charge less compared to a premium package with faster speeds and more features.
Manage Your Amenities With BMG
Choosing which amenities you’ll provide for your rentals takes research and careful consideration. After all, you’ll want to know what prospective tenants want in a rental and what they’re willing to pay extra for. For instance, almost everyone uses WiFi on a daily basis, so offering high-speed internet in your rentals could be highly beneficial.
Regardless of which amenities you choose, having a property manager by your side to help manage and facilitate them is priceless for most rental owners. Bay Property Management Group offers comprehensive rental management services, so we can help you find quality tenants, collect necessary payments, and perform comprehensive maintenance.
If you’re looking for a trusted property management company near Northern Virginia, look no further than Bay Property Management Group. Contact BMG today to learn more about our rental property management services.