Having the right amenities at your rental property can help ensure that you stand out from the competition.
Outdoor amenities are a big draw, especially in a competitive rental market. Since the right amenities can foster community among residents, ensure higher renewal rates, and increase property value, there are a lot of reasons to consider adding to your property.
A community pool is a common outdoor amenity for rental properties that you may immediately consider, but a pool may not be right for your property. If you are thinking about installing a pool at your rental property, here are some considerations before taking the plunge.
The Benefits of Installing a Pool at Your Rental Property
Pools can be an enticing upgrade for tenants. If your property exists in a competitive rental market, it’s like that competing residential properties offer amenities. Be sure to do your market research to assess your brand and rental comps in your area. Pools are often at the tops of renters’ amenities lists, and whether you opt for an indoor or outdoor option, pools can be a marketable feature for prospective tenants.
Fitness and wellness trends are likely here to stay, and while creating a gym at your rental can be compelling to the fitness-minded applicant, a pool can also be a compelling amenity. If you only have the space for one option, a pool can be used for wellness promotion for all ages and is a great way to capture the interest of fitness enthusiasts alongside parents and elderly community members who may long for a low-impact activity. If a fitness-friendly property is part of your brand, consider opting for an indoor pool to ensure residents have access regardless of the weather.
Community-Building and Resident Events:
A pool is an easy place for residents to gather and get to know each other. Whether your residents are sunbathing or letting their kids enjoy the pool, you’re sure to encourage new friendships and community-building activities by having a pool at your rental property. It can also be the perfect place to host resident events–particularly in the summer months. An outdoor BBQ or catered pool party can be the perfect place to get residents excited about living at your rental property and can encourage lifelong friendships.
The Downsides to Installing a Pool at Your Rental Property
Cost and Maintenance:
As with any installation or remodeling project at your rental property, cost is a factor. Be sure to research not just installation costs, but evaluate how a pool installation will affect your ROI; this may be largely dependent on your area and local climate. Don’t forget to consider general maintenance costs and the time you or your staff will be dedicated to pool maintenance tasks in the summer months.
Learn more: Summer Maintenance for Your Rental Property
Rental Property’s Climate:
If you are considering an outdoor pool, your rental property’s location and local climate will play a big role in the usefulness of your investment. In colder climates, an outdoor pool may be reasonably functional only a few months of the year. If the pool’s usefulness is too limited, it could impact the overall ROI from the perspective of tenant appeal and property value.
A pool can be a serious liability if not maintained properly. Accidental drownings or injuries in the pool can occur if safety precautions are not followed at all times. To keep your property free of tragedy and to protect yourself from liability, it will be vital to follow any regulations for pool safety, including appropriate signage and fencing.
More Maintenance Tasks:
Each season comes with its own set of maintenance tasks. If seasonal maintenance already feels like a chore to you or your team, adding pool maintenance to the mix could create extra challenges. If you are outsourcing maintenance or general management tasks, you will need to take into account the finical considerations of the additional maintenance needs.
Pools can be a considerable source of liability since they increase the likelihood of accidents or injuries on the property. If you do not already have liability coverage, a pool makes it highly advisable. If you already have a comprehensive landlord insurance option, you will want to consult with your current provider to see if your premiums may increase or not as a result of a pool installation. The increased fees will depend on the size of your pool, its quality, and the local area where your rental is located.
There are a lot of advantages to installing a pool at your rental property, but the downsides can be significant if you have not considered them beforehand. Thankfully, a significant portion of the downsides to installing a pool at your rental can be mitigated with a little extra planning. If your rental exists in an area where a pool would complete the tenant experience, addressing the downsides with planning and research can ensure you and your tenants are happy about the investment.