Appliance Trends: What do Tenants Want?

With constant reminders of the slumping housing market and recessionary economy, empty units may cause you worry, but don’t fret; there are still plenty of potential buyers and renters searching for the right deal. Since they have an abundance of properties to choose from, however, you can make yours stand out by offering the latest in home appliances.

“Because of a larger supply [of apartments and condos], people can go out and see similar places,” says Nathan Brown, property manager and broker with Chicago-based Triview Property Management. “So, finishes really play a factor. Without the higher end finishes, your place won't stand out.”

To make your property stand out among the crowd, take advantage of this time while your spaces are unoccupied to make some serious updates.

Nothing Beats Stainless Steel

Because of its clean and classic look, stainless steel has been a prized finish in kitchens for years—and it looks like it’s here to stay.

“Things fluctuate design-wise, but stainless steel will be here for a long time,” says Don Van Cura, president and owner of Don Van Cura Construction, an exclusively residential, full-service remodeling contractor based in the Chicago area. Being in the remodeling industry, Van Cura is well versed in what customers want in their appliances.

“[Stainless steel] allows color and decorating changes without the appliances becoming the focus of the room,” he adds.

Brown agrees. “You can go with any stainless steel appliance, regardless of brand, and that is all most clients will see,” he says. “As far as appliances go, its all in the finish.”

The Great Match-up

Brown also stresses the importance of having appliances match. A stainless steel range with a white refrigerator and black dishwasher may distract potential clients from envisioning themselves in your space.

“Everyone decorates and gives their home a personal feel, but people want to understand what the initial shell is—if everything matches, people can visualize themselves there,” he says. “And if the appliances don’t match, it makes the client question what other details the seller or property manager didn’t care to finish.”

Practicality Goes a Long Way

Through his work, Van Cura has seen a definite shift in appliance trends. The previous trend was industrial-sized refrigerators and large double ovens, but now there is a move toward more practical appliances.

“People are going back to a more practical size,” he says. “’Bigger is better’ is no longer the mentality.”
While around for quite awhile, Van Cura says low-profile refrigerators are as popular as ever since they share the same depth as typical countertops—giving people a little more wiggle room since they don’t take up valuable kitchen space.

“They are shallower but wider,” Van Cura says. “But it’s more practical, because people don’t lose their food in the back—the food is readily available.”

Efficiency on the Rise

With energy-efficient and sustainable products becoming a growing trend, "green" may be the color to attract future tenants.

“You’ve got to do something that makes the property standout,” says Brown. “While [energy-efficient] appliances are not a necessity, it helps the property stand out against the plethora of places out there.”

Brown also adds that while, “greener” appliances are not commonplace now, they will be in the future. So if you’re replacing appliances now, it only makes sense to choose more efficient models, such as those accredited by ENERGY STAR.

When replacing refrigerators, Van Cura recommends opting for a model with a built-in water filter. Clients will enjoy the convenience and the money they will save from not buying bottled water, which is also good for the environment.

Spend your Money Wisely

Brown advises property managers to make sure any upgrades to appliances are supplemented by an all around renovation.

“Don’t just install expensive appliances, but still keep a kitchen from the 60s—you’re not going to fool anyone,” he says. “Make sure your money is spent wisely.”

And when looking to upgrade your property, Brown also reminds property managers to consider the rental rates first.

“You want to get the cost of the upgrades back in rent,” he says. “But, doing one simple $3,000 to $5,000 upgrade can translate into $10,000 to $20,000 more in the asking price or an extra few hundred dollars a month in rent.”