Nowadays, the Internet is a standard part of day-to-day life. Just as you’ve come to rely on near-constant Internet access, the tenants on your rental property have, as well. If you want to make the most of the Internet’s prevalence, why not consider providing it for all of your residents? There are benefits and drawbacks to providing internet to tenants, but engage properly and you’ll have a chance to increase the value of your property.
Things to Consider When Providing Internet to Tenants
Before you start supplying all of your tenants with access to the Internet, you’ll want to consider how that coverage is going to impact your property. Internet service tends to influence your:
The Internet, in general, is not cheap when you’re using it for your own purposes. Paying for the Internet to be used across the whole of a rental property will take a good chunk of change out of your monthly income. That said, you can supplement this cost using a few different means.
For starters, some Internet providers may be willing to work with you, considering the amount of coverage you need. You can also explore package options that let you purchase wide-ranging Internet coverage with usage caps or even variable speeds. You can even ask your tenants what kind of Internet they’d be interested in upon moving onto your properties. By taking all of these factors into account, you can better control your costs while providing your tenants with a desirable service.
When you promise your tenants access to the Internet, you don’t always promise them a particular speed. If you make a point of investing in high-speed Internet around your rental lot, though, the value of that lot will start to rise.
A 5G and high-speed Internet will allow tenants to play video games, attend video conferences, and use some of the most cutting-edge technology available on the market today. When your tenants know that they can do all that without having to sign up for coverage on their own, they’ll be more likely to renew their leases or recommend your complex to friends.
While today’s society relies more and more on the power of the Internet, it’s younger generations who use the Internet with the greatest frequency. These same generations are looking for the chance to benefit from a “free” utility when they move into a new space.
Note that offering free Internet services will likely attract a younger demographic of tenants. This isn’t a bad thing, but you’ll want to keep it in mind as you’re marketing your lot.
The Pros and Cons of Providing Internet to Tenants
When you invest in a residential property, you want it to have the best ROI possible. Providing your tenants with what is essentially a necessary utility can help you increase that ROI. But does that mean the effort is worth it?
Providing Internet to tenants comes with a lot of benefits. All of these parties will be able to:
- Pay their rent more easily
- Connect with friends and recommend your complex
- Increase the value of your property
- Use smart devices and other technologies to keep your investment safe
When you actively make your residents’ lives easier, they appreciate your effort. The more goodwill you can build up with your residents, the more likely it is you can keep all of the rooms across your property full year-round. You can even charge a nominal fee to keep each tenant’s access up and running.
Paying for Internet for your tenants is not a cheap endeavor. You need to budget carefully if you want to make this utility part of your complex’s regular offerings. What’s more, you may need to implement a usage gap or even blocks on certain types of material. This kind of micromanagement can seem overwhelming for many investors, especially those interested in a more hands-off approach.
Providing Internet to Tenants: Is It Worth It?
Determining whether or not you should provide your tenants with free Internet access is entirely subjective. The practice can increase the value of your property, but it can also have a negative impact on your monthly budget. Weigh the pros and cons against one another, and you’ll determine whether it’s time to reach out for a meeting with your Internet provider.