Why You Should Only Buy the Best Appliances for Rental Properties

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It is not unusual for property owners to install new appliances or update their current ones from time-to-time. Adding new appliances for rental property, such as a dishwasher or washer and dryer, can add value. Likewise, updating your current appliances to higher-end models can attract more lucrative tenants and allow you to charge more rent. 

Appliances can also be expensive, though, so you’ll want to be sure you’re getting the best option for your budget. Whether you’re a new property owner or a veteran landlord, there are some things you should consider before buying new appliances for your rental property.

The Basics

Before you begin appliance shopping, ask yourself general questions to help narrow your search. 

1. Think About Tenant’s Expectations

Will they be satisfied with something basic or will they expect top-of-the-line? If you’re marketing to college students and young professionals, and you’ve got a small studio or efficiency, it may be best to stick with basic appliances. If you’re renting a house to a large family, higher-quality appliances might be better to keep up with the amount of use. 

2. Decide on a Finish

Stainless steel is the most popular finish when it comes to appliances. Some owners choose to go with an all-white or all-black finish, however, for cost or aesthetic reasons. If a completely uniform look is important to you and your renters, you’ll want to stick with the same look across all appliances. 

3. Look for Energy-Efficient Appliances

Energy-efficient appliances will save you and your tenants money on the electricity bill every month. Keep an eye out for the Energy Star symbol on appliances you’re considering for purchase. 

New appliances can attract higher-end tenants, allowing you to charge more rent. They are also more energy-efficient. What are the most popular appliances to enhance your unit’s value? We outline them next. 

The Best Appliances for Rental Properties

Keeping your rental appliances up to date can do wonders for your property. Here are the appliances you should definitely consider updating regularly to attract prosperous renters, charge higher rent, and lower utility bills. 

1. Stoves

There are a few factors to consider when updating a stove on your property. They include: 

Range or Cooktop?

You need to choose between a full range or a cooktop, depending on your kitchen’s layout. Ranges include both the cooktop and the oven in one unit. Cooktops are separate from the oven and allow for storage space underneath. Ranges are more common than cooktops and separate ovens. 

Gas or Electric?

One of the main considerations in choosing a stove is whether to go with a gas or electric stove. In terms of everyday cooking, both types of stoves will meet a tenant’s needs. The type of hookup you have generally determines which one you choose. Gas stoves require a gas hookup, whereas electric stoves need an electrical outlet with the right voltage. Changing the type of hookup you have can be expensive so it’s best to go with whatever is currently in place.

Cost

Gas ranges are more expensive than electric, but natural gas is more cost-effective in the long run. Again, it’s best to go with the type of hookup already installed at your property as changing this can be costly.  

Safety Precautions

Both gas and electric ranges bring potential safety hazards. Gas ranges pose the risk of carbon monoxide poisoning, while electric ranges can cause a fire or electrocution if they’re not installed properly. 

Close up of a stove appliances

2. Refrigerators

There are many different refrigerators on the market today that run the gamut from basic to extremely high-end. You can narrow your search by taking into account the following categories. 

Size

In addition to measuring the length, width, and depth of the space for your refrigerator, you’ll want to allow clearance for the doors to swing open. If there’s a kitchen island or another appliance close by, measure the distance so you can be sure the refrigerator door won’t collide with anything. 

Door Type

There are several door styles to choose from.

  • French Doors. There are two doors that swing outward and there’s usually a freezer space on the bottom. 
  • Side by Side. This style houses the refrigerator on one side and the freezer on the other with both sides taking up equal space. 
  • Top Freezer. A more traditional and budget-friendly option with a freezer space at the top and the refrigerator running from the middle to the bottom of the unit. 

Other Features

Ice makers and water dispensers are two features that are popular with renters. Keep in mind that ice makers can leak and water dispensers will need regular maintenance (changing the filter, etc.). 

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3. Dishwashers

Installing a dishwasher can make your space more attractive to tenants. Dishwashers are almost a necessity for larger spaces that will house families or roommates.

Self-Cleaning or Manual?

Older dishwasher models tend to have self-cleaning filters that remove food and debris that’s washed off during a cycle. Newer models may have filters that require manual cleaning from time to time. It’s important to understand the cleaning procedures required for proper maintenance, whichever type of filter you choose. 

Compact or Standard?

If you own a studio or an efficiency with a small kitchen, compact size is probably best. If you own a one-bedroom apartment or a house, the standard size will most likely be necessary. 

4. Washers and Dryers

You may want to consider adding a washer and dryer to your unit if you don’t have them to increase your property values. Most tenants look for these appliances in their rental search.

Types of Machines

The options are washers and dryers are as follows: 

  • Stackable
  • Frontloading
  • Combined unit (capable of washing and drying in the same machine)
  • Full-size top load units

If you’ve got a small space, it may only be feasible to install a stackable or compact unit. If you’ve got a whole laundry room or basement, however, you should consider larger machines. 

If you’ve already got an electric hookup, stick with an electric washer and dryer. If your property is wired for a gas unit, though, go with gas. Changing the type of hookup that’s already in place can be expensive. 

Contact the Residential Real Estate Experts With Property Management Questions  

It’s important to select the right appliances for your rental unit, whether you’ve just purchased your first investment property or your tenth. It can mean the difference between a higher value unit that attracts better prospects and lowers utility bills and one that doesn’t. If you have any questions about investment properties, or if you’re looking for reliable property management in Greater D.C., contact our team of experts at Nomadic Real Estate

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Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

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Unit Comparison Report:

  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
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Income Statement Month-Over-Month:

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Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

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Download a statement to see month and YTD financials:

You'll also find a month-over-month operating statement:

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Responses will show up in the conversation ticket:

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You can reply in-line using the comment box:

Each conversation will be logged in its entirety:

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

View a snapshot of income and expenses on your dashboard:

See every transaction in real-time on your ledger:

Statements and forms will be posted to your documents library:

View a suite of real-time financial reports:

See a running list of all bills, and drill down for more detail:

Under Bill Details, you'll find dates/descriptions/amounts and more:

You can also communicate with your Account Manager through the portal:

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.