Ac Enhances Living Environments And Boosts Real Estate Values By Providing Essential Comfort And Energy Efficiency.
Today’s rental market is as competitive as ever, and strategic amenities offer savvy landlords an undeniable edge in the race for great tenants. Gyms, pools, and in-unit washers might sound like a natural win, but don’t splash out on the latest Whirlpool offering just yet. Instead, consider the humble air conditioner, which consistently topped renter wishlists in the latest survey from TurboTenant, an all-in-one rental property management platform.
Sweating Out An Ever-warming Climate
To discover the most coveted amenity of 2024, in May, TurboTenant asked more than 3,400 tenants across the United States to rank 10 popular rental features. Across demographics, air conditioning was the top priority.
It’s no surprise why. According to the National Centers for Environmental Information, April 2024 was the hottest April on record. The bad news doesn’t stop there. Their report also states that April was the eleventh consecutive month in record warmth globally.
Paired with the statement from disaster-readiness agent Ready.gov that the number of extreme heat days (i.e., a period of at least two to three days with temperatures above 90F and high humidity in most of the nation) has tripled since the 1980s, the importance of
air conditioning cannot be understated.
Respite from the ever-increasing heat is no longer a luxury but a necessity in many parts of the U.S. In-home cooling is essential for long-term health and safety, particularly for at-risk populations like older Americans, though all generations of tenants rank it as their top rental amenity.
Cooling Laws And Your Rentals
There are no national apartment air conditioning laws; the closest legislation is the implied warranty of habitability, which varies by state and jurisdiction. However, a handful of state and local laws require landlords to provide air conditioning, according to the Natural Resources Defense Council.
In 2020, Montgomery County, Maryland, passed a law mandating that rentals be equipped with air conditioning capable of maintaining internal temperatures of 80∞F or lower. Two Southwestern cities, Tempe and Dallas, followed suit.
In May 2024, Governor Polis signed SB24-094 into Colorado law, which requires Centennial State landlords to provide a cooling system to tenants.
Should Landlords Provide AC?
The short answer is that it depends on where your properties are located. The answer is likely yes for landlords with rentals in warm climates.
Beyond the fact that summers are on track to keep getting hotter, it’s well worth considering the financial benefits landlords can reap by adding cooling units to their rentals along with how to offset installation costs.
After all, renters of all ages and genders cite air conditioning as their top amenity. If you can provide it for them without breaking the bank, you can expect to see a healthy ROI.
Consider leveraging local and national rebates tied to cooling systems. For example, Energy Star rebates might be a great fit for you. According to EnergyStar.gov, this tax credit applies to systems purchased and installed between Jan. 1, 2023, and Dec. 31, 2032. You can claim up to 30% of the project cost for a maximum of $600 credit.
By installing air conditioning in your rental unit, you can expect greater tenant interest and a shorter vacancy period across all renter demographics, including age and gender. In other words, prioritizing tenant comfort in an ever-warming climate can pay out big time without burning a hole in your pocket.
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