A green space can be a park with several acres and a duck pond or a simple courtyard with some seating and a patch of grass. It can be a median on a busy street that’s populated with wildflowers such as aster and yarrow. A green space can be sprawling and well-landscaped, or it can be compact and simple.
While you might be busy thinking about hard surface floors versus carpet and the benefits of in-unit laundry to increase your rents and attract better tenants, don’t forget this secret weapon that can instantly make your Indianapolis rental home more attractive and thus more valuable: green space.
Smart real estate investors know that the right amenities can make or break a rental property. Those amenities will dictate how much tenants are willing to pay to live in your home, and whether or not they decide to renew their lease agreement with you.
As experienced Indianapolis property management experts, we can tell you that one of the most effective additions isn't a high-tech feature such as smart home technology or a luxury item like those very pretty front-loading washers and dryers.
It's actually something as simple as a green space.
Come with us on a walk as we explore the benefits of incorporating green spaces in Indianapolis rental properties and why this investment can pay off in more ways than one. Whether it’s a garden or a fenced backyard or even a well-appointed patio that you decide on, you’ll want to pay attention. Hopefully, you’ll be inspired.
Why Green Spaces Matter
We can almost see that group of hardcore investors rolling their eyes: who cares about the trees and the grass? As long as it’s well-landscaped and tidy, that’s good enough.
Sure, it’s good enough. Buy why settle for good enough? Why not make your rental property one of the most desirable in Indianapolis?
Here are some of the reasons that green spaces matter in the local rental market.
Enhanced Property Value for Indianapolis Homes Adding green spaces to your rental property in Indianapolis can significantly boost its market value. Studies show that properties with well-maintained gardens, lawns, and parks often sell for higher prices compared to properties without these features. This is especially relevant in urban areas where green spaces are scarce. While updating the outside space that comes with your rental home may seem less important to you than the upgrades and updates that are necessary inside the home, remember that there’s a profitability factor, here. You want to earn as much as you can on your rental investment. Green space can get you there. | Tenant Attraction and Retention We are going to talk about this more in-depth a little later because it really gets to the crux of why you want to incorporate green space into your rental property’s offerings, even if you only have a small space. For now, we’ll just give you this tip: green spaces can make your rental property stand out in a competitive market. Potential tenants are increasingly looking for homes that offer not just a place to live, but an environment to thrive. Green spaces can provide a sense of tranquility and a place for recreational activities. By creating an inviting outdoor area, you can attract and retain tenants more effectively, reducing vacancy rates over time. | Improved Mental and Physical Health You don’t have to be a master gardener to benefit from the joy of a fresh, healthy green space. Think about the time you spend outdoors. Maybe it’s part of what brings you joy. Maybe you wish you could spend more time in nature. Or, maybe you don’t think about it at all. One thing we can tell you - there’s a compelling reason to pay attention and to include green spaces in your own property and at your rental properties. That’s the positive impact on mental and physical health. Access to nature has been linked to reduced stress levels, improved mood, and increased physical activity. These benefits lead to happier, healthier tenants, which can translate to longer leases and fewer issues arising from tenant dissatisfaction. |
What About Cost Implications?
It Still Comes Down to ROI
While the initial investment in creating and maintaining green spaces can be substantial and even somewhat off-putting, the long-term return on investment (ROI) often justifies the expense.
Every time.
Landscaping, installing irrigation systems, and regular maintenance all seem like they cost way too much, especially for an investor who is on a budget. We can see how it seems too costly at first glance. But, these costs are typically offset by higher rental income and occupancy rates. Tenants are often willing to pay a premium for properties that offer attractive, green environments, viewing them as desirable amenities that improve their quality of life. Additionally, well-designed green spaces can reduce energy costs by providing natural insulation and shade, thereby lowering utility bills. Ultimately, the financial benefits associated with enhanced property value and increased tenant satisfaction can result in a significantly positive ROI for Indianapolis rental properties.
If you’re invested in a buy-and-hold strategy, the incorporation of green spaces into your investment will deliver higher earnings for many years to come.
Hint: We’re also going to talk about how to do this on a budget a bit later in this blog. |
How to Incorporate Green Spaces
If you’re on board and you see the value in introducing green spaces at your rental property, we’re here to help you get started. As Indianapolis property managers, our job is typically to help owners lease, manage, and maintain their homes. We believe it’s also our role to help you earn more on your investments. That’s why we’re introducing this idea of green spaces at all. It helps you earn more.
Our suggestions on how to get started with the green spaces at your rental property can be broken down into four immediate and initial considerations. Here they are:
Plan and Design
Before you start adding green spaces, it's essential to plan and design them carefully. Consider hiring a landscape architect to help you create a layout that maximizes the available space while ensuring it is both functional and aesthetically pleasing. We can introduce you to some of the landscape teams we work with and show you what you can expect at your rental property, whether it’s a few square feet or an entire acre. | Native Plants
It’s so important to stay true to the spirit of Indianapolis and the Midwest. You want to give your landscaping a fighting chance, so make sure it’s easy to maintain and keep healthy. Using native plants can make your green spaces more sustainable and easier to maintain. Native plants are adapted to the local climate and soil conditions, requiring less water and fewer resources to thrive. |
Multi-Functional Areas
Create areas at your rental property that serve multiple purposes. For example, a lawn can be many things. It can double as a play area for tenants who are moving in with children and a spot for tenants to relax or have a picnic. Including walking paths and even small garden plots when you want to add extra value to the space. Think about pets, too, who may be using outdoor spaces. | Regular Maintenance
The key to a successful green space is regular maintenance. Ensure that lawns are mowed, plants are pruned, and any hardscaping elements are kept clean and in good condition. Well-maintained green spaces will continue to attract tenants and add value to your property. We are going to talk about the maintenance part of green spaces in a little more detail right now. |
Tips for Green Space Maintenance
Keeping green spaces in top condition requires regular upkeep, but with the right strategies, maintenance can be both manageable and cost-effective.
Here are some essential steps in maintaining green spaces in your Indianapolis rental property:
Regular Watering. Establish a consistent watering schedule to ensure your plants receive the necessary moisture. Early morning or late evening watering is most effective, as it reduces evaporation and allows water to soak deeply into the soil.
Pruning and Trimming. Regularly prune and trim trees, shrubs, and plants to promote healthy growth and prevent overgrowth. This not only keeps your green space looking tidy but also enhances the health of your plants.
Fertilization. Apply fertilizers periodically to provide essential nutrients that may be lacking in the soil. Choose organic or slow-release fertilizers to minimize the need for frequent applications and to be environmentally friendly.
Pest Control. Monitor your green spaces for signs of pests and diseases. Use eco-friendly pest control methods, such as introducing beneficial insects, using natural repellents, or applying organic pesticides when necessary.
Weed Management. Weeds can be a major nuisance, competing with your plants for nutrients and water. Regularly remove weeds by hand or use mulch to suppress their growth. Consider using natural herbicides if the problem persists.
Seasonal Clean-Up. Conduct seasonal clean-ups to remove debris, dead leaves, and fallen branches. Winters can be frozen. Summers can be humid. Approach maintenance with a seasonal thought process. This helps prevent the build-up of organic matter that can harbor pests and diseases and keeps your green space looking attractive.
Soil Health. Maintain healthy soil by adding organic matter, such as compost or aged manure. Healthy soil supports strong plant growth and reduces the need for chemical interventions.
By following these maintenance tips, your green spaces will continue to thrive, enhancing the appeal and value of your rental property while providing tenants with a pleasant outdoor environment.
Budget-Friendly Landscaping Tips
You’re worried about costs and you want to save money. We support that, and so we have some ideas.
Creating and maintaining green spaces doesn't have to break the bank. Here are four tips for budget-friendly landscaping that can transform your rental property without a hefty investment.
Opt for Low-Maintenance Plants Select native plants that are well-suited to the local climate of Indianapolis. These plants typically require less water and care, making them a cost-effective choice. | Invest in Mulch Mulching not only helps retain moisture in the soil but also reduces the need for frequent watering and prevents weed growth. This can save both time and money in the long run. |
Incorporate Perennials Perennial plants come back year after year, unlike annuals that need to be replanted each season. Investing in perennials can save money on replacements and maintenance costs. | Focus on Functional Green Spaces Choose plants that serve a purpose, such as providing shade or attracting pollinators. This not only adds to the aesthetic appeal but also has practical benefits for your tenants. |
Tenant Satisfaction and Retention
Enhancing tenant satisfaction is hands-down the best reason to invest in offering attractive green spaces at your rental property.
Green spaces play a pivotal role in enhancing not only satisfaction but also retention. When tenants have access to well-maintained and attractive outdoor areas, they are more likely to enjoy their living experience. These green spaces offer a respite from the constant battles and requirements of daily life, providing a serene environment right at their doorstep. The presence of nature can contribute to a sense of well-being and community among tenants, encouraging social interactions and offering a stronger connection to their homes and neighbors.
Satisfied tenants are more likely to renew their leases, and green spaces can be a significant factor in tenant retention. When tenants find value in their living environment, they become less inclined to seek alternative housing options. By investing in green spaces, property owners can create a competitive edge in the rental market, showcasing a commitment to providing a high-quality living experience. This not only reduces turnover rates but also lowers the costs associated with finding and onboarding new tenants.
Community Building and Lifestyle Enhancements
Let’s talk about community and the impact a green space can have on the neighborhood where your rental property is located.
Green spaces can easily serve as communal areas where tenants can gather and participate in shared activities. Whether it's a communal garden, a barbecue area, or a playground for children, these spaces enhance the sense of community and encourage tenants to engage with one another. Such interactions can lead to stronger community bonds and a more cohesive tenant community, ultimately contributing to higher tenant satisfaction and retention.
Obviously, this will work best when you are renting out a duplex, a small multi-family building, or an apartment complex. You can make it work for single-family homes, too, giving your tenants an opportunity to create a space where they’ll entertain friends, families, and neighbors.
Environmental Benefits of Green Spaces
You don’t have to be an environmentalist to have green spaces and their benefits on your mind.
Green spaces within rental properties offer numerous environmental benefits that extend even beyond your own property and immediate surroundings.
For starters, they contribute significantly to improving air quality. Plants absorb carbon dioxide and release oxygen, helping to reduce the concentration of air pollutants. The presence of trees and shrubs can also trap dust, pollen, and smoke particles, leading to cleaner, fresher air.
Secondly, green spaces actually play a crucial role in managing stormwater runoff. Landscaped areas, especially those with permeable surfaces such as lawns and gardens, allow rainwater to infiltrate the soil rather than run off into storm drains. This reduces the risk of flooding and prevents the erosion of valuable topsoil. Additionally, plants help to filter out pollutants from rainwater, ensuring that cleaner water eventually enters the water cycle.
Finally, those green spaces can positively affect local biodiversity. By providing habitats and food sources for various species of insects, birds, and small mammals, green areas help to bolster local wildlife populations. The use of native plants is especially beneficial, as they support indigenous fauna and contribute to a balanced ecosystem.
Something You Might Not Know is a Risk:Urban Heat Islands
Another critical benefit is the reduction of the urban heat island effect. Concrete and asphalt in urban areas often absorb and retain heat, leading to elevated temperatures. Green spaces mitigate this by providing shade and through the cooling effect of evapotranspiration—where plants release moisture into the air, which cools the environment. Consequently, this can make urban areas more comfortable during hot weather and reduce the demand for energy-consuming air conditioning. |
Honestly, providing green spaces and investing in environmental sustainability is just good PR. This demonstrates a commitment to environmental stewardship, which resonates well with environmentally conscious tenants. It can help shape a positive image for property owners and contribute to broader sustainability efforts within the community. By incorporating green spaces into rental properties, we not only create pleasant living environments but also ensure a healthier planet for future generations.
Investing in green spaces for Indianapolis rental properties is more than just aesthetic. It's a strategic move that can enhance property value, attract and retain tenants, and promote overall well-being. If you're a real estate investor looking to make a wise investment, consider the long-term benefits of adding green spaces to your properties.
We look forward to helping you. Contact us at Red Door Property Management.
