I was at a Property Management Mastermind Group with several top property management companies from around the country and after the conversation became more casual among the property managers in attendance, some asked our opinion on whether hidden safes in rental properties add rental value.
Essentially, the question is whether tenants would pay more rent and if the property would rent faster if the property had this feature.
Immediately, the property manager to my left gave this response:
“I agree that it’s super cool, but I also think it’s a terrible idea for houses intended to be rented out. Tenants won’t pay extra for it and it’s just more “things” the homeowner would have to maintain.”.
What a cool feature to hide special things… Every person would remember the property with that cool hidden feature. Add in some property automation and you have the nerdy tenants drooling. I wonder if nerds make better tenants?
I’ve been a Philadelphia Property Manager for some time, and I’ve spent a lot of time with prospective tenants. The little things matter and the small cost of something like this, versus even a slight rental increase and avoiding one more month of expensive vacancy makes it well worth the expense.