Tips to Increase the Value of Your Rental Property

May 6, 2020 admin

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The Value of Convenience

Tenants enjoy access to modern conveniences. If you operate a multi-family rental property, your tenants may appreciate on-site laundry. Nobody enjoys having to lug their clothes to the neighborhood laundromat. Installing coin operated laundry equipment can help you to increase your revenue. It also provides a service that long-term tenants will appreciate. Multi-family dwellings can also benefit from installing a vending machine. These can allow tenants to have easy access to drinks, snacks, and even laundry detergent. If tenants are able to enjoy such perks without leaving the property, it can lead to increased tenant retention rates.

Spruce up the Front of Your Rental Property

Although you shouldn’t judge a book by its cover, we know that it still happens. The same approach can be used in terms of your rental property. If the property looks run down from the outside, it can be hard for landlords to attract quality, long-term tenants. It doesn’t necessarily cost a lot to boost your curb appeal though. Using a pressure washer on the exterior of your rental property can help to make your house shine. A quick coat of paint on your front door can help to provide the extra touch. Just a few steps can make your rental home pop and stand out to potential renters.

Offer Valuable Landscaping Housekeeping Services, for a Fee

Offering amenities can help to attract new tenants, as it makes your rental property quite appealing. Some of the things tenants look for when considering their new home include location, parking, condition of appliances, outdoor space, value, upgrades, and a landlord that is cooperative and respects their privacy.

In addition to these amenities, rental property owners can include landscaping services to tenants, for an additional fee. That way the tenant isn’t on the hook for taking care of the yard. Property owners are also able to ensure that their rental property landscaping always looks good and is maintained properly. Likewise, you can take these services inside by offering housekeeping services.

Upgrade Plumbing Fixtures and Interior

Once you take care of the exterior of your rental property, it’s time to look inside. Upgrading a few plumbing fixtures and revamping the interior can make a world of difference. Updating the kitchen and bathroom fixtures can bring a fresh look without breaking the bank. Try to make sure that all of the fixtures have the same finish. This helps to bring a sense of unity to the home’s design.

When it comes to the appliances in your rental property, they can be costly. If they work but are an eyesore, you don’t necessarily need to replace them. All it takes is a few hours and a roll of contact paper. You can update the look of appliances at a fraction of the cost of replacing them. Contact paper can also be used to freshen up the kitchen cabinets in your rental home’s kitchen and bathroom.

Conclusion

In a large rental market, it can be difficult for landlords to make their rentals stand out from the crowd. However, with a few strategic updates and amenities, you can increase the value for renters, while also increasing your income as a landlord. Tending to these aspects of operating a rental property can be challenging, so why not contact us at The Property Manager to see how we can help.