All property owners want to command the highest rent they can on their investments. Deciding on the appropriate rental price takes careful consideration of the market, the location, and the condition of the property. If the price is too high, the rental will remain vacant. If the price is too low, you risk filling the rental with lower-qualified renters. While setting the price is best left to an experienced property manager, there are things owners can do that will help increase the asking price of their rentals. Here are suggestions of improvements that can add value to your rental properties. Before tackling major projects like remodeled kitchens or bathrooms, ensure that the basics are up to par. Make sure the roof doesn’t leak, there is no mold anywhere, there are no insect problems.
Improve the curb appeal
The first impression has a big influence
The better looking and more welcoming the property is, the more likely it will be rented quickly, and the more value renters will see in it
Fresh paint
New carpet and upgraded flooring
Upgraded appliances
Especially helpful if owners pay utilities and electricity
Good quality/improvements to plumbing pipes and sinks/faucets
Higher quality windows
More light is more appealing to renters
Helps with heating and cooling costs
Improved parking availability
Landscaping/yard maintenance
Preventative maintenance on A/C and HVAC
Higher quality countertops
Not only are they nicer looking, they are more durable and resist staining and peeling
Added storage, improved closet organization
Have a good, positive relationship with your tenants, or allow your Property Management company to establish and maintain a relationship
The happier the tenants are, the more likely they will be to renew their lease, for which you can charge a higher rent
To learn more about our Property Management Department and Concierge Services, call our office at (808) 593-9826 or email concierge@caronb.com
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