Whether it’s a buyer’s or renter’s market, there are some specific things that landlords can do to optimize their properties, justify raising rents, and keep rents in the high end of the range for the area.
Here are the top 5 most cost-effective steps any landlord can take to raise rents and retain quality tenants:
1. Repainting
This may seem like a no-brainer, but the impact vs. cost of repainting a property warrants a top spot on this list. A fresh coat of paint does wonders for both the interior and exterior of a property, creating a “like-new” atmosphere and a clean slate on which new tenants can create their own vision of home.
2. Professional Cleaning
If there’s no time or resources for repainting the property, professional cleaning is a must and will help raise rents. A unit that’s been freshly-scrubbed from top to bottom is far more likely to command a high rent than one with obvious signs of use.
3. Switch Out Carpets for Laminates
Carpet may be appealing to a certain percentage of people, but overall, it’s often more trouble than its worth. Carpeting can quickly become stained and damaged by tenants, diminishing the overall perceived value of the unit. Consider removing carpets from units and instead installing durable, attractive laminates, which are now available in just about every wood grain and tile look imaginable.
4. Affordable Kitchen Upgrades
For many potential tenants, the kitchen is the room that influences their decision the most about whether or not to rent a property. Kitchen areas can be affordably upgraded with cabinet refacing or by at least upgrading the cabinet and drawer hardware to a modern style. Faucets and fixtures can also be upgraded affordably, and a new contemporary tile backsplash in an older kitchen can become an attractive focal point while giving it modern style. Thus, kitchen upgrades represent another opportunity to effectively raise rents that can be charged.
5. Tenant Screening
There is no better way to guarantee high-caliber tenants in all units than with tenant screening. A tenant screening service can screen for criminal records, past evictions, sex offender registry, and more. Quality tenants tend to attract more quality tenants, further justifying higher rent prices and contributing to lower renter turnover.
The higher the rents a landlord can charge, the more lucrative owning rental property can be. Use these five easy tips to improve properties affordably, raise rents, and attract premium renters.
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