When it comes to leasing properties long-term, many investors want help finding ways to increase their monthly cash flow from their properties. Often times property owners are skeptical of their ability to increase rent rateswithout making large investments up front or losing residents in the process. Property Advantage has made it a priority to help their clients increase their rental rates by making some very calculated investments where they are needed most.
The Del Mar Condo
Property Advantage’s Del Mar Property Management team worked magic to increase the rent of a Del Mar condo by 47% in just one month. In the beginning, the condo was renting for just $1150 per month. After an investment of just $14k the new rental rate was $1695 per month.
That is an additional $545 per month without any additional square footage or major changes. The entire investment will be covered by the additional rent alone within just two years.
Property Advantage looks at four major categories when determining what kinds of updates to make to your rental properties for the best returns:
Number one is the kitchen.
Kitchens are one of the biggest focal points of a house, and a place where everyone spends time. When it comes to house hunting, many families will turn down a house solely because the kitchen looks dated or closed in. We are able to update cabinets, add back splashes, and increase shelving or pantry space to open things up. This gives the whole home a value boost that pays off.
The next place we look for improvements is with flooring.
If your carpet is stained, worn down or extremely old, we can replace the carpet in bedrooms and family areas where most people want it. We can also add hardwood or vinyl flooring in kitchens, bathrooms and other common areas to give the house a more elegant appearance.
Fresh paint is yet another simple step to updating your property.
Without getting too crazy with colors, we can add a fresh and bright neutral tone to your house that looks ultra clean and light. It creates a welcoming atmosphere that residents will love.
Lastly, adding storage space is always a bonus for your residents. While we are busy working on your kitchen upgrades, we can put some additional organizational racks in the pantry or hang shelves on the wall. We can also add shelving in laundry rooms, bathrooms and closets throughout the house. Residents love knowing that they have a home for all of their things instead of feeling crowded.
Return on Investment
While a complete remodel may seem like a large investment, Property Advantage has mastered the quick and easy upgrades that can be done on a tight budget with the most promising returns. Kitchen cabinets, clean carpet and a fresh coat of paint are more than enough to increase the monthly rent of your property.
Typically improvements don't require any major reworks of plumbing, electrical or other systems. All of this is basically accomplished with a surface level facelift that can be done quickly and easily so that you don't have a significant amount of downtime before your property is back on the market, and you can start seeing immediate returns.
Increase the rent on your property.
For more information about how Property Advantage can help you update your condos or homes, contact us today at 877-808-4545 for a free quote. With one quick walkthrough, we can make a detailed list of recommendations for upgrades that will boost your monthly rental income by up to 47% in just one month.