If you're looking for ways to increase the rent of your rental property, then it is a good idea to invest in making a few improvements. Making some updates to your property is a great way to attract qualify residents who will be happy to pay a little more. After all, residents are looking for a place they can call home – those who are able and willing to spend more on a rental want an attractive, updates and comfortable property to make their own.
The following are some of the basic improvements you can make so you can increase the rent on your property. Plus, a San Diego property management company will be able to give you more detailed and specific advice on how you can improve your property.
1. Increase the property's curb appeal
How a property looks has a big impact on potential residents. If your property has poor curb appeal, then you're going to have a hard time attracting new residents, much less getting away with increasing rent. However, improving the curb appeal can improve the property's value while also helping make a stronger first impression on potential residents. The following are a few things you can do to boost the property's curb appeal:
- Replace the front door - The front door tends to be the focal point of a home. Replacing the front door can not only provide a visual upgrade, it can also improve security and energy efficiency. If the door is perfectly fine, consider using new hardware or giving it a new paint job to make it pop.
- Upgrade the windows - If your property contains older windows, newer windows will help improve the function and efficiency of your home - and they'll certainly help make the house look newer as well.
- Repaint the house - If the paint is outdated or beginning to exhibit wear and tear, then repainting the entire house is a relatively affordable way to give the property a fresh look.
- Install landscape lighting - Curb appeal doesn't stop mattering at night. Adding pathway lights, deck lighting and uplights that highlight some of the landscape features on your property will help bolster its security and safety as well as its curb appeal.
2. Add more amenities
Adding more amenities to the house is a good way to improve its function, thereby giving you an excuse to increase the rent. Not only can you make the house more functional, you can also upgrade some of the older amenities in order to make it more efficient as well, thereby reducing the cost of utilities. The following are a few types of amenities you can add or upgrade:
- Washer and dryer - A lot of rental properties do not have washer and dryer machines, which makes them a luxury that improves the home's convenience for most residents.
- Dishwasher - Like the washer and dryer, a dishwasher will go a long way in helping to make the home more convenient.
- Energy Star rated appliances - Upgrade older appliances to newer Energy Star rated models, which are not only more functional, they're more efficient.
- Build a deck - A deck adds to the living space and gives residents a way to enjoy their outdoor area. It's also a cost efficient way to increase your property's square footage.
3. Update the interior
Updating the interior can help to improve the function, form and efficiency of the house. The following are a number of interior updates you might want to consider:
- Replace the flooring - Old carpeting can look worn out, which is why you might want to either replace it with new carpeting or use a new flooring material altogether.
- Paint the walls - Adding a new coat of paint is an easy way to improve the interior design.
- Install new fixtures - Reduce the water bills and conserve water with low-flow faucets and showerheads.
- Upgrade lighting - Consider investing in LED lighting to help cut down on energy consumption and to provide the house with a better quality of light.
4. Add storage space
People can always use more storage space. Look for ways you can add storage space to your house, whether it's by installing extra cabinets in the kitchen, installing shelving in the garage or adding extra racks to the bedroom closets.
5. Offer extra services
You can give residents the option of paying for extra services, such as monthly landscaping services or maid services. You can hire these services yourself and then bump up the price of rent to make a small profit, if it makes sense. Otherwise it may just be a great added value for your residents that can help justify a higher rent.
These are a few of the improvements you can make to your property to increase the rent. A good San Diego property management company will perform a neighborhood analysis so they are able to provide advice on the most advantageous ways to update your property, thereby allowing you to increase the rent. For more information on how a San Diego property management company can help you, contact us at Property Advantage today.