Successful landlords want to increase rental income and the value of their rental property. There are some simple ways to achieve both goals. With any business, investing in your property so that you can offer more value can justify commanding a higher rent from tenants.
Boost Curb Appeal & Rental Income
One of the driving factors tenants consider when searching for a rental is location. If your property is located near parks, popular businesses like grocery stores, or main travel routes, stressing the benefits of the physical location of your rental property can boost interest and value. Following close behind geographic location is the curb appeal of your property. Is the exterior clean and in good shape? Is the landscaping neat and attractive? If the answers to these questions are “YES”, then you’re already one step ahead in providing value.
Take a Look Inside
You don’t have to do a major renovation to make the interior of your rental property feel fresh and clean. Instead, simple upgrades like a fresh coat of paint, new hardware, and brighter lightbulbs can create an attractive vibe. And something as simple as a good scrub – in the bathrooms and kitchen for example – make a clean unit go a long way. If the interior of your rental property looks and feels great, then it’s easier for you to find a tenant willing to pay your asking rent.
Who doesn’t like great amenities especially if they are included in the rent? You may be able to earn more if you charge a la carte for extras, but no one likes to be nickeled and dimed. If you offer great amenities just include them as part of your rent and thus get the asking rent that you want. Here are some amenities that can increase the value of your property and your rental income:
Online rent payment: Tenants want an easy way to pay rent. If rent payment is on auto pilot for tenants, it will make your life easier to get paid. Consider services like ClearNow or RentPayment for online rent payment.
Short term leases: Typically, rents tend to be higher for shorter term leases. So if you have a prospective tenant willing to pay more for a shorter than standard lease term, you can enhance your rental income.
Boosting curb appeal, improving the look and feel of the inside, and offering great amenities will help you increase your rental income and value of your rental property. These steps are easy to take and can make a lasting difference. Whatever you decide to do to increase rental income and the value of your rental property, be sure to keep track of what you spend. Tracking your rental property expenses with a free tool like RentalIncomeExpense or other form of rental property accounting software will make your life so much easier!