5 Simple Things You Can Do To Improve Your Rental Property
Successful rental properties are all about finding the right tenants. Once you find tenants that truly enjoy your property you can expect the lease to go as smooth as possible. To find the right tenant your rental needs to stand out from the crowd. There is plenty of rental demand in most markets. It is not enough to have the best location or even the lowest price. Your rental needs to offer certain amenities that other rentals in the area do not. Without these tenants will look elsewhere and you will be stuck scrambling to fill a vacancy. Here are five simple things you can do to add appeal to your rental property.
- Washer/Dryer. With any rental property it is important that you study what else is on the market. A student housing rental does not need the same amenities as a rental you would rent to a small family. Regardless of the rental there are a few amenities that make renting much more appealing. An in house washer/dryer and dishwasher can completely change the perception of the property. Nobody likes lugging laundry to and from the laundromat. This can be a time consuming expense that will push renters in another direction. If you have room in the basement you need to find a way to hook up a washer and a dryer. For around $1,000 you can install a washer and dryer that you will have in the property for years to come. Another good amenity to have in the property is a dishwasher. You don’t need a brand new stainless steel model to attract tenants. As long as you have something in the property it will make things easier on the tenant and feel more like home.
- Extra Storage. No tenant wants to feel crammed in their rental property. Adding square footage to your property may not be realistic but there are other things you can do. You can look at add storage space in the attic and basement. It is not uncommon to ignore your attic for years. You may think a tenant has no use for the attic and it has become your personal storage bin. It is important that you take a few hours and clear the attic out. This may force you to get rid of some things but it can work to free up storage space for your tenants. The same is the case with the basement. Regardless if the basement is finished or not you need to make it as clean and presentable as possible. There is often a room in the basement that can be used for storage if it is clean enough. Most tenants aren’t going to store dozens of boxes in these areas but room for a bicycle or toy set can be important.
- Garage. If you have a garage on site you need to take advantage of it. As hard as it is to believe there are many landlords who don’t utilize the garage. It may be little run down and instead of using it for parking they use it for storage. There are some tenants who will only rent properties that offer secure parking. Regardless if the garage is attached to the property or not you need to make it useful and functional. You may spend some money restoring it and cleaning it out but it can be an important part of attracting tenants. This is especially the case if the property is located anywhere that can get wintry weather. Tenants do not want to deal with defrosting their windshield and removing ice and snow every storm. If all things are equal they will choose the rental that offers a garage. There is no reason not to take full advantage of an onsite garage.
- Amenities. As a rental property owner it is important to always consider the big picture. There are plenty of occasions when paying a small expense has a much greater return. Take a look at what amenities and expenses you can pay that will allow you to justify a higher rental price. Seemingly minor items like snow & trash removal, lawn care and certain utilities can add instant appeal. Most tenants want to have their lives as easy as possible. Bundling these items allows them to live worry free and not have to worry every time there is a storm or how they are going to cut the grass. As far as utilities heat and hot water are fairly standard but if you find a bundled cable deal you may be able to pass this along to your tenants.
- Furnish Unit. There is a large segment of tenants who do not have couches and other furniture to call their own. By furnishing your unit with these and other items your property becomes much more rentable. Instead of moving a desk, coffee table and other large items they can simply use what is already in the property. Furnishing typically works best for student housing rentals or in properties where moving in and out can be challenging. If there are tricky corners and tight spaces you can partially furnish the property and leave the rest vacant.
It is important to view your property as a prospective renter. Whatever items you find appealing your tenants will probably feel the same.