Keys to Increasing Your Rental Value in 2020

in Property Management Tips

Many people want to know how to increase their properties’ rental rates as most are usually frustrated with the low rental rates that they’re seeing, and are wondering what they can do to raise them up. If you’re one of these people, what you need to do is to simply be aware of some tips about how to increase your rental rates, as well as making some minor changes.

How To Increase Your Properties’ Rental Rates

 

Observe The Rental Rates Of Other Houses Near You

 

The biggest factor when it comes to rental rates is location. If you’re in a bad location, it will have a big impact on your house’s rental rate. Unfortunately, there’s not much you can do if you’re in a bad location. Your best option would be to sell your house for cash. There are a few companies that can help you make this process easy and can give you a cash offer the same day. One good example of a company like this is Offer House, which provides its services with no pressure and no fees.

 

Make Sure You’re Asking For A Fair Rental Rate

 

One thing you’d want to make sure of is that you’re being fair with your tenants. You don’t want to be viewed as a landlord who’s only looking to take advantage of their tenants. In fact, you want to be a landlord who’s known to make their tenants happy so they will continue to rent from you. So, when you talk to your tenants, make sure you don’t try to pressure them into paying more rent than they should for your property. Instead, make them feel at ease and encourage them to take full responsibility for keeping the property in good condition.

 

Make Sure Your House Has Adequate Flooring

 

This may sound like a no-brainer, but making sure that the flooring is in tip-top shape is also a great way to get your tenants to pay for higher rental rates. Even if you have a nice home with a great view, your tenants will still find it unappealing if the floor is filthy, or if there’s an unpleasant smell in the house. You need to make sure that your house looks great and that the carpet looks good. You do not want to scare away new tenants with a home that looks dirty.

 

Paint The Outside Of Your House

 

Painting your home is a good way to boost its value. If you think you’re up to the task, you should try painting it yourself to save money instead of hiring painting services. Make your property appear brighter to a potential tenant by giving the home’s exterior a more appealing look. Consider painting the outside of your home to match the exterior walls. This will add to the overall value of your home and allow it to appear even more attractive to potential renters. 

 

Repair Any Damage To Your House

 

The most important thing you can do to increase your home’s value is to properly repair any damage that has been done to it over the years. If you know what to do, then you should be able to fix just about any problem related to its condition. If not, you should call in a professional who can take care of these issues.

By remodeling the home, you can increase its value and convince tenants that an increased rental rate is justified. However, keep in mind that this is something that’s best left to professionals because they know what kind of remodeling will work best for your rental property. Improving the kitchen and bathrooms can be a good starting point if you want potential renters to pay for a higher rental fee. 

 

Do Some Landscaping

 

Another thing you can do to increase your home’s value is to add landscaping around the rental property. Adding trees and flowers to the yard can really make the property look nice. You can also add lighting and other features, like a small pond if you really want to go the extra mile in beautifying the yard. 

 

Add Security Features

 

One of the most important ways to increase your house’s rental rate is to add home security features. Potential tenants, especially those with families, are more inclined to pay a higher rental rate for a home that has added security given today’s increasing crime rates. Safety is paramount so it will be easier to convince them of the property’s great value if security features are installed. 

Home alarm systems don’t have to cost you a lot of money. In fact, they can sometimes be as low as $100. Choose affordable home alarm systems as these can be great investments that can help add to the property’s rental rate. 

 

Add A Patio To Your Yard

 

Another way to raise your home’s rental rates is by adding a patio to your yard. Aside from adding value to your home, it will also give your tenants more space to hang out with their families and friends. A patio can also double as a second family room and even an outdoor kitchen, which can justify rental rates that are somewhat higher from what’s usual. When adding a patio, make sure to locate it in a secluded part of your yard so tenants can have the privacy they need. Don’t forget to also pick outdoor furniture that matches the patio’s design. You can choose from different materials such as rattan, plastic, metal, wood, and many more, depending on your budget and preferences.

Conclusion

Knowing how to increase your properties’ rental rates is all about making sure you’re providing a good service to your tenants. Invest in making your rental property valuable by accomplishing some repairs and renovations, doing some landscaping, repainting, and adding home security features, as well as a patio. Aside from these, make sure that you show your tenants that you’re not just in it for the money, and that you value their friendship and are concerned for their well-being.

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