For single-family units, the price of rent is usually a fixed percentage of the buying price. It’s often in the range of 1% in most parts of the country.
That being said, this is often not always possible given the realities of the real estate and rental markets. This is especially the case in the coastal cities. But if you want to get as close to the 1% rule as possible, you must figure out how you can improve your rental property.
The best property improvements are those that are guaranteed to give you maximum return on investment.
In today’s article, you’ll learn the 5 easy ways that can set you up for more rent.
As with love, when it comes to attracting tenants, first impressions matter. Curb appeal is the first impression your Jacksonville rental investment makes to a potential tenant. Needless to say, it can make or break your investment.
The following are some ideas of what you can do to improve your rental’s curb appeal.
These improvements are not only cost-effective but are sure to improve your home’s value.
A dark room can look and feel very dreary, but it becomes welcoming once light opens it up. Depending on your budget, there are plenty of options worth considering.
If you have small, dated sash windows, consider replacing them with larger casement or sliding ones. If you’re on a tight budget, consider strategically placing a few mirrors in various places to augment light. Your tenant can always replace them once they settle in.
Another way to lighten up your rooms is by using a variety of lamps and lighting fixtures. When used on floors, tables and ceilings, they can help create a well-lit and comfortable space for your renters.
Quality tenants want quality appliances. If you’re still providing a washing machine that makes bumping sounds or a stove from the ‘70s, that could be costing you business. You will have a hard time attracting tenants and, when you do, you won’t be able to charge top dollar.
Quality appliances are beneficial in two main ways. For one, quality appliances are significantly more efficient than older ones. This means they are not only good for the environment, but they also have low running costs. And two, newer appliances come equipped with smart functions and technology features.
Pay special attention to the kitchen. The kitchen is the heart of any home. It’s where you should consider making the most improvements. Among other things, go with stainless steel when it comes to the appliance finish while using faux, quartz, or stone laminate for countertops.
Elsewhere, consider installing appliances such as a washing machine, an air conditioning system, a flat-screen TV and a vacuum cleaner.
To protect your appliances from negligent damage, consider including a repair lease addendum. Specifically, have a clause stating the responsibilities of both you and your tenantin regards to appliance use and maintenance.
This is the easiest and cost-effective way to transform a tired-looking property into a bright one. When done well, it can help make your Jacksonville property as appealing as possible to both existing and prospective tenants.
But before picking color swatches, you should first decide what colors are best for your rental investment. Neutrals tend to be the most beneficial. They don’t become dated when trends change and are appealing to most tenants’ tastes and preferences.
You also need to consider the paint finish. Ideally, go with satin, semi-gloss, or gloss. Generally speaking, the higher the sheen, the easier it’ll be to maintain.
When painting, take note not to base it on your own tastes. Just because you love turquoise or eggplant doesn’t mean everyone does. Nonetheless, you can pick your favorite colors in more muted tones, like dusty or pastel varieties.
You’ll also want to avoid plain white as a color option. It’s not only high maintenance, but it also lacks personality. There are exceptions, though. You can consider it if using it for interior doors as an accent color or if using it for crown molding.
One recipe for attracting prospective tenants is making sure the home looks and smells clean. The kitchens, bathrooms, floors and walls must all be spotless during a property showing. You must also make sure you remove all odors left by previous tenants.
Ensure you cover all areas of the home, from the kitchen to the bathroom to the exterior of the home. In the kitchen, for instance, make sure you:
You also don’t want to forget the exterior. It’s just as important as the property’s interior, more so if your property is a single-family home or a small apartment building. Dirty doors, windows, siding, gutters, porches, driveways and sidewalks are sure to turn off prospective tenants.
Preferably, consider hiring professional cleaning services. Good cleaning companies will have highly-trained and industry-certified technicians. Besides time, they will also save you money as you won’t have to invest in equipment and products.
The more attractive your Jacksonville rental property looks, the more rent you may be able to ask for it. Use these tips to help you maximize the rental income of your investment without spending a fortune.