If you’re considering raising the rent on your rental property, one way to do so is to offer some upgrades that make the home or unit stand out to good quality tenants – and these don’t necessarily have to be costly.
For instance, some of the best upgrades to make with your rental property to justify a rent increase can include the following:
- New Kitchen Countertops – Two of the primary areas that potential tenants look at are the kitchen and the bath(s). Therefore, keeping these rooms updated can make a big difference. With regard to the kitchen, simply replacing the countertops can provide a clean and polished look. Today, there are many options to choose from, including slate, granite, ceramic tile, or even stained concrete.
- Upgraded Plumbing and Fixtures – Adding newer bathroom fixtures and plumbing can also be a plus. Making sure that all of the fixtures match one another is key.
- Replace the Flooring – Putting in new flooring is a great way to attract tenants who are willing to pay a bit more. In Florida, the more popular floor alternatives include tile and granite, as they remain cool and are easy to clean.
- Increased Storage Space – For renters, storage space can be a top priority. So, if you can make use of “wasted” areas, such as under stairwells, or even by adding shelving in the garage or carport, you may be able to add a few dollars to the monthly rent price.
Owning and operating residential rental property(ies) can be lucrative, but it can also take a considerable amount of your time. So, if you would like to alleviate tasks like finding and screening tenants, collecting rent, responding to emergencies, and keeping up with day-to-day maintenance, it may be time to consider bringing a property manager on board.
Do you own rental homes in Orlando and/or in the surrounding Central Florida area? If so, contact us and we will provide you with more details on how you can still generate regular rent checks, but without all of the time-consuming work. We look forward to hearing from you.