Update your rental to attract better tenants.
If you own rental property, you know that attracting the best tenant is the key to ensuring that your rental remains occupied and paid up. Beyond that, you may find it difficult to ask for top dollar, especially in a weak economy or in a location where tenants can pick and choose where they’ll live.
You can ensure that your rental property attracts a top tenant, especially one of financial means by employing one or more of the secrets of the industry. Why settle for just any tenant when you can have someone who is willing to pay top dollar for an apartment?
Curb Appeal — How appealing is the rental property to people when they pull up by the street? Just as you would do if you were selling your home, you’ll want to make sure that the rental looks nice on the outside. A burned out bulb, weeds growing through the cracks in the driveway, litter, and peeling paint are a turn off. The inside of the apartment may be beautiful, but a good-paying tenant won’t know that if the outside needs work.
Paint It — A fresh coat of paint can do wonders for any apartment. In addition, you can add a touch of luxury by adding crown molding to the living room, replacing worn door knobs or kitchen handles, updating a light fixture or replacing a bathroom fixture.
Beautiful Flooring — You can have the most modern apartment with all of the latest amenities included, but if there is a “flooring issue” evident, then your best tenant candidates will beat feet when they tour your place. You can avoid this by cleaning and repairing the carpet, redoing the wood floors or replacing kitchen or bathroom tiling.
Modern Appliances — That dishwasher might not be enough to attract a suitable client especially if the unit is old or mismatched. Every kitchen should have a modern refrigerator, stove, dishwasher and microwave. Bonus is any apartment that comes with the washer and dryer, not just a hook up. Sure, these amenities cost more, but you can charge more if your apartment is complete. Think about it: would you want to lug your wash down the street to a public laundromat? If you’re pressed for room, then install a stackable unit.
Tenants also want an apartment that is well-lit, safe and has off street parking. If you’re renting part of a house, will your tenant have access to the yard? A picnic or play area is especially enticing for tenants who want access to outdoors for themselves, their children or for visitors.