Increasing the value of your rental properties can increase the rental rates you can ask for. Generating higher returns is a key component of rental property management. Responsibly growing the income created from investment rental properties is attractive to all property owners.
Below are some simple steps you can take to increase the attractiveness of your rental property to tenants. These steps also help you to maintain the property so you’re in a better position when you’re ready to sell and can reduce tenant churn to increase profitability.
The first thing people will see is the exterior of residential properties and you want to make a good first impression. Make sure to take care of general maintenance such as cutting the grass and clearing the driveway. Look at painting the exterior, adding a garden or planters, or changing out the door to freshen the look.
Outside and inside lighting is important as a well-lit residence will attract quality tenants. Open blinds and curtains to have the natural light flooding in during showings. No one wants to live in a dingy, dark space.
Outside lighting is important as well. Consider adding outdoor sensor lighting so lights come on so tenants can feel safer when coming home.
Increase Energy Efficiency for Rental Properties
An energy-efficient home will save on utility bills. Fortis BC even has a rebate program for eligible units to make rental units more energy efficient. A great resource is this list from the City of Vancouver for programs all over British Columbia.
Focus on the Kitchen and Bathroom
Having an updated kitchen and bathroom are two areas to focus on to increase the value and the rent you can ask for. Renters will prefer a cohesive look in the kitchen with matching appliances and a modern colour for the cabinetry.
In the bathroom, update the toilet and sink if needed. Or simply replace the faucets and showerheads. Storage can be important in the bathroom so install shelves or add a new vanity if there isn’t any there currently.
Painting Rental Properties
A fresh coat of a neutral paint will allow potential renters to envision living in that space. A simple update but painting the space can make a vast difference to how the unit or home looks.
Easy to Care Flooring
Carpet can hold on to smells and stains. Using hardwood or laminate flooring offers a more modern look, is easier for tenants to take care of, and increases the value for you of the rental property.
Cleaning in between renters is a must, but make sure the unit smells fresh as well. The first step is to remove any unpleasant odors. Then consider these 10 smells that can help to sell a home and will work for renting out a home as well. Just make sure you don’t go overboard as too much scent may not appeal to all renters.
Hire a Rental Property Management Company
Of course this makes sense to us, but a rental property management company can provide objective suggestions for increasing the value of your rental property and then help you get there. They will have in-depth knowledge of the market your rental properties are located in. More importantly, they will be able to accurately set the pricing for your rental property, find qualified tenants and market the property to those tenants playing up the best features of the property.
Real estate services often include long-term capital planning, building management, and tenant management to help you obtain the most value from your rental property.
The Bottom Line on Increasing the Value for Your Rental Property
You’re looking to increase your return on investment for any rental properties you own. Often spending some money and attention on a few key areas can increase the rent and minimize rental turnover. Increasing rental properties’ rental value also increases the resale value of your property.
If you’re looking for a rental property management company to help you take care of your rental properties, contact us to provide you with a proposal. We provide personalized services in the real estate industry.
We’d be happy to have a licensed property manager discuss our property management services and the needs of your rental property with you. Proudly serving Greater Vancouver, Fraser Valley, Whistler/Squamish, Vancouver Island, and the Okanagan Valley.