Being a landlord is no easy task. You constantly want to make sure your rental homes are desirable within your market. While countless factors can attract wealthy renters, here are the best five ways to raise the market value of your rental.
Embrace the Neighborhood
If your property is in a vibrant area or community, do not hesitate to highlight that when advertising to potential renters. Families are always interested in what their new neighborhood has to offer; nightlife, restaurants, schools, and community activities are valuable selling points for your rental.
Know Your Competition
Are other rentable homes in your area more successful than yours? Do they have modern appliances and exteriors? Note what makes their properties so attractive to renters and implement those factors into your home. Having the best home in your area allows you to be more competitive within the market.
Young families prioritize energy-efficient homes, so breaking into this market is very advantageous to your business. Green homes not only help the environment, but they also perform better than a typical abode. Don’t be afraid to spend big on energy-efficient appliances, windows, and insulation. These factors save you money over time and increase the appeal of the property.
Increase Curbside Appeal
When it comes to real estate, renters will always judge a book by its cover. Maintaining a well-landscaped yard and a modern exterior are two effective ways to raise the market value of your rental. Stay up to date on popular home-design trends and integrate them into your property.
Make the Home Presentable
When it comes time to get your property ready to rent, having the most presentable interior is the best way to get potential renters to sign on the dotted line. You want to create a modern space that excites families at the prospect of moving in. A presentable home also incentivizes your renters to re-up year after year.
With these tips and tricks, you’re well on your way to becoming a successful landlord with competitive and high-value properties. Prepare yourself to reap the financial benefits of providing desirable single-family homes for your renters!