Keep Your Rental Property Occupied by Setting It Apart From the Others
If you’re a rental property owner or you are considering purchasing a rental property, the most significant challenge you can face is setting the property apart from others in a crowded market. Keeping your property occupied will bring in a steady flow of income, but if you struggle with long stretches of vacancy, it can turn your investment into an albatross. This article will discuss some of the major factors that can differentiate your rental property from the competition and appeal to a wide range of long-term and short-term renters.
Picking a Location
Location is one of the most significant factors in determining the occupancy rate of your rental property. If you’re already an owner, think of ways you can highlight your property’s location. Research local attractions (e.g., great restaurants, outdoor activities, shopping, etc.), and include the information in your listing, as well as on a handout to leave for renters/guests.
If you’re looking to purchase a property, research some of the best locations. While natural attractions (e.g., beaches, mountains, lakes) generally draw a plethora of visitors, you must consider local economics and whether you will come out well in your investment. Therefore, factor in things like affordability, population growth, and job growth. This will ensure you’re in a good position to keep your property rented out, experience appreciation, and bring in profit.
Putting in Sweat Equity
Both long-term renters and vacationers will want the place they stay to be tidy. They will expect a home that is clean, well-maintained, and attractive. There are many minor updates and upgrades you can do yourself to make your property more appealing.
- Boosting curb appeal by doing basic landscaping, pressure washing the exterior, painting the front door and investing in a new mailbox.
- Performing small repairs like fixing a leaky faucet, replacing a broken toilet lever, patching a hole in the drywall, or re-caulking around windows.
- Adding attractive furniture that’s easy to clean.
- Adding colorful pillows, blankets, area rugs, and/or other textiles.
- Replacing the hardware on furnishings (e.g., cabinets, showers, appliances, etc.)
Investing in a Remodel
While minor repair and upgrade projects will go a long way toward making your rental property more attractive, sometimes you just have to invest in a remodel. The most important rooms of the home to evaluate are the kitchen and master bathroom because they will raise the value of a property quicker than other rooms. A spacious, creative kitchen can do wonders for drawing renters. Also, you may want to look into installing hardwood floors; if you already have hardwood floors, consider refinishing them if they need freshening up.
Lean on a Property Manager
Regardless of whether you’ll live nearby or far away from your rental, upkeep, tenant screening, general repairs and collecting rent can be a lot to keep up with. If time is a luxury you don’t have to spare, it’s worth hiring a property management agency to help with your rental. The right company will be able to deftly manage your property, tending to maintenance and upkeep, and keeping it filled with tenants, whether it’s long-term or short term.
Securing the Property
Finally, both long-term and short-term renters want security. Installing a security system will not only help renters feel safer, but it will also decrease the likelihood of a break-in. Use smart technology wherever possible, as it tends to bring the most return on your investment. For instance, smart locks (which start at around $200) that you can monitor and control from your phone are features that can win over potential renters.
To appeal to more renters, carefully choose and showcase your property’s location, and look for minor repair and upgrade projects you can do yourself. If necessary, invest in a remodel that will raise your property’s value and consider hiring a property manager. Making your rental property stand out requires time, effort and money, but it can all prove well worth it if your property stays occupied and continually produces income.
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