Do you feel that you’re getting adequate income from your rental property? Whether you do or not, it’s always worthwhile to seek out ways to increase rental income. It’s especially important to increase rental income on your long-term properties.
With long-term properties, it’s easier to make big investments that will pay off for years to come. It’s harder to make investments in short-term properties because you might end up selling the property before you’re able to reap the rewards of your investment.
If you’re interested in increasing rental income at your investment properties, you’ll have to figure out a strategy for improving the property. In the article below, you’ll find a list of things you can do to entice renters to pay more for your property.
Increase the Property’s Curb Appeal
It will be difficult to charge more for rent if you don’t pay close attention to your property’s curb appeal. No renter will want to move into a place that has peeling paint or an overgrown lawn.
On the flip side, you might be able to impress renters by making property improvements to care for these issues. If renters are impressed by the appearance of your property, they could be more willing to pay more in rent.
You can increase curb appeal by applying a new coat of paint or siding to the outside of your rental property. Another way to boost curb appeal and increase rental ROI is to hire a dedicated yard maintenance crew. Not only will this service make your property look good, but it will be a bonus for renters because the tenant won’t have to take care of the yard.
Add a Washer Dryer Set
Nobody likes having to go to a laundromat to do their laundry. Renters also don’t like to be forced to rent or buy their washer dryer set from a third party. Many renters are used to inconveniences related to washers and dryers.
You can take advantage of this by adding an in-home washer dryer set to your rental property. The best way to offset the costs of an in-home washer and dryer is to raise the rental price for your investment property. Residents will likely be willing to pay for the added convenience.
Improve Your Property to Increase Rental Prices
Now that you know of a few different ways to invest in your property, you’re ready to decide whether or not it’s worth the extra effort. You’ll have to be sure that you can increase rental prices on the property to a level that offsets the cost of the property improvements.
A property management company can help you make improvements and set increased rental prices. If you’re interested in partnering with a property management company, be sure to get in touch with the property management experts at Florida Long Term Rentals.
