There are many reasons why renting is popular right now. First, it can be cheaper than buying a home outright, especially if you don’t plan on staying in one place for very long.
Renting also gives you the flexibility to move around as your needs change. Lastly, renting a property early on in people’s careers can help them avoid the expenses of having a mortgage.
Moreover, renting seems like the primary option for some homeowners right now, especially when home prices are over the moon, reaching over $370,000 per home. In addition, the price-to-rent ratio in some states has decreased, meaning that it might be better to rent than purchase a new home.
However, this means that rental properties will be far more competitive. Here are six simple ways to help you make your rental property stand out.
Keep it Clean
The first and most important way to make your rental property stand out is to keep it clean. This may seem like an obvious thing, but you would be surprised at how many rental properties are not kept up to par in terms of cleanliness.
A clean rental property will look more appealing to potential tenants, but it will also help you avoid any complaints or negative reviews once they move in.
You can save a lot of money by cleaning the property yourself instead of hiring a professional company to do it for you. Just be sure to do a thorough job, so that prospective tenants are impressed when they come for a tour. However, if you have multiple properties, it might be good to partner with a professional company to help you out.
Monthly or Quarterly Maintenance
Another way to keep your rental property in tip-top shape is to perform monthly or quarterly maintenance. This could include anything from checking the smoke detectors to making sure the gutters are clear.
By taking care of minor problems as they arise, you can avoid larger and more expensive repairs down the road. Plus, this will show potential tenants that you are proactive about keeping the property in good condition.
Add Extensions or Renovations
If you’re looking to make a big impact, you might consider adding an extension or renovating an existing space. This could be anything from adding an extra bedroom to updating the kitchen.
Of course, this will require a significant investment of time and money, but it can be well worth it if you can charge more rent. Plus, this will help your property stand out from the competition.
A couple of extension choices can attract tenants to your property. A two-story oak garage is an eyecatcher and one that will grab wealthy tenants. A patio and a swimming pool can grab big families into your property. At the same time, an indoor gym can help you with millennials. So adding an extension depends on the kind of tenant you want.
Create a Comfortable and Welcoming Environment
Another way to make your rental property stand out is to create a comfortable and welcoming environment. This means furnishing the space in a way that makes it feel like home.
You can do this by adding cozy furniture, hanging some artwork on the walls, and placing some plants around the room. These small touches can make a big difference in how tenants feel about the space.
In addition, you should also pay attention to the layout of the furniture. You want to make sure there is enough space for people to move around comfortably. Otherwise, they might feel cramped and claustrophobic.
Short-term Rental
The net worth of short-term rentals has been on the rise for the past few years. This is because the number of tourists is increasing as quarantine protocols get lifted.
So if you’re looking to make your rental property stand out, you might want to consider offering a short-term rental. This could be anything from a weekend getaway to a month-long vacation.
Not only will this help you attract more tenants, but it can also be a great way to generate additional income. Just be sure to set the price accordingly so that you’re still making a profit.
Consider Hiring a Property Manager
If you’re struggling to keep up with all of the different aspects of rental property ownership, you might want to consider hiring a property manager.
A property manager can take care of everything from marketing the property to performing monthly maintenance. This will free up your time to focus on other things.
Plus, it will help to ensure that your property is well-taken care of. Just be sure to interview several different candidates before making a decision.
By following these six tips, you can make your rental property stand out from the competition. By taking care of small problems as they arise, you can avoid larger and more expensive repairs down the road. Plus, this will show potential tenants that you are proactive about keeping the property in good condition.
