Investments are meant to grow and earn you more money over time. The same is true for real estate investments. If you own a rental property in the Jacksonville, FL area, you don’t have to settle for a set income. You can increase your rental property income and get even more out of your investment.
The appearance of a property is directly correlated with the rent price. The better a property looks inside and out, the higher the rent you can set. Here are ten proven ways you can increase your rental property income just by improving your property’s appearance.
By the end of this article, you’ll know exactly how you can improve your property to set a higher rent price for your next tenants.
1. Enhance the Curb Appeal
What is the first thing someone notices about a property? The exterior.
You want to make a good impression with your property to potential tenants coming to see it. If a tenant walks up to the front door and notices a broken step, cracked window, or overgrown weeds, they have already judged the property.
You’ll want to enhance your property’s curb appeal to create great first impressions and increase your income. Start by fixing anything that may be broken. This includes a hanging railing, broken windows, cracked sidewalk, and more.
To leave the ultimate good first impression, make sure the front of the property is clean and well kept. Remove any trash and weeds that may be growing. Consider power washing the exterior to remove any dirt or stains caused by the elements.
2. Redo the Bathroom
An updated and remodeled bathroom can greatly increase your rental property income. When a tenant sees that the bathroom has modern or even luxurious features, they are willing to pay more.
Replace the old tub for a standing shower or the single bathroom sink with a sink with some counter space and storage.
Lighting is also an overlooked feature in the bathroom. Consider tenants who will get ready and do their hair and makeup there. The better the lighting, the more luxurious the bathroom will feel.
If a complete renovation is out of the question, you can still make small upgrades to enhance the bathroom. Sometimes a simple deep cleaning can do wonders. Get between the tiles, remove stains from the walls or floors, and make it feel like new.
3. Update the Kitchen
The kitchen is the heart of the home. We want our bodies to have good, functional hearts and the same is true for the kitchen in your rental property!
It’s time to update the kitchen and replace those old, white appliances. Install some stainless steel, eco-friendly appliances in your rental, and replace the countertops with a nice stone surface.
You don’t have to completely change the kitchen, but sometimes an added luxury like a new stove or fridge can do wonders. Tenants will likely pay more in rent for a property with an updated kitchen.
4. Allow Pets
One of the common struggles tenants face when they’re apartment hunting is finding landlords that allow pets. This narrows down their search immensely. If you start to allow pets, you may find that you fill vacancies quicker.
Now, many landlords reject the idea of allowing pets because they believe it will leave them with damage and repair costs. However, you can ask your tenant for an extra security deposit specifically for the pet.
Some landlords even increase the rent price to include a fee for having a pet in the house. This could be as small as an extra $25 per month. No matter the amount, it’s a quick way to increase your rental property income.
5. Add a Washer and Dryer
There is nothing more inconvenient than having to go somewhere to do laundry. It can be costly and a waste of time. So, tenants will almost always pay extra in rent to have a washer and dryer in the property.
For a landlord, this is a minimal investment you can make to increase your rental property income. You will make your money back from purchasing the machines in just a couple of months after raising the rent.
6. Increase the Number of Bedrooms
Without a doubt, properties with more bedrooms tend to have higher rental prices. Depending on the layout of your property, you may have an extra room that can be converted into another bedroom.
Before you plan to convert a room to a bedroom, make sure it abides by local and federal laws. There are specific requirements in order for a room to legally be considered a bedroom.
These include the size of the bedroom, the height of the ceiling, size of a window, two means of egress, and more.
7. Upgrade the Security
Depending on where your rental property is located, upgrading, or even adding a security system can be a great idea. You want your tenants to feel safe while living there.
Including a security system or security cameras such as a Nest doorbell can help you increase your rental property income. Even adding durable and heavy-duty locks to the front door can make a difference to a tenant.
When a potential tenant sees that you have taken extra precautions with security, they are more likely to pay a higher rent price.
8. Offer a Parking Space
Driving around for a parking space at the end of a long workday is not ideal. If your rental property is located in a city or busy area, a private parking space can be extremely valuable.
You can increase your rental property income by offering tenants a private parking space. You can include the parking space in the rent or charge an extra monthly fee for them to use it.
9. Analyze the Market
Before you start advertising your rental property, conduct a market analysis. This will help you evaluate how high you should set your rent. If there is a property similar to yours in the neighborhood charging $200 more a month, you probably can too!
It’s important to keep up with the market so you can stay competitive. If your rental property is priced too low, people may assume something is wrong with it. If your rental property is priced too high, people will look for a better deal.
You have to find the perfect sweet spot that keeps you competitive but still shows your property is valuable.
10. Hire a Property Management Company
The best way to increase your rental property income is to hire a property management company. With the help of experienced and trained professionals, you can get the most out of your real estate investment.
Everything from filling vacancies fast and maintaining your property to handling repairs and accounting, having a stellar property management company on your side is beneficial for landlords.
Hiring a property management company also gives you a chance to expand your portfolio. 18% of landlords work with property management companies because they increase their profits.
You’ll have more time to focus on purchasing another rental property, therefore increasing your income.
Increase Your Rental Property Income Today
Cool Realty LLC is your answer to increasing your rental property income in Jacksonville, Florida.
With a professional team managing your rental property, you can trust you’re getting the most return on your investment.
Contact us and speak to one of our team members about how Cool Realty LLC can help you increase your rental property income today!