Keep Your Rentals Occupied

​Tenants are looking for more and are willing to pay for it.  The following will give you an idea of what qualified tenants are looking for in rental units.

Keep Your Rentals Occupied
By Pierre Mouchette | RPE BITS

Yes, tenants are looking for more and are willing to pay for it.  The following will give you an idea of what qualified tenants are looking for.  Some of the basics, according to the latest statistics, include:

• Electronic Rent Payments - 78 percent want to pay their rent online, while 63 percent want to pay with a credit card.
• Location, Location, Location - renters preferred to be able to walk to the grocery store and restaurants, although they preferred to commute to work.
• Pet Friendly - 33 percent of renters own a pet and are willing to pay a pet deposit and a rent premium.

 
Additional items not to be overlooked are:
 
EXTERIOR
Landscaping can directly impact your occupancy rate.  The materials used are inexpensive, and the work can be handled by unskilled labor.
 
Clean Building Walls, Walk, and Driveways - pressure washing a property makes a big difference in how it will look.  Patch and repair the asphalt and concrete as required.
 
Outside Entry and Exit Doors – replace with new wood or fiberglass exterior doors (they are more durable than steel).  Remember, exterior doors can be inswing, outswing, left-handed, right-handed, and more.  The door price should include both the frame and door (most new doors come as pre-hung units; the old frame is removed, and the new one is installed).

• Wood doors – require constant upkeep to avoid weather damage.
• Fiberglass doors – are relatively inexpensive compared to other materials.  They are durable and combine ease of maintenance with aesthetic appeal.  These doors are also ideal for harsh or humid climates since they are insulated and do not shrink or stretch.

Additional costs that might be incurred are: if the flooring, siding, deck, or interior trim surrounding the existing door needs repairing due to water damage, dry rot, or other problems or if the opening is uneven because the house has settled.
 
INTERIOR
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Kitchen Cabinet Doors - remove doors and fill the front frame with wood putty.  Sand and paint the complete cabinet inside and out.  Replace cabinet doors with new solid wood doors and then paint.  Replace all hinges and knobs with new ones.
 
Kitchen Backsplashes - add value to properties.  They are durable and easy to clean; they also help to keep walls grease free.
 
Flooring - never choose to carpet; if you have it and it is worn, replace it with wood.  Tenants love wood flooring and will pay a premium to have it in their rental (it also gives you an advantage over other rentals in the area).  Additionally, wood flooring rarely needs to be replaced (the carpet must be replaced every five years and looks dingy during the intern).

• Repair or replace all missing molding, sand, and paint.
• Repaint - all walls and ceilings.  (Note:  if you have many properties, always buy in bulk).

​Increase the Rentals Market Value
Stackable Washer/Dryer - If a room or an adequately sized cabinet can be constructed near a water and waste system, this is a great way to increase the rental value ($50-$80 per month).  Your potential cost for this combination is around $1,200.