With national rental vacancies at almost half the 2010 rate, investors and landlords should be in a great position now to maximize the value of their investments.
Rental vacancies across America currently stand at 5.6%, compared with 10.6% in 2010, and experts suggest the steep rises we’re now seeing in rents is a factor driving America’s inflation rate.
Against this background, there’s rarely been a better time to invest, reaping the benefits of strong rental incomes and, crucially, adding to the stock of available rental properties.
As an experienced agent, I’ve worked with many landlords and have found the amount you can charge for rent depends mainly on the state of repair of the house or apartment.
Location is a major influence on rental income, of course, but if you’re offering a substandard property, you’ll not attract the best tenants or maximize your income.
Below, I’ve listed issues that will turn off potential tenants and damage your rental income. I hope you find it helpful.
Keep it clean
Properties in an unkempt condition are an immediate turn-off. Potential tenants will watch for signs of a lack of maintenance, such as poor lighting, cracked paths, and shabby décor in common areas.
Personality counts
If you’re taking prospective tenants through your property, be aware that you’re auditioning as their landlord. Tenants want to have confidence that you’ll respond quickly to issues and be reasonable when they raise problems.
Background checks
Experienced tenants will often do a background check on the property. They can also find information on code violations or judgments against the owner, such as unlawful evictions.
Stains on reputation
One of the tell-tale signs of a poor-quality apartment is water stains, which could be caused by a leaking roof, broken pipe or poor plumbing. Cracks and warped drywall are other signs.
Nose for trouble
How the property smells is another influential factor in a tenant’s assessment. Unpleasant aromas of gas, cigarette smoke and rotten eggs (caused by stagnant tap water) are the most common problems with rundown properties.
Broken appliances
If you’re renting your property with a dishwasher or washing machine, tenants will want to be satisfied they’re in working order. Arrange for them to be serviced to minimize the risk of breakdowns once tenants move in.