Investing in Roseville rental properties is a proven strategy for earning consistent and recurring rents and building long-term wealth, but maximizing the returns on your investment requires creativity and an understanding of the market.
We know that you probably have already considered the most basic ways to increase your revenue and your value. You’re likely making renovations and updates during turnover periods to ensure your property is attractive to good tenants. You’re hopefully focused on tenant retention. Maybe you’re allowing pets.
All of those are good ideas, but it’s time to think outside of the box.
Roseville investment property owners are in a unique position due to the city’s growing population and desirable quality of life. Thanks to the local amenities, economic stability, and growing economy, people are eager to live here and willing to pay higher rents.
If you’re looking to squeeze more value out of your Roseville investment property, here are five unique strategies to consider.
1. Offer Concierge Services
Delivering an exceptional guest experience can be an excellent way to increase the value of your property and set yourself apart from the competition. You’ll find tenants are eager to rent from you when you’re willing to provide something extra.
Consider offering personalized add-on services. You can increase tenant satisfaction and justify premium rents. You may want to try:
- Transportation arrangements.
- Housekeeping services.
- Pet care such as dog walking services.
- Laundry services or dry-cleaning pick-up.
- Babysitting referrals.
- Personal trainers.
You might be surprised at what good tenants are willing to pay for in order to make their lives easier.
2. Short Term Roseville Rentals are Having a Moment
Consider renting out a property in the short-term. This comes with some extra logistics, a lot more hands-on management (unless you’re working with a professional Roseville property manager), and attention to strict laws and requirements around short-term rentals. However, you’ll find you can earn an impressive per-night rat that’s much higher than the amount you earn on a long-term lease.
You’ll need to make some investments ahead of this change. You’ll need to furnish your property, for example, and provide all of the kitchen utensils, linens, and comforts that short-term residents expect. There will be some work involved. However, it’s an ideal way to drum up some new revenue, especially if you have a property that’s ideally located or easy to convert.
Make sure you’re registered and licensed to rent out a home in the short term, and always be sure you’re collecting and paying taxes.
3. Consider an ADU on Your Roseville Rental Home
Do you have space on your property for another rental home? If so, this can be a great way to increase value and revenue.
An Accessory Dwelling Unit, or an ADU, is defined as a separate dwelling that is either attached to or detached from a main home. You might know these sorts of properties by their more common names; granny flats, in-law units, guesthouses, backyard homes, or second homes. ADUs can provide some great opportunities for additional rental income, whether you want to rent one out on your own property or you have a home with space to add an additional property.
This provides benefits to you and to the entire housing market. Inventory is low in the Roseville market, but there’s a high demand for well-maintained rental housing. As prices have increased over the last few years, there’s a need for affordable housing within the community. Homeowners are looking for ways to leverage their own property and space.
When you convert or construct an ADU, you have a built-in rental unit that contributes to housing solutions around the neighborhood and provides you with some extra income potential. It’s a lot of value all around.
Roseville has some strict standards and laws when it comes to ADUs and Junior ADUs. For example, a single-family home can only have one ADU. Talk to a property manager in Roseville before you construct a new property on your existing plot of land.
4. Go Green
As California works to become more sustainable environmentally, you can expect that requirements are likely to change over the coming years, and you’ll have to make sure your rental properties comply with new energy and environmental standards. Get started now, especially if you’re looking for ways to add value to your property.
Upgrading your property to an eco-friendly standard can result in lower operating costs, higher rents, and provide a competitive advantage. The extent to which you make renovations will be up to you. We know some property owners who are willing to take a big plunge and invest in installing solar panels. Other investors start small with switching to LED light bulbs.
We recommend you add value and set some new environmental standards by investing in better insulation, replacing old and worn appliances with energy-efficient models, and investing in technology such as smart home thermostats. This will make your property more attractive and you’ll increase property and rental values.
5. Create a Sense of Community
People are looking for community, and that includes tenants. This is a value you can provide in a multi-family rental building, especially. Consider creating communal spaces, such as a courtyard outside with picnic tables and grills. Expand the common areas indoors to create a clubhouse or a lounge. When you inspire a sense of community in your building, your tenants are more likely to care about where they live. They might be more helpful with maintenance and landscaping. They’ll stay in place longer when they feel like they’re connecting with their neighbors.
Host events, set up some social media groups, and send out a newsletter once a month. This will go a long way towards helping your residents feel good about where they live, thus adding value to your property and the rental experience you provide.
We’d be happy to brainstorm some additional ideas with you. Contact us at Action Properties, and we’ll talk about any of your Roseville property management needs.
