A rental property in Roseville, as you likely know by now, is a great investment. There’s a strong tenant pool in this area, and the market is currently strong, with a high demand and low inventory of well-maintained rental homes. If you own a great property in a desirable neighborhood, you have an opportunity to earn high rents.
There is always room for improvement, of course.
If you’re looking for ways to maximize your rental income, we have some proven strategies that will help you increase your rents and earn more money.
Make Cost-Effective Improvements and Upgrades
When you have a clean and well-maintained property, there’s no need to renovate it completely or make costly improvements because those things will only deplete what you’re earning in rent and long term ROI.
However, a few minor updates and upgrades will give your home a fresh, modern look and allow you to charge more in rent.
Here’s how you make updates and upgrades that bring in higher rental values:
- Concentrate on the Kitchen
Start by making sure everything in your kitchen matches. When the finishes on your oven, stove, fridge, and dishwasher are uniform, the kitchen will look modern and well-designed. If the appliances are old or you’ve had to repair them more than once, consider installing new ones. You don’t necessarily have to buy high-end models, but something energy-efficient will be a great selling point when you’re marketing your property, and stainless appliances will always increase what you can charge in rent.
Tenants in Roseville and the surrounding areas are willing to pay more in rent for kitchens that feature elements such as backsplashes, shiny faucets, and smooth counters. If you’re only prepared to make renovations to one part of your rental home, update the kitchen first.
- Update Floors and Paint
A fresh coat of paint is an easy upgrade and should be made whenever possible. Invest in a higher quality paint than the cheapest one you find. You don’t want to spend too much, but walls that look great will bring in higher rents and better tenants.
Tenants prefer hard surface flooring to carpet. If you have it in the budget, tear up the carpet and instead of installing new carpet, lay down some laminate or tile floors. Even faux hardwoods look great. These floors are easier to clean and maintain, more attractive, and better for your rental value. Your property will always rent for more money when it’s free of carpet.
- Improve the Bathroom
A warm and welcoming bathroom will set your property apart from others on the market, and attract tenants who are willing to spend more for comfort and style. Some easy improvements you can make include installing a new toilet seat, upgrading the shower head to one that can adjust water pressure, and replacing sink and cabinet hardware.
Check the floors to make sure they aren’t scratched or worn and make minor improvements that tenants will appreciate, such as storage space. A cabinet or shelving over the toilet will grab the attention of prospective tenants. A large mirror over the sink with great lighting can also make a difference.
Choose Better Tenants. And, Retain Them
Tenant quality impacts what you earn.
While you’re going to charge the same amount of rent regardless of who you place in your property, renting to a well-qualified resident will save you money, and that in turn leads to more income. When you have a good tenant in place, you won’t waste time and resources chasing down late rent. You won’t have to worry about property damage or excessive deterioration after your tenant moves out. There won’t be any concern about lease violations or pet damage.
Tenant retention also impacts rental income. When your tenants are enjoying their home and feel like you’re providing a great rental experience, they’ll be more likely to renew their lease agreements year after year. This means more money in your pocket, because it saves you on things like turnover costs and vacancies.
Make sure you’re responsive to your tenants when they request repairs. Say thank you when rent is paid on time, and be willing to take the extra steps that make them happy to be renting from you. One of the best ways to earn more on your investment property is by retaining your good tenants.
Welcome Pets into Your Roseville Rental Property
Pets provide additional income through pet fees and pet rent. When you allow pets, you also reduce the risk of vacancy and turnover costs.
Allowing pets in a rental property makes financial sense. It’s an excellent way to attract a larger pool of potential tenants. In fact, studies have shown that 75 percent of renters own pets. If you aren’t allowing pets into your property, you’re possibly looking at a longer vacancy period, and that’s going to cost you.
When you allow pets, you also have an opportunity to charge more rent and potentially raise the value of the property. You can charge pet rent. You can also charge a pet deposit. These will be on a per-pet basis, so if you have a tenant moving in with two cats, that’s several hundred dollars you’re earning just by welcoming the pets into your property.
Tenant quality is often improved, too. Responsible pet owners tend to be reliable tenants who take care of their homes. With the pet policy and transparent communication with residents, allowing pets in a rental property can be a profitable decision.
Work with Professional Roseville Property Managers
The most important thing you can do to earn more money on your rental property is to work with a professional Roseville property management team. Your property managers will help you earn more income, rent to better tenants, and be proactive when it comes to maintenance. Our experience as well as our deep market knowledge contribute to more profitable investment experiences.
Property managers ensure rent is collected on time, keep you in compliance with all state, federal, and local laws and regulations, and understand how to effectively inspect, maintain, market, and care for your rental home.
Let us know if you’d like to hear more about how we can help you increase what you earn. Contact us at Action Properties.
