Business owners are always looking for new ways to get the most bang for their buck out of their products and services. This gives them the ability to earn more profit and expand at a faster rate.
Although they aren’t technically “business owners,” this sentiment applies to rental property owners as well.
Most towns and major cities are full of rental properties. This makes it difficult for a new or inexperienced rental property owner to stand out. Because of this, many rental property owners are forced to lower their rental rates. This can have a considerable impact on their overall profit and progression.
Furthermore, rental property owners have to abide by a long list of rent regulations. As an example, if your rental property is currently occupied, you can’t increase the rental rate until 12 months have passed. Additionally, you have to give the tenants at least 90 days’ notice before increasing the rate.
Thankfully, there’s a way that you can fill your rental property without cutting your rates.
To ensure that your rental property is profitable (and always occupied), you should consider making a few upgrades. Whether your budget is big or small, there are several things that you can do to make your rental property more profitable in the long run.
Before making your rental space available to the public, you should consider making one or more of the upgrades listed below:
1. Installing New Countertops Will Make Your Property Pop
The kitchen is one of the most used areas of the home. This is where families sit down, catch up with one another, and enjoy their meals.
Because of this, most renters gravitate to rental properties that have kitchens with ample counter space. This gives them more room to prep for meals and store their cooking accessories.
Having lots of counter space is also an attractive asset to renters that like to entertain. This is because it gives them more serving space for appetizers and beverages.
With all of this in mind, it’s easy to see how installing new countertops can help you increase the rental rate of your property and turn it into a hot commodity among local renters.
There are a handful of cost-effective materials that you can choose from; some common examples include laminate and recycled glass.
However, if you want to give your rental property a luxurious ambiance, you should consider the following options:
Although the materials listed above will cost a little more initially, they are more lucrative in the long run.
Bonus Tip — Why stop in the kitchen? If you want to impress prospective renters, you can install new countertops in the bathrooms as well!
2. Getting Your Roof Assessed by a Professional is Essential
Most modern rental properties, like condos and apartment buildings, are no longer built with traditional roofing systems. Instead, they are built with what are known as flat roofs.
Flat roofs are generally sturdier and more cost-effective than slanted roofs. In most cases, flat roofs are also easier to install; this makes the process quicker and less of a hassle for all parties involved.
There are several different types of flat roofs, some of which include:
- BUR (built-up roofs)
- Modified bitumen
- EPDM rubber
Over time, even the best flat roofs can get damaged by uncontrollable factors like aggressive weather or pests. This damage affects the appearance of your rental property and increases the likelihood of leaks.
These issues can have a significant impact on the overall popularity of your rental property and make it less desirable to prospective renters. Failing to deal with these issues can potentially force you to cut your rental rates, leaving you with less profit.
Unless you have prior roofing experience, you should abstain from inspecting your flat roof by yourself. This is because most roof-related issues occur beneath the roof’s surface.
If you want to prevent this from happening, you should go to MetroRoofing.ca and book a meeting with an experienced roofing contractor.
These trained contractors know how to repair a flat roof quickly and professionally. Additionally, they can fix leaks on the spot and prevent future instances from occurring; this can potentially save you thousands of dollars’ worth of repairs.
By getting your roof professionally inspected, you’re giving your tenants (and yourself) peace of mind. Doing this ensures that neither party has to worry about their property or personal belongings getting damaged.
This can give you a bit of an edge and gives you the ability to charge more for your space (especially if your rental property is located in a particularly old neighborhood).
Getting your roof professionally inspected and repaired by a flat roof specialist doesn’t just give you the leverage to ask for premium rental rates; doing this also increases the overall value of your property. You can use this information to your advantage if you ever decide to flip a property in the future.
3. Additional Storage Space is Invaluable
Most renters want to live in an apartment or condo that has ample storage space. This gives them the ability to store their personal belongings without compromising the composition of the living space.
There are countless ways that you can accommodate your future renter’s storage needs. Some cost-effective and straightforward examples include:
- Installing hooks in the entranceways and bathrooms
- Purchasing closet organizers
- Adding additional ballasts to closets
Doing these simple tasks will give your rental property much more inherent value, thus, giving you the ability to increase the rental rate.
If you have some money left over in your budget, then you should think about installing additional shelving in the pantries, kitchens, and bedrooms. This will make your rental space seem even more attractive to prospective renters.
If your rental property features shared spaces, like a gym or rec-room, installing high-quality lockers may be a lucrative option. You can rent the lockers out by the hour or charge your tenants a monthly fee. This keeps your renters happy while increasing your monthly profit.
To have a long and successful career as a rental property owner, you need to look for ways to increase your profit margins. If you want to get the most value out of your rental property, the upgrades listed above are an excellent place to start.