You have spend a lot of time and money on your investment property. So it only makes sense that as a landlord, you want to charge as much rent as you can for your property. However, the amount of rent you charge must be fair. This means that your property should charge the same amount of rent as comparable properties.
Lucky for you, Florida does not limit the amount of rent you charge. You can raise the rent as much as you want. So how do you get more rent for your property? We’ll show you!
Compare Your Property to Others when Determining Rent
If you want to
get as much rent as you can for your rental unit, you are going to need to do some research. Begin by evaluating your property carefully and honestly. Consider things such as:
- How is the curb appeal?
- How many bathrooms does your property have?
- Have the bathrooms and kitchens been upgraded recently?
- Are the windows new?
- What kind of flooring does the unit have?
- Does your property feature amenities such as a dishwasher, washer and dryer, parking, and an
outdoor living space?
- Is the location of the property desirable?
The next step will be to do your research in the neighborhood and see what comparable properties are renting for. You can check the local MLS listings to find this information. Likely, similar properties are renting for a similar price.
With this in mind, to get more rent for your property, you will need to make some upgrades. Continue looking at the local MLS and see what features and amenities properties have that are fetching higher rent. Once you do this, you will know what upgrades need to be made to your property in order to get more rent.
At Advantage Realty Service, we have years of
experience managing properties in the Tampa area. Reach out and we would be happy to give you a free rental analysis and also make recommendations for upgrades that can be made to get more rent for your property!
In our experience, these are some upgrades you can make that will increase the desirability of your property. And with desirability comes the ability to increase the rent!
Update Your Kitchen
Renters will be looking for a kitchen that is spacious, bright, and modern. Take a look at your appliances. Consider things such as their age and appearance. If your appliances are old and don’t match, you should replace them. Prospective renters love to see a kitchen with new appliances that look great.
Does your unit have a dishwasher? Typically, a
property with a dishwasher will have higher rent than a property without. A dishwasher is a feature that prospective tenants will love to see, and will be willing to pay more rent for a unit that has one.
Revamp Your Bathroom
Just like the kitchen, renters will be looking for a property where the bathroom is bright and modern. Consider upgrading the hardware on the faucets, or even installing a new vanity. If the floor is vinyl, you might consider upgrading to tile, and even tiling the walls.
Does your bathroom have adequate storage space? Shelves and cabinets are easy features to add, and prospective renters will love to see a bathroom that has extra storage space.
Make Sure You have Great Amenities
Amenities are what really make a difference. Think about it. A property with a pool will easily get more rent than a property without. If you really want to raise the bar and therefore raise the rent, consider adding amenities to your property such as the following.
- Fenced yard - Many renters have pets and therefore a fenced yard is desirable. If a prospective renter has a four-legged friend that is a dog, then they will be drooling over a property with a fenced yard.
- Washer and dryer - Having these appliances really makes a property feel like home. Nobody wants to lug their laundry to and from the laundromat. Prospective renters will be washed away by a property that features a
washer and dryer!
- Dishwasher - As previously mentioned, a dishwasher is an appliance that tenants will be looking for. Add one to your property, and you will fetch more rent than a property without.
These are just a few of our favorite things. Reach out, and we would love to discuss what other amenities are not only popular but affordable to add to your property.
Bottom Line
There you have it! Raising the rent isn’t as simple as changing the amount. If you raise the amount of rent you are asking for, but comparable properties are renting for less, then your unit is likely to stay vacant.
If you do your research and make upgrades to your property, then you’ll be increasing the rent in no time. What’s more, if you make these updates to your property,
tenants will be happy and be more like to stay long-term!
For help managing your rental properties reach out to the experts at
Advantage Realty Services today!
