Skip to Content

5 Ways to Add Value to Your Rental Property

If you own a rental property, you surely know the importance of attracting and keeping good tenants. Whether you’re managing your property yourself or employing a property management company, it’s important to keep your property as full as possible, and keep the good tenants renting from you. One way to do this is to add value to your rental property through various improvements. Below you will find 4 affordable ways that you can add value to your property, allowing you to reduce vacancy and potentially charge more for rent!

1. Renovate the kitchen
Having a nice kitchen in each of your rental units is a great way to add value. You don’t have to build a professional kitchen with stainless steel appliances and granite countertops, but you should definitely make an effort to improve the quality of your kitchen(s). That means adding newer appliances (it will be worth the investment!), keeping the plumbing working smoothly, and keeping as much counter space open for your tenants as possible.

2. Renovate the bathroom
After the kitchen, the next most important room is the bathroom. Tenants want to see a newer, clean bathroom in their new home. Whether you’re renting a 5 bedroom house or a 1 bedroom apartment, the cleanliness and quality of your bathrooms should be a top priority.

3. Listen to your tenants
If any of your tenants ever complain or comment on a particular issue they have with your property, listen to them and take note. If their request is reasonable and affordable, consider making the repair or improvement. After all, it’s your tenants who are living in the property day in and day out, so they know best what needs improvement and what doesn’t. If you have no complaints but want to invest some money in improvements, consider asking your tenants what they think could be made better.

4. Scope out the competition
As a property owner and/or landlord, it is important to stay competitive. On your next free weekend, make some appointments to view rental properties in your area that are in the same price range as your properties. Take note of their size, condition, amenities, terms, etc. and compare them to what your own properties offer. This will help give you a good idea of where you stand in the local marketplace, and how you can improve.

5. Employ a property management company
If you’re not yet using a property management company in Bakersfield, you really should be! Having a company to handle your landlord duties can be very beneficial for both you and your tenants. For one, you will have much more free time on your hands to relax and enjoy life. And at the same time, your tenants will have a better overall experience, because the agency will be able to keep everything in tip-top shape with regular maintenance. If you think hiring a rental agency is out of your budget, do the calculations again, and this time factor in the cost of your time – it might inspire you to make room in your budget!

So, there you have it! Follow these steps and you’ll surely notice a difference in your vacancy levels, and you should be able to charge more for new tenants! Keep in mind that this list is far from comprehensive – there are plenty of other ways to add value to your rental properties.

Learn more about how a property manager can help you by learning more about us.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

  1. Drew says:

    Great advice to listen to your tenants. They are your men on the ground when it comes to issues that need to be resolved so they would have a pretty good idea of what needs to be dealt with. Thanks for the tips!

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details