As a property owner in Torrance, one of your goals is to get more rent for your investment.
Let’s take a look at some ways to raise the rent.
One simple approach is to ask for more rent. Nonetheless, every rent adjustment demands a solid reason. For example, adding extra value to the property before a new tenant moves in enables you to set the rent based on these improvements.
Many landlords assume that adding value to the property requires expensive or time-consuming developments. While some updates certainly command a premium, there are also some cost-effective ways to get more rent for your home. Sometimes boosting the value takes a modest time investment and less than $500.
From applying a fresh coat of interior paint to boosting the curb appeal, there are many simple solutions available. In this article, you'll learn about five easy methods that allow you to increase the rent on your Torrance home.
#1: Improve the curb appeal
Boosting the curb appeal is one of the simplest ways to raise your property’s value. You can update the curb appeal by carrying out regular landscaping duties:
- Fertilize and water the plants and trees to encourage growth
- Regularly trim and prune the greenery to keep it tidy
- Frequently cut the grass to maintain a nice length
Driveways play a large part in curb appeal but often get overlooked. Check for any cracks or other issues with the driveway. A driveway commonly acquires oil spots that need cleaning on a regular basis.
Another important step concerns the home exterior. Cleaning procedures depend on the particular building materials. For example, brick houses need pressure washing to nicely bring out the color. Any cracks and chipped areas will need further attention and repair.
In the case of a wooden exterior, check how the paint is holding up. Too much flaking or chipping means it’s time for a fresh coat of paint. The updated result can work wonders on the property’s perceived value.
#2: Opt for professional cleaning
End-of-tenancy cleaning gets your property ready for showings. The best approach is to pay for a professional cleaning service to ensure even the easy-to-miss areas get a thorough scrubbing. Make sure to pick a reputable company that has good reviews.
Sometimes you may face the challenge of lingering smells that haven’t cleared after the cleaning. Baking soda absorbs smells, so you can put some in an open tray and leave it for a few days in places that have a strong smell. Avoid spraying any synthetic or even natural fragrances; some people are sensitive to strong scents or may be put off by a specific one.
People are especially observant of cleanliness in bathrooms. It is important to get rid of any rust rings, hard-water deposits, and soap scum. Also, make sure there’s no mildew growth around the shower cabin or a bathtub.
#3: Invest in new appliances
Provide better amenities and you’ll see that people are willing to pay more rent. A brand-new washing machine adds more value to the home than a washer that sounds like a jet engine.
Adding quality appliances is one of the basic ways to upgrade your amenities. For example, new kitchen appliances come with useful features that make life much easier. Your tenants will find the whole property more attractive when seeing the latest gadgets installed.
Upgraded amenities also add value. They are more energy-efficient than their older counterparts and as a result, your tenants will cut their energy use.
#4: Repaint the surfaces
Applying fresh paint is a simple yet highly effective way to raise the rent. Chipped, cracked, and worn paint lowers the property’s value. You might have state-of-the-art appliances and great landscaping work done around the home, but an expired paint job still demands lower rent.
When you plan the paint job, check for painted surfaces both inside and outside the property. Inside the home, it’s best to use only neutral colors in order to appeal to the widest selection of potential tenants.
Exterior colors are at their best when they complement the surroundings and blend in without being dull. Pick colors that are inviting and make you instantly feel comfortable when viewing the building from a distance.
When you notice that the painted surfaces are free of any marks, chips, and scuffs, applying new paint won’t necessarily increase the home’s value.
#5: Increase the rent incrementally
So far, we have covered tips that work best for updating the property between tenants. Incremental rent raising is a smart approach when you wish to increase the rent while your tenants still occupy the property.
Forgetting to add the incremental rent increase capacity in the rental agreement is a common issue. When landlords have long-term tenants, the charged rent may start falling out of sync with market rates. A sudden rent increase to reflect market conditions could create resentment or even result in tenants leaving.
For this reason, adding the rent raise policy into the agreement is a savvy way to keep the rent competitive.
The bottom line: get more rent for your Torrance home
Raising the rent helps to make the most out of your Torrance investment. In most situations, you’ll have to put in a little bit of time and money to justify the higher price.
The easiest approaches?
Invest in better amenities, such as new kitchen and bathroom appliances. Give the home’s worn interior and exterior a paint job to boost its perceived value. Finally, consider the changing nature of rental market rates and incorporate a rent raise policy into the rental agreement to allow for incremental rent growth.
If any of this seems daunting to you, consider hiring a professional property management company to help guide you through the process.