Rents have been on the rise the past few years as high home values decrease homeownership rates in most SoCal areas.
Small rental homes and condominiums are an attractive way to provide income in retirement, but to obtain top market rent and keep quality tenants, landlords need to schedule necessary property maintenance and periodic renovations.
Painting will provide the highest return on your rental investment, and should be done as necessary whenever there is a vacancy. Since you usually show rental properties when vacant, any outdated, faded or peeling paint gives a lived in look that dampens a properties appeal.
A new coat of interior paint in a light neutral color will give a fresh inviting look to your property.
Prospective tenants always notice the condition of the carpeting or other flooring when viewing a property, so make sure any stained or threadbare carpet gets cleaned or replaced before showing. And you don’t have to break the bank when choosing new carpeting; a medium grade carpet in a neutral color will do just fine.
Replace the padding to eliminate any existing odors and make the carpet feel softer and of higher quality. If the budget allows, consider installing tile or laminate if you really want to woo a quality tenant. The durability of hard surface flooring will pay off in the long run.
Nothing evokes a stronger response from prospective tenants than new appliances. Replacing old ranges and dishwashers with new modern appliances creates a contemporary feel that easily translates into higher rent. Stainless steel reigns supreme in rentals as well as resales in capturing a tenant’s interest.
A new law for 2016 requires all rental properties to be brought in compliance with current building standards for smoke alarms. California building codes require a smoke alarm in each bedroom, one centrally located outside each sleeping area, and on every floor regardless of whether there is a sleeping area on the floor And don’t forget to install a carbon monoxide detector, as well as earthquake straps on the water heater, to keep your tenants safe and sound.
Adriana Donofrio Podley Properties Glendora (626) 926-9700 adrianad@podley.com
