How Can I Raise My Monthly Rent

Many homeowners are eager to raise the monthly rental price for their properties, but playing with this figure is a sensitive equation. Before you make sweeping decisions and start asking your renters for more money, you need to determine the rental value of your home. Some of the factors impacting this number will be out of your control, such as the neighborhood and access to local amenities. In other cases, however, you may be able to raise your market value, in turn attracting more money.

Making Improvements to the Home

Place yourself in your renter's shoes. What features would you look for in a place to call home?

Paying for aesthetic improvements is rarely a top priority for landlords, but a coat of paint and some new flooring can dramatically revitalize the appeal of a tired rental home. Because rental properties tend to see more foot traffic than a traditional home, wear and tear can quickly bring down your property value. One way to keep on top of this is by partnering with a professional manager who provides maintenance services.

Bigger repairs and remodeling can also boost your property value. If your kitchen hasn't seen some improvements over the last decade, you might want to think about proactively replacing appliances and countertops. Other neglected areas of the home could include the landscaping and bathroom fixtures. While you may spend a few thousand dollars improving these problem areas, you could easily recoup your costs in just a few months with higher rent.

Perform a Rental Analysis

Have you taken a close look at what comparable units in your local neighborhood charge in monthly rent? If you haven't revised your rental prices recently, you might discover that you're charging well under what your home should be earning. This is particularly true in many areas of the Central Valley that were hard struck during the Great Recession.

The best rental analyses should be performed by a professional real estate expert. At RPM Central Valley, we provide this service for our clients. We not only look at rental price history, but we also identify key differences that allow other properties to earn more money. With that mind, we help advise our customers and teach them how to earn more for their home.

Ready for More?

Want to learn even more about how to transform the potential of your rental property? Why not schedule a free consultation with our property managers? We'll take a look at your home and help you discover how professional management could make a positive impact on your bottom line: (209) 572-2222