Right now is a great time to be a rental investor. More and more people are renting long-term and willing to pay for a quality rental. But some investment properties are easier to rent out than others. Homes that meet certain criteria bring a better return compared to houses that lack particular features.
Attracting Qualified Tenants
Tenants are picky. The type of home you invest in makes all the difference. You want a house that attracts qualified tenants – a home that tenants can envision living in. When tenants are happy with their living conditions, they stay longer which means less tenant turnover and fewer vacancy periods.
The Features That Bring the Best Return
What features should you look for when purchasing a rental investment? The rental property management Sacramento team at Real Property Management Select knows what makes a successful rental property.
- Storage and Closet Space – Storage space is an important feature of a home. More storage areas increase the value of a house. A sufficient amount of closet space in each bedroom is a necessity too. The ideal rental home would have ample storage space and plenty of room to organize items. This includes a formal pantry, walk-in master closet, linen closets, laundry room, mudroom, and cabinetry in the garage.
- An Open Floor Plan – According to Time, “the days of compartmentalized rooms all separated by walls and doors are gone, and the era of connected living continues to be one of the top new home trends.” Many families are “looking for an open floor kitchen plan, as it allows people to flow to and from the heart of the home during gatherings.” Quirky or unusual layouts are an immediate turnoff to tenants. Updated Flooring – The type of flooring in a rental home either attracts or detracts tenants. A dirty carpet is an eyesore. A property with gross floors appears poorly maintained, even if it is up-to-date in other ways. Homes with tile, hardwood, or laminate floors handle wear and tear well and require less upkeep. Plus, they carry more appeal. An article on Balance makes this suggestion to investors: “Since it is a rental, you want the material you choose to be cost-effective, but you do not want to be replacing floors every year, so you need to choose something that is also durable.”
- Location – Location plays a critical role in how you go about rental property management. Sacramento investors see more headaches and hassles with rental properties in a neighborhood with high crime rates, increased vacancies, and depreciating home values. Our Sacramento property management services help you locate the best areas for a rental investment. You need to consider factors such as the quality of schools, proximity to local shopping and amenities, and closeness of public transportation and large interstates.
What To Do When Your Investment Property Isn’t Ideal
There are ways to make the most of a rental property even when it is less than ideal. If your rental property does not exhibit every perfect feature, do not discount its ability to bring a good return.
- What can you do when a home has little-to-no closet space? An article on Forrent offers a few solutions. It states, “Whether you remove the already-installed shelves or just complement what is there, adding shelves to a closet provides more surface area to stack and store bins, baskets, and other small items.” Also: “Consider removing closet doors to create more visual and usable space … Replacing big, outward-swinging or bi-fold doors with a curtain can help you use an awkward closet more fully (since you can access more of it) and arrange a tight room differently (since you don’t need to account for door clearance).”
- What can you do when you cannot afford to replace the floors? Find a home improvement you can afford. A fresh coat of paint on the walls or new window blinds will transform a room. A new front door sets the tone for the entire home before you even walk in. Updated appliances make a kitchen come to life.
- What can you do with a poor floor plan or an overly customized home? There are several ways to alter an existing floor plan. Knock out a non-load bearing wall. Add on a great room. Expose a ceiling by tearing down ceiling drywall. But if you do not want to dive into major renovations, there are other ways to give a room a different appearance. Install new light fixtures. Paint it a color that makes the room look open.
Professional Rental Property Management Sacramento Investors Can Rely On
Dependable property management in Sacramento is available. You can trust the rental property management Sacramento team at Real Property Management Select. With more than 30 years of experience, our experts understand the rental industry and know how to increase your bottom line. We work hard to provide the best Sacramento property management services because we want to see you succeed. Whether you are new to rental investing or a seasoned landlord, we can help you improve your cash flow and get a better return on your property. Learn more about our hassle-free leasing cycle and proven processes. Put our team to work for you. Call Real Property Management Select today.