How to Increase the Rental Price of your Investment Property

At Advanced Solutions Property Management, we manage rental properties in the Salt Lake City area.
Today, we’re talking about refurbing rental units. All rental properties get to a point where it’s time to put a little love and care (and a little money) into them to get them back up to where they need to be.
When is the best time do this, and and how do you refurbish a property?

Some people have rental properties where they don’t ever put anything into them, and pretty soon rent slides and you’ve got the lowest rents in the neighborhood.
So we need to understand where the rental market is, and what you should be getting for that unit.
You can do a little comparison shopping in your neighborhood, or wherever your rental units are, and you’ll look at number of bedrooms and square feet, and then see what your neighbors are renting their property for.
If you start seeing that you’re below the average, or you’re at the low end and you’re having a hard time renting out your property, it might be time for you to put some money into it.
Obviously, you shouldn’t just dump money into it, because that’s not the name of the game. You should be going for a return on investment.
Start by prioritizing what needs to be done, and then put a cost estimate on it.
If your kitchen is dated, with an old stove and fridge, then nice stainless steel appliances and slate flooring can make a world of difference.
Once you have a list of updates to make, the next decision to make is to find a contractor that you can trust to make these updates.
At Advanced Solutions Property Management, we have a list of trusted contractors that we use time and time again.
They are accountable to the work quality, and they do a great job because they know we’ll call them back for future projects.
Once you have the project completed, that’s when it’s time to get the rent up!
Start identifying what similar properties in your community are renting for.
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