Every landlord’s dream consists of being able to find long-term, reliable tenants who are willing to pay a fair price for the property they’re renting. However, the fact is that such a scenario is not always a reality. Aside from the fact that people nowadays are very careful with what they choose to spend their money on, you also need to realize that not all landlords are fair either.
However, if you want to attract more potential tenants your way and ensure that you boost the rental yield of your property, here are some interesting ways you can do so.
Give your property some character
When decorating a rental property, you need to keep in mind that you should aim at creating a space that will appeal to a large number of people. That being said, you don’t want to end up putting together a space that feels too sterile either. That’s why it would be best to pick a certain theme for your space and stay consistent throughout. For instance, modern and contemporary designs seem to work best in such a setting as they look sleek and elegant but still offer enough room for personalization.
Be wise with interior elements
Another important aspect you’ll need to consider is the quality of the items you choose for your rental. The fact is that high-quality, durable items will initially be a bit pricier than their subpar counterparts, but the fact that you won’t have to replace them as often makes them a wiser choice in the end. So, avoid spending your money on things that will last only a couple of years tops and invest in pieces that can last for decades. Also, the more low-maintenance pieces you choose to include in the design, the more appeal your property will become.
Invest in the things that count
On a similar note, make sure you invest in the right household items and appliances that will boost not only the value but the attractiveness of your space as well. This is particularly true if you’re looking to attract long-term tenants, as they are usually more likely to choose a space that offers all the essential appliances.
If you ensure that those appliances are quality and even energy-efficient, you’ll instantly boost your chances of increasing your rental yield. So, aside from obtaining all the necessary kitchen appliances, make sure you invest in quality water heaters, such as those offered by Rapid Hot Water. This way you can ensure that your future tenants will be well-equipped and comfortable which will make your property more appealing.
Another thing rental properties are usually lacking in is storage space. While many landlords focus more on finding the right wall shade and choosing the best flooring option for their rental, many of them simply fail to provide enough storage solutions. Depending on the size of your property, you may consider creating more walk-in closets or similar solutions to provide your future tenants with this necessity. Alternatively, if your rental is rather small, invest in multifunctional furniture pieces that come with their own storage space. Beds with drawers, kitchen benches with additional storage and ottomans that can double as storage are just some of the pieces you should be looking at. Aside from these, you can even choose to go with foldable furniture pieces that will allow your tenants to boost the amount of space as necessary.
Finally, you want to make sure that you foster a professional but friendly relationship with your tenants. You certainly don’t want to be perceived as landlord tenants are reluctant to contact in case they have any questions, concerns or emergencies. That’s why you need to make it clear to your tenants that you are available and willing to help any way you can. Of course, nobody expects you to be available 24/7 but make sure your text or call back your tenants at your earliest convenience in case they’ve asked for your help.
These were just some of the easy ways you can increase your rental yield. If you’re hoping to reach better results, do know that you will have to put in some extra work. However, that being said, you shouldn’t go out of your way with upgrades and fixes. Instead, identify the ones that count most and focus your attention on them first. Once you take care of the basics, you should be able to attract more interested tenants that will be more than happy to do business with you.