In competitive rental markets, it can be important for landlords to create an edge in order to ensure their rental property vacancies are filled. Periodic rental unit repairs and improvements can provide this edge.
With continuous, back-to-back tenants, landlords may not have time or sometimes overlook the importance of maintenances and updates. For off-campus housing rentals that experience seasonal vacant periods, this can be the perfect time to give units a face-lift.
Depending on the degree to which a landlord may wish to repair, improve or renovate a rental property, the possibilities can be endless. It can be as minor as a fresh coat of paint, new décor, carpet cleaning, landscaping, and potentially adding or updating the amenities provided. It could also be as substantial as upgrading the kitchen or bathroom, and replacing old fixtures, which have the biggest wow factor and return on investment when selling.
Other top, valuable improvements and renovations include refinishing floors, installing hardwood or vinyl, adding an additional bedroom, finishing a basement suite, or updating lighting. Preventative maintenance and routine repairs are always recommended to maintain a quality rental property, increase efficiently and avoid sudden breakdowns, resulting in costly repair bills. Some repairs, improvements and renovations can be deductible through different methods with the Canada Revenue Agency or IRS.
Improving a rental unit has benefits for both student tenants and landlords. In the long run, landlords can mostly benefit by:
Increasing the rental rates
Increasing property value
Gaining a competitive advantage in the rental market
Increasing home efficiency and reducing utility costs
Increasing tenant retention
Gaining renter referrals
Do it yourself (DIY) remodeling has become more popular than ever. There are now an unlimited number of home improvement TV programs, home décor retailers, online DIY websites and apps such as Pinterest, Homedit that offer endless possibilities for updating, renovating and personalizing rental properties.
For more substantial renovations, it’s recommended to obtain help from a professional to ensure that everything is up to code, all applicable permits are purchased and applicable by-laws are adhered to for the health and safety of tenants.
It’s astounding how far a little TLC can go with a property. It not only makes a rental more desirable when advertising it, but also increases the quality of tenants applying. Repairing and updating a rental unit has short-term and long-term benefits for both student tenants and landlords.
SEE ALSO: 7 Ways to Create an Advantage in a Highly Competitive Student Housing Market
The Places4Students.com Team