All investors want to make as much money as possible on their investment properties. Today, we’re sharing a few ways that you can increase the amount of rent you charge for your Fayetteville rental property.
Local Market Knowledge
First, you have to know what the market will bear. You can’t ask for a rent that’s too far outside the normal range of what properties like yours are going for. This is where a professional Fayetteville property management company can help. We will be able to tell you what similar properties in the same location are renting for, and we’ll know how long they stayed on the market at that rate. You want a competitive, attractive price because one thing that will not increase your income is a long vacancy period.
Smart Upgrades and Improvements
A great way to increase your rent is by providing amenities and upgrades that tenants will be willing to pay more for. This is another way that knowing the local market and the tenant pool will help you. In some neighborhoods, granite counter tops will make a difference in rental amounts. In other neighborhoods, granite doesn’t matter, but a fenced backyard will bring in higher rent amounts.
High Quality Tenants
The Fayetteville tenants you place in your property will have a major impact on your income. When you find tenants who pay on time and consistently renew the lease, you’ll make a lot more money than you will if you have to pay high turnover costs and lose rental income to long vacancies. Screen your tenants thoroughly.
When you put your Fayetteville property on the market, advertise it well and market it aggressively. Sell its location and proximity to schools, shopping, gyms, and local businesses. Talk about trails and recreational opportunities that are close. Accept pets so that you cast a wider net when looking for tenants. All of these things will reduce the number of days your home is on the market, and increase the amount of money you can make on rent.
These are just a few ways to increase your rental income. If you’d like to hear more, please contact us at Allred Properties.