Increasing the value of your
Merced rental property is easy when you have the amenities that good tenants are willing to pay for. When you’re looking for ways to drive up what you earn in rent, consider these five amenities which we have found make a big difference in rental value and vacancy rates.
Well-maintained homes in desirable locations will always rent for more money. These five amenities will push what you earn even higher.
1. Replace Old Carpet with Fresh, Hard Surface Flooring
Flooring is an amenity that gets immediate attention from good tenants.
Carpet is not as popular as it once was. You might find that it still works well in bedrooms, but in common areas and spaces where there’s a lot of foot traffic, hard surface floors are better.
Tenants prefer hard flooring to carpet because it’s more attractive. It’s easier to take care of. There are also some health issues with carpet. People are growing increasingly sensitive to dust, pet dander, and other allergens. Carpet fibers trap all those particles as well as odors. It’s less sanitary than a hard surface flooring.
There are many benefits to providing this amenity in your rental property. Not only will your rental value increase, your overall property value will increase as well when you install better-quality floors. These floors are easier to maintain, more durable, and faster to clean. When you upgrade your floors, you won’t have to pull that carpet out and replace it every few years. You won’t have to steam clean it between tenants.
Tear out your carpet and look for durable, cost-effective floors. Try faux wood or laminate tiles.
2. In-Unit Laundry is a Valuable Amenity in Merced Rental Homes
Tenants will delight in having a private washing machine and dryer in their home. This is an amenity that will easily raise your rent and attract a pool of good tenants. No one wants to go to the Laundromat anymore. No one wants to wait in line for a dryer to become available. Communal laundry is great in multi-family buildings. Washer and dryer hook-ups are a good start in a
single-family home. But, why not go all the way and provide the appliances yourself?
If you’re renting out a smaller property, look for stackable washer and dryer units. They are economical and they’ll save on space. Keep energy efficiency in mind as well.
Remember that when you buy the laundry machines for your investment properties, they are yours to keep even through tenant turnovers and property sales. You can move the machines from rental property to rental property if the need arises and you own more than one rental home.
3. Merced Rental Property Security Systems
What kind of amenities do you have in place to ensure your tenants feel safe and secure?
You will always change the locks between tenants, and you’ll always make sure that the doors and windows have proper locks and the smoke and carbon monoxide detectors are working.
Beyond these basic things, tenants will look for amenities that make them feel safe. They will also get excited about tech-driven security features.
Some of the most cost-effective and attractive safety amenities you can provide include:
- A programmable security system. This can be expensive to pay for every month, but you can simply have it installed and available, and your tenants will have the option of activating it and paying the monthly cost.
- Video doorbells. These have become extremely popular, especially among single-family homes in residential neighborhoods. Tenants can see who is at the front door and watch as their packages are delivered. Some models even record a video of who comes and goes. This investment will be attractive to tenants, and you’ll be able to see anyone who approaches your property.
- High quality exterior lighting. Consider motion-detector lights, especially on garages and any outbuildings like sheds.
Protecting your property and your tenants is a good investment. Not only does it increase your rental value, but it also helps attract tenants and will possibly lower your insurance rates.
4. Matching and Efficient Kitchen Appliances
Tenants care about energy efficiency more than ever. Going green is on everyone’s mind, especially in California and among well-qualified tenants.
Keeping your systems and your appliances sustainable and environmentally friendly will earn you more money, too. Tenants will be drawn to your rental, energy costs will be kept down, and your property’s condition and value will be protected for the long-term. Smart landlords are thinking about electric vehicle charging stations, for example.
One way to install energy-efficient amenities right now is by simply changing out your light bulbs and taking a look at your kitchen appliances. Low-flow toilets and tubs are also an amenity you can provide. Replace any refrigerators, ovens, and appliances that are not energy efficient.
5. Pet-Friendly Amenities
Pets are an amenity that many tenants are not willing to live without. They’re family members, and more than half of your Merced tenant pool has at least one pet.
Make sure your property is attractive to pet owners. Consider fencing your yard so dogs can play outside. If you’re renting out a multi-family property, provide a specific area for pets and provide plastic doggie bags for waste to be collected.
Allowing pets increases your value in a number of ways:
- There’s a lower vacancy period when you rent out
pet-friendly properties. You have a larger pool of tenants, so your home rents faster.
- You can charge a pet fee. This is a non-refundable fee that’s usually $200 or $300 per pet.
- You can charge pet rent. This is an additional $25 - $50 per month, per pet.
- You’re more likely to retain tenants who have pets.
Keep a strict pet policy that requires vaccinations and flea treatments. Be clear about how many pets you’ll allow, what sizes they can be, and how many tenants may move in with. The pet policy should include how you expect your tenants to care for and control their pets.
Pet-centric amenities like a fenced yard or a doggie park can really attract tenants who have furry family members.
