Minor Upgrades Bring Better Tenants For A New Landlord

Purchasing rental property is certainly a good way to invest in today’s real estate market, where there are plenty of properties to buy in a market where everyone seems to be looking to rent. Profit potential in general can be significant in today’s rental market, but with minor property upgrades, you can actually increase it significantly.

When you purchase a well maintained rental property, the chances are good that it already has tenants and is in rentable condition. Many landlords purchase these properties on the premise that they will just keep the tenants and keep everything the same- a ready-made stream of income. But making simple changes, such as adding in landscaping or installing energy efficient windows, can greatly increase marketability and pricing while requiring minimal investment capital.

Today’s renters are looking for apartments that they can remain in long-term. Many renters are previous homeowners and families, and if you can provide them with a unit that is energy efficient and well suited for their needs, you can get tenants who will respect your property and who will stay for years, providing you with a steady source of income.

If your rental property is in a family friendly neighborhood, you will find that installing a fence around the property to provide a safe place to play or putting in something as simple as a picnic table and swing set can give your property a significant advantage in the eyes of families in search of rental housing. As a landlord, you want to attract the ideal tenants. This often means families, former homeowners, and people with job security and a solid work and housing history.

By making minor upgrades that improve the efficiency and appeal of your rental property, you greatly increase the quality of the tenants who are going to show interest. Property that is well maintained and units that offer convenient features such as dishwashers or outdoor picnic areas will certainly appeal to today’s busy families. As a landlord, you will want to strive to understand the needs of the tenants you most want in your housing units.

With the right upgrades, you can attract a number of ideal tenants, giving yourself a pool to choose from. Long term prospects are always best, and you want tenants who will both respect and enjoy the property you provide. Investing in rental properties these days is a solid financial move, and with minor investments on top of the original purchase price, you can increase tenant selection and retention and boost the rent you will be able to fairly charge on each rental unit.

By: Ken Boutilier

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Ken Boutilier is an Atlantic Canadian based real estate investor, trainer, speaker, consultant and entrepreneur who has combined his knowledge of real estate investing and Internet marketing to train and teach others how to increase their cash flow through successful real estate investing. Learn more at Real Wealth Atlantic.