Property owners are always asking their property managers what are the easiest ways to increase their rental revenue without spending huge amounts of money. In the competitive market of New York City costs are pretty high and being inventive on making improvements should be something that a building manager needs to do. Remaining current on trends on the real estate renovations industry should be important. It will allow the NYC property management company to suggest new products that tenants may be interested in when they are renting. Through years of experience we have notice little improvements can increase your rentals by between 6-20% per year. Below are 5 simple improvements that can increase your rental revenue based on our experience at Blue Harbour Property Management:
1. Kitchen and bathroom renovations– Kitchen and bathrooms are the two places in the apartment where tenants focus on the most. It is also where there are more comments than any other. If a prospective renter likes what they see in the kitchen or bathroom they will be more inclined to rent from you. Tenants do not want to see bathrooms that have mold or old grout. If it looks old it will definitely be a turn-off. Also, kitchens need to be upgraded. When a tenant does a walk-through they like to envision how it would be to live in the property. When they do this, they do not think about using old or out of date appliances on a dirty counter top. It is ideal to clean counter tops or replace with a new one. Buying the floor models of appliances is a great way of getting new appliances at a significant discount. You can normally get a 20-25% discount with warranty when purchasing a floor model from a reputable appliance dealer. It may have some dings and dents but it has never been used and with a little cosmetic repair it is as good as out of the box. Installing new appliances will increase the value of the overall home as well.
2. Replacing the entrance door to the building– The entrance door to the building is literally the first thing people see at your property. It is important to always leave the best impression possible and nothing says that than having a nice front door. The front door has plenty of wear and tear due to the constant use and therefore would need to be changed often if it a multi-family building. Secured front doors can potentially be repaired and painted in order to save money. The replacement of the front door will also assist with energy efficiency.
3. Landscaping– A beautiful yard can attract tenants and add to the value of a rental property. It is important to remove weeds, leaves and garbage around the front of your premises. Also, if there is a yard it would be advisable to have a professional landscaper work with you on a strategy in beautifying your lawn. Improvements in landscaping will have a 150-200% Return on Investment (ROI) and tenants are happier to rent with someone that shows care of their property. Contracts with a landscaper are not expensive and can be on a month to month basis. That would be important for the colder periods in New York City.