As a landlord, your main goal is to run a profitable rental investment. The best way to go about this is to increase the value of your investment property, which could improve its demand in the rental market. As you probably know, a high demand may mean a higher rental price. 

Fortunately for you, increasing your property’s rental appeal doesn’t have to cost a fortune. You may be able to achieve that cost-effectively by doing the following things. 

1. Upgrade the Exterior

Does your property’s exterior look desirable in the eyes of prospective new tenants? If not, that could be the reason behind your investment’s lackluster performance. 

Your property’s curb appeal is the first thing that prospective tenants see when they come looking. If it looks like it has seen better days, they will have a bad impression. However, when it looks vibrant and exciting, you’ll capture their attention.

To spruce up your property’s curb appeal, try the following tips: 

• Give the property a professional cleaning. Remove any accumulated dirt and grime that may be making it feel aged.

• Give it a fresh coat of paint. This can help get rid of grime, rust, scratches, and water stains. A gallon of paint typically only costs between $20 and $70. 

• Upgrade the front door; it’s the focal point of every home. You can do that by repainting it or adding new hardware. 

• Take care of the landscaping. Do you have overgrown grass or discoloration of plants and trees? If you do, that could be a sign you should invest in landscaping services. 

• Install attractive lighting. As a landlord, you are responsible for the tenant’s safety. As such, make sure that the walkways are well-lit and inviting. You can also add decorative lights to make your property more appealing to prospective tenants. These can include installing solar lights on the walkways and orbs near trees. 

2. Repaint the Interior 

Freshly painted walls are appealing to tenants. Viewing a rental property with fresh paint can offer a psychological boost for potential renters.

• If your walls are faded, peeled, cracked, or damaged, you’ll need to repaint them to improve your property’s desirability. 

• Go for neutral colors. Why? Neutral colors will appeal to a wider audience of prospective tenants. Examples of neutral colors include beige, white, and gray. 

• If the tenant goes contrary to the paint policy, make appropriate deductions on their security deposit once they move out. 
  

3. Refresh the Kitchen

The kitchen is the heart of the home. As such, an outdated kitchen will be a turn-off to prospective tenants. On the other hand, an updated kitchen will drastically increase your rental’s value. 

While updating the look and feel of a kitchen can be costly, the following are cost-effective renovations you can opt for. 

• Paint the cabinets. This is a low-fuss job that anyone can do. 

• Change the cabinet doors. This will save you time and money while making your kitchen more appealing. 

• Add open shelving. Not only does this have practical benefits, but it can also enhance the overall kitchen aesthetics. Open shelving helps add functionality and makes a kitchen more beautiful and unique. 

• Add a tile backsplash. According to the National Association of Home Builders, a tile backsplash is one of the most cost-effective features that can transform your kitchen. Expect to spend anywhere between $15 and $40 per square foot. 

4. Allow Pets

Pet owners look for homes with features that allow their animals to thrive. Such features include a fenced outdoor space, a secure roof deck, and a dog bag station. 

Admittedly, allowing pets into a rental property does come with its fair share of challenges. That said, allowing pets into your rental property will have a greater impact on your ROI than prohibiting them altogether. 

5. Hire a Property Management Company

Hiring a reputable property management company is a sure way to get more rent for your home. They can help you maximize your income in many ways.

• Charge the right rent. They will do a comparative market analysis to know the best price for your rental to ensure you aren’t undercharging or overcharging. 

• Market your rental property extensively. Property management companies can leverage their experience and resources to give your property a wider reach in the market. They will know how to target their marketing efforts, showcase your property to high-quality tenants, and screen prospective tenants, among other things.

• Find the right tenant. No two tenants are created the same. An experienced property management company can help you find the right tenants. They will do this by checking every prospect’s income level, credit rating, employment history, and rental background. 

• Respond to issues. An experienced property management company will have systems in place to make sure any disputes and maintenance issues are responded to promptly. 

A reputable property management company can also help you keep your property up to date with safety standards, draft the proper lease agreement, and stay legally compliant.

Bottom Line

There you have it – 5 ways to get more rent for your Sacramento rental property. Hiring an experienced property management company, in particular, has the potential to revolutionize your investment’s ROI. 

If you’re looking for a reliable and experienced property management company, then look no further than Peak Residential, Inc. Since 1982, we’ve been helping rental property owners with their property management needs. Our goal is to see your Sacramento property succeed to the highest degree while keeping you informed of its progress.