Boosting your property’s value can help you ensure long-term success, especially in the competitive US real estate market. Hospitality property investment can help ensure better returns. There are several strategies that homeowners like you can use to improve their properties and get better rental yields. Della Terra Property Consultants have years of experience in using these strategies and helping homeowners increase the value of their rental properties.
Another innovative approach that homeowners take is co-investment in real estate property. With this approach, you can share all the costs involved while improving the value of your rental property. Curious about how you can improve your property’s rental value without much hassle? Della Terra property consultants have curated this article listing the top tips that can help you increase your property’s value. Whether you are focused on short-term goals or long-term goals, this article is the ticket to unlocking better rental value.
Modern amenities are a major attraction for tenants. You can add smart home systems, updated appliances, and high-speed internet. These amenities will help transform your property into a luxury and will also allow you to justify higher rents. According to Leadflow and Steadily, energy-efficient appliances reduce the tenant’s utility costs and also increase property value and rental demand.
So, upgrading the amenities offered allows you to charge 10-30% more rent. These appliances also offer tax incentives and reduced maintenance costs, providing better returns on investment.
Property furnishing design services can make a huge difference in both tenant satisfaction and rental rates. A well-furnished property will attract premium tenants, who are ready to pay more to rent your property. Landlord Gurus reveals that landlords renting furnished apartments can charge 15-20% more than similar unfurnished units. Some landlords also charge 30% or more for longer stays depending on the location and market demand of the property.
Renovating key areas of your property like kitchens and bathrooms provides a high ROI. Modern fixtures and stylish designs will help you attract premium tenants. According to the Remodeling Magazine’s 2023 Cost vs. Value report, a kitchen renovation provides 70% ROI and a bathroom renovation gives 36-66% ROI. These improvements fall under rental property upgrades and also help increase the rental value of your property.
As we said earlier, co-investment in real estate property is a great way to share investments while improving your property’s overall appeal. It is a great option for investors who want to add value to investment property without bearing the full financial burden. According to Pere News, co-investment has helped US investors see net returns of 10.73% on non-traded real-estate fund investments since 2010.
Renters’ first impression on your property matters. When your property has a well-maintained exterior and landscaping, it looks more attractive to renters. You can freshly paint your property or add a new siding. You can even add modern lighting fixtures. These will undoubtedly boost the value of your property. Della Terra Property Consultants advises on enhancing curb appeal, particularly for hospitality investment properties.
Smart pricing strategies can help optimize your rental income. Dynamic pricing tools can help you adjust rates based on demand, competition, and market trends. According to HelloPM’s case study on Airbnb’s smart pricing, hosts often see an increase in booking and revenue. It also provides homeowners with a competitive advantage and attracts more guests in peak seasons. So, you can expect a steady booking flow and reduced vacancy rate with smart pricing models. This tactic is especially useful in seasonal markets and helps in long-term strategies like buying and holding the property.
When you offer additional services like laundry and housekeeping or even make your property pet-friendly, you can increase your property’s rental value. According to the 2024 NMHC and Grace Hill Renter Preferences, most renter participants believe an in-unit washer/dryer (93%) and air-conditioner (93%) are the most important. So, when you offer these services in your property, you can expect the demand and property rental value to increase.
Getting green certifications for your property can significantly increase its value. Green-certified properties attract environmentally conscious tenants. And, these tenants are willing to pay a premium for sustainable properties. According to a study, LEED-certified properties earned about 11% higher rent compared to their counterparts. Even Forbes and the National Association of Realtors (NAR) suggest homeowners invest in green certifications based on these studies.
Expert advice can help you scale the difference between an average rental income and maximizing your property value. Work with professionals like Della terra Property Consultant. We stay on top of market conditions and regulations and have years of experience in working with homeowners. Our specialized knowledge in hospitality property investment enables us to provide strategic insights that help boost your property’s long-term value.
Della Terra Property Consultants are trusted partners and advisors in the real estate and hospitality industry. We have numerous customer and client reviews that shed light on our excellence. Check out our project gallery and see our previous work where we have helped clients increase the value of their rental properties. You can also follow the tips listed above to grow the value of your rental property.
These nine tips and strategies will help you increase the value of your rental property and will also position you better for long-term success in the US real estate market. Whether you are investing through hospitality property investment, exploring co-investments in real estate property, or engaging in property furnishing design services, these strategies will help ensure higher rental yields and stronger tenant retention.
You can invest in modern amenities, upgrade kitchens and bathrooms, enhance curb appeal, and consider co-investment opportunities. These are great ways to increase your rental property’s value. You can also partner with property consultants and utilize smart pricing models to increase rental property value. The above article gives the top 9 tips used by expert homeowners and experts at Della Terra Property Consultants to increase rental property values.
Co-investment allows you to share costs and risks. This makes it easier for you to afford property upgrades and renovations. The collaborative approach and strategy can help you enhance the property’s appeal and market value. And, you don’t have to bear the full financial burden alone.
Green certifications can increase property value by up to 11%. These properties also appeal to environmentally conscious tenants. Certified properties often get higher rents and attract long-term tenants, improving overall market value. Moreover, homeowners can get tax rebates and make more savings.
Well-designed furnishings and interior services can attract premium tenants who are willing to pay higher rents. Furnished properties often get 15-30% more rent than their unfurnished counterparts, making furnishing design services a valuable investment.
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