Landlords who are hoping to boost interest in their rental properties likely have a number of different avenues available to do so. However, experts generally recommend that one of the most impressive amenities for would-be tenants is newly upgraded appliances.
It may be helpful for rental property owners to think about upgrading appliances – which can sometimes be an expensive process, especially if they're swapping out more than one – to consider the big investment as an opportunity, rather than something they have to do, according to Rent Prep. New appliances are often a big selling point for potential renters because they're often more energy efficient, aesthetically pleasing and likely to come with more "bells and whistles" than the older models that could just be a bit worn out.
Understanding the appeal
If landlords are asking why upgrade the appliances in their apartments or rental homes – especially because they typically have no legal obligation to do so – perhaps the biggest reason to make the investment is that rentals with new appliances tend to command higher monthly rent payments than those that don't, according to One Rent. In this way, many appliance additions may be able to pay for themselves within a year.
Along similar lines, apartments that don't currently have certain types of appliances – washing machines, dishwashers, etc. – can often fetch a lot more than they would have without those options for tenants.
Another potential good reason to make the change to newer appliance is, if previous tenants were increasingly calling about problems with their refrigerators or to have their ovens fixed, those expenses and headaches can add up quickly, the report said. As a consequence, it might be wiser for property owners to swap these items out to save themselves the extra work of having to coordinate with repair technicians – or fix the problems themselves.
Similarly, experts also recommend that landlords purchase the warranties offered with their new appliances just in case anything goes wrong, the report said.
Getting it right
However, landlords also have to make sure they are striking the proper balance between attractive new appliances and breaking the bank to upgrade beyond what makes sense, according to Bigger Pockets. For instance, plenty of $3,000 refrigerators are on the market but go well above and beyond what's likely to be required to make a potential tenant feel good about moving in.
Generally speaking, it's wise to purchase appliances that are a little nicer than they necessarily need to be based on the hoped-for rental price, the report said. This approach will help apartments stand out from others in the price range, and therefore help ensure they are occupied soon after the previous tenant moves out.
A bit of research into the local market and what similarly priced rentals have available may help landlords get an edge on their competition and ensure they will be able to rise above renters' expectations for potentially years to come.
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