How can I increase the unit rent for a better return?
Allow Streamline to assess your property and provide you with insight on unit-renovations and better amenities for tenants that justify the increase in cost. Improvements also lead to leasing/renting faster and to higher quality tenants and increasing tenant retention. Checkout our recent unit renovations in Los Angeles that we completed for other property owners.
How Much Can You Expect in Rental Increase?
Rent bumps are typically anywhere from 10 to 30% depending on variables that impact rent, such as the age of the building, where it’s located, its tenant profile, and the surrounding competition.
What are typical upgrades to a multifamily property?
Interior – Unit Renovations with new vinyl plank flooring, which is durable, new stainless-steel appliances, USB cell-phone outlets, counter with stools at the kitchen integrating the common areas, LED lighting, new plumbing fixtures, new light switch and outlet cover plates, upgrade of electrical if old and a liability, soundproofing joining walls between units and performing a clean unit turn upon changing residents.
Exterior – Common Area upgrades, fire-pit with USB outlets for social gathering, proper lighting in common areas, Misters to cool off heat focused areas, sail-shades to provide shade and aesthetics to certain areas, new pool coping and pool tile, new exterior paint of building and so on.
How do I make my rental property more energy efficient?
Allow Streamline to provide you a comprehensive plan and estimate for services that will retain the heat and cold air inside the property to better save energy and as a result reduce cost. This could entail a new roof, new windows, new insulation, etc.
How can I finance energy upgrades in the units in California?
With property assessed clean energy (PACE) financing options now available in California, receive upfront funding for energy efficiency, renewable energy and water efficiency improvements for your home or business. Save money and energy with lower month-to-month energy costs and add value to a property.
PACE programs make it possible to repay on your property tax bill over the course of up to 20 years.
What should be my first priority when improving my rental property?
The roof is a crucial component of the property. This will dictate your energy efficiency and water intrusion during California’s heavy rainy season.
Electrical upgrades to save cost on energy starts by retrofitting or entirely changing to LED. If the electrical in the property is old, it can slow down service and pull more energy to run the demand. This is also a hazard and liability and should be looked at right away.
Plumbing is also very important. If your drain lines are old, they will leak and cost money for water damage and build back. Snaking out your drain lines during each unit turn is a preventative way to maintain good flow and reduce your liability of a flood.
Will upgrading the common areas of my property get me more rent?
The answer depends on the existing condition of the apartments. If they are behind the current trend, then it’s always best to renovate the units first. If the units have recently been renovated, then yes, upgrading the common areas with new amenities such as a fire-pit, drought-resistant landscaping, USB cell-phone charging stations, WIFI access, etc. will allow you to increase your rent and as a result your return.
A great first impression could make an incredible difference in both getting a property rented quickly and getting top dollar for it.