Updated: Feb 4, 2020
The Boston real estate market is thriving, especially the market for rental properties. Housing inventory is at an all-time low, and some neighborhoods - such as the Seaport, Fenway, Southie, and Back Bay - continue setting new highs when analyzing average rental rates.
At NextHome Titletown Real Estate, we can help you secure the highest rent for your rental property.
Here are four important ways that you can dramatically boost the rental rates that you’re able to charge tenants.
Don’t Fight the Natural Order of Leases - Get on the September 1st Cycle
Due to the heavy student population throughout Boston, Cambridge, and Somerville, 64% of the turnover for rental properties happens on September 1st. Add to that the peak real estate market of the Spring and early-Summer, and you’ll find lots of potential customers in the market at the same time just a few months prior to September 1st. More competition can drive price (and your ability to take your time, property screen tenants, and choose the best fit).
Freshen up the Landscaping and Exterior
Curb appeal is important, as it's the first thing a tenant sees when looking at photos or seeing the property in person. Make sure the lawn looks nicely manicured. Apply a weed treatment to keep your lawn and landscaping beds weed-free. Trim bushes and tree branches, as well. We recommend you tend to the actual exterior of the structure of your rental. Make sure the roof and windows don't leak. Make sure there is no rotted wood on the exterior. Power wash the exterior so that mold and mildew don't accumulate. We recommend sealcoating the driveway if the driveway is asphalt. A clean-looking exterior will help boost rent.
Cosmetic Improvements to the Interior are Key
At NextHome Titletown Real Estate, we recommend a fresh coat of paint and new carpeting in between tenants, or at the very least, touch up any scuffs or scratches with matching paint. If the carpeting is newer, get it professionally steam-cleaned at a minimum. Stanley Steemer does a fantastic job, and their prices are reasonable. For floors that are wood or tiled, make sure there are not too many cracks, chips, scratches, and dents. Tenants want flooring to look appealing and clean.
Update the Bathrooms and Kitchens
It is true - improvements to kitchens and bathrooms command some of the highest dollar-for-dollar returns in terms of fixes that lead to higher valuations. Check the cabinets, consoles, fixtures, and anything else that might need repair or replacement. Renters will pay more in rent if they have an updated home, especially if your competition includes many renovated properties.
Make sure that all appliances included in the rental property are in good working order and, ideally, on trend. If your market’s renters expect stainless steel appliances and quartz countertops, they won’t be wowed by your white fridge and laminate counters.
NextHome Titletown Real Estate is Greater Boston's progressive real estate brokerage! We use the best of new technology and old-fashioned relationship building to deliver results to our homebuyers, sellers, and property investors. Our agents' diverse experience can help you win in any corner of Boston's real estate market.
Whether you prefer to sell your home, rent your home, or purchase an investment property, we are experts in our field, and know the local Boston Real Estate market well. We can analyze your unique situation, and provide you the very best options for your financial future.
Do you have questions for us? Interesting in working together? Contact us today!
NextHome Titletown Real Estate:
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