Guest Post by Alicia Rennoll
According to the national rent index, rents continue to rise each year, with California specifically experiencing an impressive 9.3% increase in rental prices over the last calendar year. While this is great news for landlords, it’s still important to take into account the fair market rent in order to ensure you’re attracting the right tenants at the right price. And one way to ensure you’re charging fair rent is to actually work towards increasing the value of your property as rent increases. The great thing about this, however, is that it’s not that expensive to increase a property’s value, and doing so can help protect your investment over time.
Focus On Function And Accessibility
Let’s face it, the population of Los Angeles is aging, especially in neighborhoods throughout the San Fernando Valley. By 2030, the older adult population in the county is expected to double, meaning that landlords looking to attract quality tenants will have to cater to their needs. One way of doing this is to focus on open, functional floorplans that increase accessibility. According to the 2017 National Association of Realtors report, one in five home buyers aged 52 to 61 purchased a multi-generational home that had accessibility features installed as part of a universal design scheme. Of the most popular and cost-effective updates in this area, installing ramps, widening the doorways and adding grab bars seem to pay off.
Renovate High-Traffic Areas
If you don’t have the money to invest in renovating the entire home, or if it’s simply not necessary at the moment, you might try investing in redoing only the high-traffic areas of the property, namely the bathroom and kitchen. Tenants usually tend to view updates in these areas as most impactful because they’re where people spend a lot of time and want to feel the most comfortable presenting to guests. In the kitchen, it’s wise to start by replacing old appliances, as tenants are generally attracted by stainless steel or smart kitchen tech. Other quick, budget-friendly fixes can include resurfacing cabinets, adding a tiled backsplash or even investing in a fresh new coat of paint.
Focus On Curb Appeal
This is an easy one, as it’s quite simple to add a few plants or update the fencing in the front yard. To increase your Los Angeles property value, you’ll want to start by assessing what other houses in the neighborhood look like. With this style in mind, you’ll want to stick with the color scheme and design and simply enhance it with a fresh coat of exterior paint or by adding trees and plants that are both native to the area and desirable to residents. Planting an avocado or orange tree is a great way to boost the value while playing into modern-day desires.
It can be easy to get lost in the sea of potential upgrades and renovations as a landlord looking to improve a property’s value. Try not to over-approve while always sticking to a strict budget and focusing on practical changes that are proven to increase the home’s value while also being functional and desirable to the tenants you’re trying to attract.