Improvements To Your Monterey Peninsula Rental Home
Gorman Property Management manages homes primarily in Pacific Grove, Monterey, Pebble Beach and Carmel, but questions about rental properties from rental property owners are similar across the country. Rental property owners want to know how to spend their money wisely on their rental home or apartment.
I’m often asked, “If I remodel the kitchen to my rental, how much more rent will the rental home or apartment receive?” Substitute any other improvement: the bathroom, the floor coverings, window coverings, interior and exterior paint. The answer will generally be the same: it depends.
It’s hard to know precisely how improvements to the rental home or apartment will affect the rent, but one thing is for sure: doing improvements will make the rental home or apartment more appealing to a wider audience of potential renters. More importantly, it will more likely attract the right kind of renters: those who take care and pride in their living space. And it will enhance the value of the rental home or apartment.
My general rule for rental property owners is to do a good job of maintaining your investment, and everything else will fall into place for you. You will attract high quality renters who will take good care of your rental home or apartment. The rents you will receive will correspond with the market rents for nicer homes and apartments. And the value of your rental home or apartment building will increase because of its properly maintained appearance and the rents you receive as a result of your efforts to maintain your investment.